Nigeria’s Securities and Exchange Commission has cautioned the public against putting money into WayvePay, citing suspected fraudulent conduct and the platform’s lack of regulatory approval in the country’s capital market.
Key takeaways
- WayvePay is not licensed by the Securities and Exchange Commission to raise funds from Nigerian investors.
- The regulator said the platform has no authorisation to carry out any business in Nigeria’s capital-market system.
- Unregistered investment operators can expose customers to scams and significant financial losses.
- On August 21, the SEC also issued an alert concerning Gvest Global and three related businesses.
Regulator flags suspected fraud risk
In a statement issued over the weekend, the SEC said Nigerians should be wary of WayvePay because of what it termed suspected fraudulent activities linked to the platform.
The commission stressed that WayvePay does not appear on its register of entities permitted to seek investments from the public. It also said the business is not authorised to operate in any form 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 regulator said.
Broader crackdown on unauthorised schemes
The notice comes as Nigeria faces continuing activity by investment businesses operating without regulatory clearance, a trend that leaves retail investors vulnerable to deception and possible loss of their savings.
The SEC has recently issued similar alerts. On August 21, it warned the public about Gvest Global and three affiliated entities, saying they were promoting investment arrangements that had not been registered with the commission.
