How this site reads the SEC's list

The source is the section of the SEC Nigeria website that publishes known investment schemes. It is read once a week. Where the SEC gives a date for a notice, that date is shown; where it does not, the site shows the date it first saw the entry and says so.

What the SEC's list covers and what it leaves to other bodies

The SEC's list names entities the Commission says are not registered to take investments. It is a warning, not a court judgment. A notice is a public statement by the regulator; it does not establish that any person has broken a law. The list is one regulator's answer to one question: is this entity registered with the SEC to deal in securities or other capital-market products?

The list does not answer other questions. It does not say whether a company is registered at the Corporate Affairs Commission, whether it is licensed by the Central Bank of Nigeria, or whether it is a lawful direct-selling business. Each of those questions belongs to a different body. The SEC's notices are about investment schemes, not about general business registration or consumer protection.

The weekly read and how a missing date is handled

The site reads the SEC's known investment schemes section once a week. When the regulator publishes a new notice, the site records the date the SEC gave it. That date is the regulator's own: it may be the date of the notice, the date of publication, or the date of the last update. The site does not alter it.

Some entries have no date on the SEC's page. In that case, the site shows the date it first saw the entry and says so. That date is not a claim about when the SEC acted; it is a record of when this site observed the entry. A missing date is shown as missing, not guessed. The reader should know that the SEC's page may change between our weekly reads, and a notice may appear or disappear without explanation.

Why CAC registration is a different fact from SEC registration

Registration at the Corporate Affairs Commission and registration or licensing by the SEC are different facts. The CAC makes a legal person exist; the SEC permits a person to deal in securities. A company can have one without the other. The site reports only the SEC's notices. It does not report CAC records.

A reader who wants to know whether a company is registered at the CAC should ask the CAC. A reader who wants to know whether a company is licensed by the SEC should ask the SEC. This site does not combine the two. It does not imply that an entity on the SEC's list is not registered at the CAC, or that an entity absent from the list is registered with either body. The two registers answer different questions.

What the site will not say about a name not on the list

A name absent from the SEC's list is not shown to be registered, licensed or safe. The list is not a complete record of every entity that is not registered; it is a record of entities the SEC has chosen to name. A scheme may be unregistered and yet not named. A scheme may be registered and still be warned about for other reasons.

This site produces no ratings and no forecasts. It does not say that an entity is a scam or a fraud. It does not say that a check on this site makes a platform safe. It says only what the SEC published, when it published it, and what that publication means as a regulator's act. The reader decides what to do.