The Securities and Exchange Commission (SEC) has issued a strong warning to the Nigerian public against engaging with Silverkuun Investment Cooperative Society, also known as Silverkuun Limited, which operates as an unregistered investment scheme. The SEC condemned the entity for falsely presenting itself as an investment adviser and fund manager within the Nigerian capital market.
In an official notice, the SEC clarified that Silverkuun is not registered to operate in any capacity in the capital market, urging the public to avoid any business dealings with the cooperative or its representatives. The Commission emphasized that investing with unregistered and unregulated entities poses significant financial risks, including fraud and potential loss of funds.
The SEC Director General, Emomotimi Agama, reaffirmed the Commission’s commitment to shutting down illegal operations and prosecuting offenders. Agama highlighted that the SEC will enforce the law rigorously against promoters of such fraudulent schemes, ensuring accountability and investor protection.
A recent regulatory reform, ISA 2025, brings digital assets under the SEC’s jurisdiction, requiring virtual asset service providers and digital exchanges to register. This aims to close loopholes exploited by Ponzi-style schemes masquerading as cryptocurrency and digital finance platforms.
To further safeguard investors, the SEC is adopting an education-driven approach, including podcasts, digital campaigns, and capital market literacy programs in schools and universities, aiming to empower Nigerians with the knowledge to recognize and avoid dubious investment schemes.