The Securities and Exchange Commission (SEC) has issued a public warning against Silverkuun Investment Cooperative Society and Silverkuun Limited, identifying them as unregistered entities unlawfully presenting themselves as investment advisers and fund managers in Nigeria’s capital market.
In an official circular released on Wednesday, the SEC emphasized that Silverkuun lacks the necessary registration to operate in any capacity within the Nigerian capital market. Consequently, the Commission advises the public to avoid any business dealings with Silverkuun or its representatives.
The SEC warns that engaging with unregistered and unregulated entities exposes investors to significant financial risks, including potential fraud and total loss of investment. To safeguard against such risks, the Commission urges investors to verify the registration status of any company offering investment opportunities through its official portal:
Dr. Emomotimi Agama, Director-General of the SEC, reiterated the Commission’s commitment to enforcing compliance, stating that operations of unregistered entities like Silverkuun will be shut down, and their promoters will face legal consequences.
This warning aligns with the forthcoming Investment and Securities Act (ISA) 2025, which aims to bring digital assets under the SEC’s regulatory oversight. The Act will classify digital assets as securities, requiring all virtual asset service providers and digital exchanges to register with the Commission, thereby addressing the proliferation of Ponzi-style schemes operating under the guise of digital finance.
In addition to regulatory measures, the SEC is enhancing investor protection through educational initiatives, including podcasts, social media campaigns, and the introduction of capital market literacy programs in schools and universities. These efforts aim to equip Nigerians with the knowledge to identify and avoid fraudulent investment schemes.
Investors are strongly advised to conduct due diligence and engage only with registered capital market operators to ensure the safety of their investments.
