The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerian investors over the activities of ‘Silverkuun Investment Cooperative Society’, citing the group’s unauthorised operations in the financial sector and its masquerade as a licensed investment adviser and fund manager.
Silverkuun, which advertises a variety of financial services including loans, fixed savings, and high-return investments, has been accused of operating outside the regulatory framework that governs Nigeria’s capital markets.
False Claims and Unverified Operations
On its official website, Silverkuun presents itself as a solution provider for individuals and organisations, touting offerings like business loans, personal financing, and investment products. However, the SEC has made it clear that the company is not registered with the Commission and therefore has **no legal right to operate or solicit funds from the public** for investment purposes.
“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 Commission stated in a circular released Wednesday.
“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.”
Warning to Investors: Verify Before You Invest
The SEC urged Nigerians to exercise caution and avoid engaging with unlicensed operators like Silverkuun, emphasising the financial dangers involved. The regulatory body warned that investing in such schemes could lead to fraud or complete loss of capital.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk, including fraud and potential loss of investment,” the SEC noted.
Investors were encouraged to always verify a company’s regulatory status by visiting the SEC’s official portal: [www.sec.gov.ng/cmos](http://www.sec.gov.ng/cmos).
Crackdown on Illegal Investment Schemes Intensifies
The latest action against Silverkuun is part of a broader SEC campaign to clean up Nigeria’s financial ecosystem. Dr. Emomotimi Agama, the Director-General of the SEC, reiterated the Commission’s zero-tolerance stance toward unregulated operators.
“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Agama warned.
In recent months, the SEC has ramped up enforcement, exposing a string of questionable financial schemes including Risevest, Stecs, and the now-flagged PWAN MAX. These companies were found to be luring the public with enticing returns, often failing to fulfil payout obligations or allowing investors to withdraw funds.
Background: PWAN MAX Also Under Scrutiny
Earlier in May, the SEC also flagged **Property World Africa Network (PWAN)** and its arm, **PWAN MAX**, for operating outside regulatory approval. The Commission warned that both platforms were illegally soliciting investments from the public without SEC registration.
Complaints and tip-offs revealed that PWAN’s investment products were not only unauthorised but also allegedly included false promises of unusually high returns, which had led to **failed withdrawals and growing public concern**.
As part of its investor protection drive, the SEC continues to urge Nigerians to be vigilant, conduct proper due diligence, and resist schemes that promise returns that seem too good to be true.
If you need help verifying an investment firm or reporting a suspected Ponzi scheme, visit (http://www.sec.gov.ng) or contact the SEC directly.
