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SEC warns Nigerians against investing with Silverkuun
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The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with unregistered investment platforms, specifically naming Silverkuun Investment Cooperative Society and Silverkuun Limited as entities illegally operating in the country’s capital market.
In a public circular issued Wednesday and supported by a press release in Abuja, the Commission stated that Silverkuun has been posing as an investment adviser and fund manager, even though it lacks the legal authority to carry out such activities within the Nigerian capital market.
“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,” the statement read.
As a result, the SEC urged the investing public to avoid all forms of transactions or engagement with the company or its representatives. It warned that doing business with unlicensed or unregulated entities poses serious financial risks, including exposure to fraud and total loss of investment.
To help investors verify the legitimacy of firms offering financial services or investment opportunities, the Commission encouraged the public to use its official online portal at www.sec.gov.ng/cmos.
The SEC has repeatedly raised concerns about the increasing number of entities falsely claiming to be legitimate investment advisers, fund managers, or virtual asset service providers (VASPs). Many of these operators lure unsuspecting individuals with promises of high returns, only to disappear with investor funds.
Speaking further on the matter, the Director General of the Commission, Dr. Emomotimi Agama, warned that SEC would take firm action against companies and individuals who bypass regulatory procedures.
“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Dr. Agama declared.
He said the Commission is stepping up its regulatory actions under the soon-to-be-enacted Investment and Securities Act (ISA) 2025, which officially brings digital assets under the SEC’s oversight. According to Agama, the Act will define digital assets as securities and require all virtual asset service providers and digital exchanges to register with the Commission.
This regulatory update aims to tackle the growing menace of Ponzi-style platforms that have used the cover of digital finance and cryptocurrency to operate unchecked.
In addition to regulatory enforcement, the Commission is also expanding its investor protection initiatives by raising awareness. Dr. Agama noted that the SEC is adopting an education-first approach to reduce the number of people falling victim to investment scams. These efforts include podcasts, social media campaigns, and the introduction of capital market literacy programs in secondary schools and universities.
“We are committed to ensuring that Nigerians understand how to spot fraudulent schemes and know the steps to take to protect themselves,” Agama stated.
The SEC’s latest warning comes at a time of increased scrutiny of informal investment schemes in Nigeria, especially as more Nigerians seek alternative ways to grow their savings amid rising inflation and economic pressure. The Commission reiterated that genuine investment opportunities must be properly registered, transparent, and accountable to both regulators and the public.
Investors are urged to always conduct due diligence and consult only registered capital market operators before making financial commitments.
News
Reps Unveil Final Constitution Amendment Bills, Set for Crucial Vote on State Police
…security, electoral reforms, devolution of powers among key proposals
By Gloria Ikibah
The House of Representatives has released the final version of the Constitution Alteration Bills ahead of a decisive vote scheduled for Thursday, signalling a major step in the ongoing effort to reshape key aspects of Nigeria’s constitutional framework.
The proposed amendments, which are expected to come before lawmakers during plenary, are the product of months of consultations, public hearings and stakeholder engagements conducted across the country by the House Committee on Constitution Review.
According to the House, the bills emerged after extensive consideration of proposals submitted by lawmakers, government agencies, professional bodies, traditional institutions, civil society organisations and ordinary Nigerians.
The review process included zonal and national public hearings, expert sessions, consultative meetings and town hall engagements held across the six geopolitical zones to gather public input on critical constitutional issues.
The bills cover a wide range of national concerns, including electoral reforms, judicial reforms, security and policing, local government administration, devolution of powers, fiscal reforms, human rights, citizenship, traditional institutions, legislative matters and the creation of states and local governments.
At the centre of public attention is the proposal seeking constitutional backing for the establishment of state police, a reform that has generated intense debate and attracted widespread support and opposition across the federation.
The proposed legislation seeks to create an additional layer of policing within Nigeria’s security structure while providing constitutional safeguards, operational guidelines and oversight mechanisms to define the relationship between federal and state policing authorities.
The House said the proposal reflects growing national calls for more localised and responsive approaches to tackling insecurity.
Speaking on the release of the final draft, the Deputy Speaker of the House of Representatives and Chairman of the House Committee on Constitution Review, Rt. Hon. Benjamin Kalu, described the development as a significant milestone in the constitutional review process.
According to him: “The release of the final print of these Constitution Alteration Bills reflects the extensive consultations, careful scrutiny, and bipartisan collaboration that have characterised this reform process. These proposals embody the aspirations, concerns, and recommendations expressed by Nigerians from all walks of life.
“Of particular significance is the proposal on State Police, which responds to longstanding calls for a more effective and decentralised policing framework capable of addressing emerging security challenges across the federation. As the House prepares to vote, we remain guided by our constitutional responsibility to strengthen democratic governance, deepen federalism, promote inclusion, enhance security, and build institutions capable of meeting the demands of a modern and prosperous nation.”
The House is expected to vote on the bills during plenary on Thursday, provided the constitutionally required quorum is achieved. If the required number of lawmakers is not present, consideration of the amendments will be postponed to the next legislative sitting in line with constitutional provisions and House rules.
The House leadership reiterated its commitment to an open and transparent constitutional review process, expressing confidence that the proposed reforms would strengthen democratic institutions, improve governance, promote national unity and respond to the evolving aspirations of Nigerians.
News
SEDC Clears Air on Spending as Senate Review Continues
…says no fund paid for Enugu headquarters rehabilitation, pledges full disclosure of records by June 23
By Gloria Ikibah
The South East Development Commission (SEDC) has reaffirmed its commitment to transparency, accountability and full cooperation with the National Assembly, following its appearance before the Senate Committee on the South East Development Commission.
In a statement issued on Tuesday, the Commission said it used the oversight session to provide detailed briefings on its finances, operational activities, procurement procedures, institutional growth, strategic partnerships and ongoing programmes across the South-East.
According to the Commission, the Senate Committee requested additional documentation relating to certain aspects of its operations and expenditure. It said it welcomed the request and sought a short period to compile and submit the required records.
“Following discussions, proceedings were adjourned to a later date pending submission of the requested documents, which the Commission will provide on or before 23 June 2026,” the statement said.
The Commission also addressed issues that have generated public discussion in recent days, particularly expenditure linked to its Abuja Liaison Office and references to what has been described as “implied expenditure”.
Abuja Liaison Office Explained
SEDC said the expenditure associated with its Abuja Liaison Office covered the establishment and operation of a fully furnished office at the Congress Building in Maitama, Abuja.
The Commission explained that the facility serves as its operational base for engagements with the National Assembly, federal ministries and agencies, development finance institutions and strategic partners.
“The expenditure cited reflects the cumulative cost of establishing and running the office since its inauguration on 11 February 2025 to date, covering rent, operational costs, utilities, and basic fit-out works across that entire period”, the statement read.
The Commission added that its board and management remain committed to relocating to its designated headquarters in Enugu as soon as possible.
According to the statement, rather than incur the cost of acquiring a new property, the Commission secured the transfer of an existing building from the Enugu State Government and entered into an agreement with the state to accelerate rehabilitation works and facilitate its relocation.
Clarification on ‘Implied Expenditure’
Responding to reports about so-called “implied expenditure”, SEDC said the references relate to a contract awarded for the rehabilitation of its future headquarters in Enugu.
The building, it noted, was transferred by the Enugu State Government but requires extensive work before it can serve as the Commission’s permanent headquarters.
It further clarified that the expenditure being discussed represents approved financial commitments rather than actual payments.
“The contract was awarded in accordance with the Public Procurement Act 2007, following approval by the Bureau of Public Procurement and the concurrence of the supervising ministry.
“These commitments represent budgeted obligations that have been lawfully committed but not yet disbursed, consistent with established public sector financial management practice. To be precise: this money has not left the Commission’s accounts,” the Commission stated.
Capital Funds Yet to Be Released
SEDC disclosed that it has not received any funding from its capital budget allocation.
Despite this, it said efforts have continued to advance strategic development initiatives across the region while laying the institutional groundwork required for future project implementation.
The Commission noted that spending so far has focused on two key areas: building its operational structure and advancing project development activities that would ordinarily be financed through capital releases.
“It is worth recalling that the Commission received its first disbursement of funds after more than ten months of being in existence,” the statement further said.
The Commission explained that institutional expenditure has included payment of staff salaries and arrears, training for seconded personnel, establishment of operational offices in Abuja and Enugu, and procurement of essential information and communications technology infrastructure.
Project Development and Regional Initiatives
On programme implementation, SEDC said it has financed feasibility studies and due diligence exercises for priority regional projects, including a proposed gas infrastructure partnership with significant economic and industrial implications for the South-East.
The Commission also highlighted its participation in the Intra-African Trade Fair in Algeria, which it said has opened discussions with Afreximbank on establishing a Project Preparation Fund aimed at reviving dormant industries across the region.
Other initiatives cited include the South East Vision 2050 Stakeholder Forum and the South East Venture Capital Programme.
According to the statement, the venture capital initiative has already provided investment support to 25 start-ups drawn from across the South-East.
Records to Be Submitted
SEDC assured the Senate Committee that comprehensive records would be submitted before the next hearing.
Reiterating its commitment to openness and accountability, the Commission said it remains focused on its mandate of driving economic transformation, infrastructure development, investment mobilisation and regional prosperity across the South-East.
“The Commission will submit comprehensive documentation, including procurement records, contract details, payment schedules, and supporting financial records, to the Senate Committee on or before 23 June 2026.
“The Commission remains focused on that mandate and is confident that a full review of the facts and supporting documentation will provide a complete picture of its activities and stewardship of public resources,” the statement added.
News
Sparks Over ‘Cognate Legislative Experience’
By Gloria Ikibah
Proceedings grew animated during debate on a motion by Rep. Jimi Benson seeking a precise definition of “cognate legislative experience” in the House Standing Orders.
Presenting the motion, Benson said the aim was to strengthen institutional memory and ensure experienced leadership within the chamber.
“The House notes that Order 7, Rule 15… states that only members with cognate legislative experience as members of the House of Representatives shall be eligible for appointment as principal officers of the House,” he said.
He added that global parliamentary best practice supported reserving principal offices for seasoned lawmakers to promote continuity and competence.
“The House resolves to define cognate legislative experience as meaning members who have completed at least one full four-year term.
“Resolves to state unequivocally that there is no other definition to the term cognate legislative experience other than as stated”, he stated.
While the motion was seconded and adopted by voice vote, some members raised concerns about its necessity.
Rising on a point of order, Rep. Bob Solomon argued: “Order 7, Rule 1, Sub-Rule 10 has already conferred on you the power to interpret the rules. You are there as an arbiter. This motion is totally redundant.
“What it means is that we are amending our rules for you to be able to exercise that power… You are in the position of a judge, an arbiter. What you say about the rules is final.”
In response, the Speaker maintained that once a question had been put and decided, it could not be revisited.
“After hitting the gavel, we cannot revisit any issue that has already been put to question,” he ruled, drawing the matter to a close.
With the day’s agenda concluded, the House adjourned after setting in motion legislative processes that could reshape price regulation, military pensions, and internal parliamentary governance.
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