The Securities and Exchange Commission (SEC) has warned Nigerians against investing by means of WayvePay, a web based funding platform it stated was not registered to solicit investments from the general public or function in any capability within the Nigerian capital market.
The fee issued the warning in an announcement, titled “Suspected Fraudulent Activities of WayvePay”, on Friday.
According to SEC, WayvePay operates by means of a web site and varied social media platforms, in addition to a cell software.
“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 fee acknowledged.
The regulator suggested members of the general public to chorus from investing by means of the platform or any of its representatives in issues regarding the Nigerian capital market, warning that anybody who engages with the entity does so at their very own danger.
It added that dealing with unregistered and unregulated entities exposes traders to the danger of fraud and potential lack of their investments.
The fee urged Nigerians to confirm the registration standing of corporations and entities providing funding alternatives by means of its official registration portals earlier than committing funds.
The warning comes amid the actions of unregistered funding corporations in Nigeria, which expose the general public to the danger of fraud and potential monetary losses.
On 21 August, the fee, in a discover, warned against Gvest Global and three related entities over what it described because the promotion of unregistered funding schemes.
SEC stated Gvest Global additionally operated beneath the names Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited and Gtext Holdings.
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According to the fee, neither Gvest Global nor the three related entities was registered to solicit investments from the general public or function within the Nigerian capital market.
The regulator stated its investigations discovered that Gvest Global was actively promoted on social media platforms and on-line boards, whereas its operations exhibited “typical indicators and characteristics commonly associated with Ponzi schemes”.
It equally suggested the general public against participating with Gvest Global, the related entities or their representatives in connection with enterprise within the Nigerian capital market.
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