Nigeria, March 7 -- The Securities and Exchange Commission (SEC) has cautioned the investing public against engaging with a number of unregistered investment schemes, including Pro-Vest and My Share, warning that such entities pose a significant risk of fraud and financial loss.

In separate public notices issued on Thursday, the regulator specifically flagged Promiseland Estates Limited, Promiseland Building & Construction Limited, and UYJ Multitrade Limited, stating that these entities were operating illegally in the Nigerian capital market.

"The Commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are NOT REGISTERED to operate in any capacity in the Nigerian C...