SEC warns public against Silverkuun Investment Cooperative, vows crackdown on illegal financial schemes

e Securities and Exchange Commission (SEC) has issued a strong advisory warning the Nigerian public against engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited, describing the entity as an unregistered and unlicensed operator in the capital market.

In a circular released on Wednesday, the SEC categorically stated that Silverkuun is neither recognized nor authorized to function as an investment adviser or fund manager within Nigeria.

The Commission warned that engaging with the company or its representatives poses significant financial risks, including fraud and potential total loss of investment.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited, which holds itself out as an Investment Adviser/Fund Manager,” the circular reads.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

According to its website and promotional materials, Silverkuun claims to offer financial solutions such as personal and business loans, fixed savings plans, and high-yield investment options to individuals, corporate entities, and organizations.

However, none of these services are backed by the regulatory oversight required for legal operation within Nigeria’s capital market.

The SEC emphasized that such operations not only violate the Investments and Securities Act (ISA) 2007 but also mislead the public with promises of unrealistic returns, a hallmark of many fraudulent investment schemes.

Dr. Emomotimi Agama, Director-General of the SEC, reaffirmed the Commission’s commitment to rooting out illegal financial operators, warning that the days of unregulated schemes exploiting unsuspecting Nigerians are numbered.

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“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Dr. Agama declared.

“The Commission will continue to act decisively to protect investors and ensure only registered operators participate in Nigeria’s capital market.”

The SEC further advised members of the public to verify the regulatory status of any investment firm via its official portal at www.sec.gov.ng/cmos before committing their funds.

Silverkuun is not the only entity to come under SEC scrutiny in recent times.

Earlier in May, the Commission issued a similar public notice against Property World Africa Network (PWAN) and its associated platform PWAN MAX, denouncing their investment solicitation activities as unauthorized and potentially fraudulent.

According to the SEC, PWAN’s operations raised red flags following several complaints and intelligence reports from investors who alleged that the company failed to honor withdrawal requests after collecting funds under the pretense of high-yield investment packages.

“These enforcement actions are part of a broader regulatory push to cleanse the market of illegal schemes and reinforce investor confidence,” said Ngozi Nwokedi, a capital market consultant based in Lagos.

“In an economy where financial scams are becoming increasingly sophisticated, strong and consistent regulation is essential.”

The SEC is urging all investors and members of the public to exercise extreme caution when approached with investment opportunities, especially those that promise unusually high or guaranteed returns.

“These unregistered entities often use convincing marketing tactics to lure unsuspecting victims. We encourage everyone to verify investment firms and stay informed through SEC-approved channels,” the Commission reiterated.

With the growing number of fraudulent investment schemes infiltrating Nigeria’s financial space, the SEC’s decisive actions signal a tougher stance against regulatory breaches. The public is advised to remain vigilant, do due diligence, and report any suspicious financial activity to the SEC.

As Nigeria’s capital market seeks to build trust and attract more investors, regulatory integrity and consumer protection remain at the forefront of the Commission’s agenda.