SEC warns Nigerians against investing with unregistered WayvePay
It added that dealing with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of their investments. The post SEC warns Nigerians against investing with unregistered WayvePay…
The Securities and Exchange Commission (SEC) is Nigeria's apex capital market regulator, tasked with registering investment firms, vetting digital investment platforms, and protecting the public from Ponzi schemes and fraudulent fund managers. Over the past decade, Nigeria has seen a steady stream of unregistered online "investment" platforms promising high returns, many of which have collapsed or vanished with investors' funds, prompting the SEC to regularly issue public alerts distinguishing licensed operators from unauthorised ones.
In this case, the SEC has flagged WayvePay as an entity operating outside its regulatory framework, cautioning Nigerians against putting money into the platform. Both Premium Times and Nairametrics report the warning, with Premium Times emphasising the general risk of fraud and capital loss that comes with dealing with unregistered operators, while Nairametrics notes the SEC's specific concern over suspected fraudulent activities tied to WayvePay. Neither report details how many Nigerians may already be invested with the platform, the scale of funds involved, or whether any regulatory or law enforcement action beyond the public warning is planned.