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SEC Notifies on the Activities Of Poyoyo Investment (Pilvest) Nigeria Limited

Frauds & Scandals	1479 VIEWS
Frauds & Scandals
1479 VIEWS

Tuesday, December 28, 2021 / 09:10 AM / by SEC Nigeria / Header Image Credit: Poyoyo Investment

The attention of the Securities and Exchange Commission, Nigeria ("SEC") has been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (PILVEST) Nigeria Limited.

The electronic message indicates a proposal to investors to invest in guaranteed investments with the following types of investment plans:

Option A which is an investment with a minimum capital of N100,000.00 being invested for a period of One (1) month with a ROI (Returns on Investment) yield of 20%.
Option B which involves an investment with a minimum capital of N300,000.00 being invested for a period of three (3) months with a monthly ROI (Return on Investment) yield of 23% monthly and total ROI yield is 69%.
Option C which involves an investment with a minimum capital of N500,000.00 being invested for a period of six (6) months with a ROI (Return on Investment) yield of 25% monthly and total ROI yield is 150%.
Option D which involves an investment with a minimum capital of N1,000,000.00 is being invested for a period of one year with a ROI (Returns on Investment) yield of 30% monthly and total ROI yield is 360%.

Besides the obvious errors in the returns calculations above, preliminary investigation has revealed that Poyoyo Investment (PILVEST) Nigeria Limited is purely a Ponzi scheme as it is a non-sustainable business model that involves the collection of money from unsuspecting investors with a promise of high return without any underlying assets.

The Commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model; hence it is a PONZI SCHEME where returns are paid from other people's invested sum. Also, its operation is not registered by the Commission.

In view of the above, the general public is hereby WARNED that any person dealing with the within named Company in any capital market-related business is doing so at his/her own risk.