SEC warns Nigerians against investing with unregistered WayvePay

The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WayvePay, an online investment platform it said was not registered to solicit investments from the public or operate in any capacity in the Nigerian capital market.

The commission issued the warning in a statement, titled “Suspected Fraudulent Activities of WayvePay”, on Friday.

According to SEC, WayvePay operates through a website and various social media platforms, as well as a mobile application.

“The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the commission stated.

The regulator advised members of the public to refrain from investing through the platform or any of its representatives in matters relating to the Nigerian capital market, warning that anyone who engages with the entity does so at their own risk.

It added that dealing with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of their investments.

The commission urged Nigerians to verify the registration status of companies and entities offering investment opportunities through its official registration portals before committing funds.

The warning comes amid the activities of unregistered investment companies in Nigeria, which expose the public to the risk of fraud and potential financial losses.

On 21 August, the commission, in a notice, warned against Gvest Global and three associated entities over what it described as the promotion of unregistered investment schemes.

SEC said Gvest Global also operated under the names Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited and Gtext Holdings.

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According to the commission, neither Gvest Global nor the three associated entities was registered to solicit investments from the public or operate in the Nigerian capital market.

The regulator said its investigations found that Gvest Global was actively promoted on social media platforms and online forums, while its operations exhibited “typical indicators and characteristics commonly associated with Ponzi schemes”.

It equally advised the public against engaging with Gvest Global, the associated entities or their representatives in connection with business in the Nigerian capital market.