Nigeria’s Securities and Exchange Commission, SEC, has warned Nigerians against investing in a platform known as WayvePay.
In a statement at the weekend, the SEC warned the public about the “suspected fraudulent activities of WayvePay.”
According to the commission, the platform is not registered to solicit investments from the public or operate in any capacity within the Nigerian capital market.
“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 SEC’s warning comes amid the activities of unregistered investment companies in Nigeria, which expose members of the public to the risk of fraud and potential financial losses.
DAILY POST reports that on August 21, the commission, in a notice, warned Nigerians against Gvest Global and three associated entities over what it described as the promotion of unregistered investment schemes.