The Securities and Exchange Commission has warned Nigerians against investing through WayvePay, an online investment platform which it said is not registered to solicit investments from the public or operate in any capacity within the Nigerian capital market.
The Commission issued the warning in a statement titled, “Suspected Fraudulent Activities of WayvePay”, cautioning members of the public against dealing with the platform or its representatives in relation to investments.
According to the SEC, WayvePay operates through a website, social media platforms and 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 regulator stated.
The SEC advised Nigerians to refrain from investing through the platform, warning that anyone who chooses to engage with it in connection with the Nigerian capital market does so at their own risk.
It said dealing with unregistered and unregulated investment entities could expose members of the public to fraud and possible loss of their funds.
The Commission therefore urged prospective investors to verify the regulatory status of companies, platforms and other entities offering investment opportunities before committing their money.
It advised the public to use the SEC’s official registration channels to confirm whether an investment operator is authorised to conduct business in Nigeria’s capital market.
The latest warning comes amid continued concern over the activities of unregistered investment companies and online platforms offering financial returns to members of the public.
In August, the SEC also warned Nigerians against Gvest Global and three associated entities over what it described as the promotion of unregistered investment schemes.
The associated entities were identified as Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited and Gtext Holdings.
The Commission said at the time that neither Gvest Global nor the associated entities was registered to solicit investments from the public or operate in the Nigerian capital market.
According to the regulator, its investigations showed that Gvest Global was being promoted through social media platforms and online forums, while its operations displayed what it described as indicators commonly associated with Ponzi schemes.
The SEC similarly advised the public not to engage with the entities or their representatives in connection with investment activities.
The Commission has repeatedly maintained that investors should carry out proper checks before transferring funds to any person or organisation promising investment returns, particularly where the operator cannot demonstrate registration with the appropriate regulator.
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