The Securities and Exchange Commission (SEC) of Nigeria has issued a warning to the public against investing through WayvePay, an online investment platform that is not registered to operate in the country's capital market. According to the SEC, WayvePay uses a website, social media platforms, and a mobile application to solicit investments from the public. The commission stated that WayvePay is not registered to operate in any capacity within the Nigerian capital market.
The SEC advised members of the public to refrain from investing through WayvePay 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. The commission also cautioned that dealing with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of their investments. This warning is part of the SEC's efforts to protect the public from unregistered investment companies.
The SEC urged Nigerians to verify the registration status of companies and entities offering investment opportunities through its official registration portals before committing funds. This move aims to safeguard the public from falling victim to fraudulent investment schemes. The commission has been actively monitoring and taking action against unregistered investment companies operating in Nigeria.
This warning comes amid the activities of unregistered investment companies in Nigeria, which expose the public to the risk of fraud and potential financial losses. The SEC has been issuing warnings against such companies, including Gvest Global and three associated entities, which were found to be promoting unregistered investment schemes. The commission's investigations revealed that Gvest Global was actively promoted on social media platforms and online forums.
According to the SEC, Gvest Global operated under multiple names, including Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited, and Gtext Holdings. The commission found that neither Gvest Global nor the three associated entities was registered to solicit investments from the public or operate in the Nigerian capital market. The SEC's investigations also found that Gvest Global's operations exhibited typical indicators and characteristics commonly associated with Ponzi schemes.
The SEC's warning against WayvePay and Gvest Global highlights the risks associated with investing in unregistered investment schemes. The commission's efforts aim to protect the public from falling victim to fraudulent investment schemes and to promote a safe and regulated investment environment in Nigeria. The SEC continues to monitor and take action against unregistered investment companies operating in the country.
The SEC's notice against WayvePay and Gvest Global is a reminder to the public to be cautious when investing in online platforms and to verify the registration status of companies and entities offering investment opportunities. The commission's warning also underscores the importance of investor education and awareness in preventing financial losses. By verifying the registration status of investment companies, Nigerians can protect themselves from potential financial risks.
Key points
- The SEC warns Nigerians against investing with unregistered WayvePay, citing risk of fraud and potential loss of investments.
- The commission advises the public to verify the registration status of companies and entities offering investment opportunities.
- The SEC continues to monitor and take action against unregistered investment companies operating in Nigeria.
