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Nigeria’s SEC warns investors against Pro-Vest by Promiseland Estates, other illegal schemes

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3 months ago

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Nigeria’s Securities and Exchange Commission has warned the public against investing in Pro-vest by Promiseland Estates Limited and other unregistered investment schemes.

In a statement on Friday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market. According to the SEC, the schemes are illegal entities.

“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 capital market,” SEC stated.

Similarly, the commission cautioned against engaging with My Share, which operates under the name UYJ Multitrade Limited, warning that it also claims to be an investment adviser and fund manager without proper registration.

The SEC advised the public to avoid dealing with these entities or their representatives, emphasising that transacting with unregulated firms exposes investors to fraud and potential financial losses.

“The investing public is reminded to confirm the registration status of any company or entity offering investment opportunities through the Commission’s dedicated portal before engaging with them,” the statement added.

Recall that SEC had cautioned the public against engaging in investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs, stating that neither entity was registered or authorised to operate in the Nigerian capital market.

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Business

CAC reviews service fees

Published

21 hours ago

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June 18, 2025

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The Corporate Affairs Commission, CAC, has announced a review of its service fees, scheduled to take effect from August 1, 2025.

Ekwutosblog learnt that the review followed a thorough evaluation of current economic conditions, rising operational costs, and consultations with key stakeholders across relevant sectors by the Commission.

The adjustments affect services provided to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory services.

 

A comprehensive list of the new fees is available on the CAC website.

The adjustment is reportedly aimed at improving service delivery through enhanced digital operations.

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Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

Published

5 days ago

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June 13, 2025

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The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

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Business

Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

6 days ago

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June 12, 2025

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Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

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