SEC Issues Stark Warning: Unregistered WayvePay Flagged for Suspected Investment Fraud
The Nigerian Securities and Exchange Commission (SEC) has issued a critical alert to the investing public, identifying WayvePay as an unregistered and unauthorised online investment platform operating within the Nigerian capital market. The regulatory body’s intervention underscores the significant risks associated with engaging with entities that lack official authorisation, potentially exposing investors to severe financial fraud and the complete loss of their capital.
In a recent public notice, the SEC highlighted its awareness of WayvePay’s operations, which extend across its website, various social media channels, and a dedicated mobile application. The Commission explicitly stated that WayvePay has not been registered to solicit investments from the public or to conduct any business within Nigeria’s capital market framework. Consequently, investors are strongly advised to cease all dealings with WayvePay and its representatives concerning any capital market-related activities.
The SEC reiterated that participation in the Nigerian capital market through unregistered and unregulated entities presents a substantial risk of fraud and investment loss. To mitigate these dangers, the Commission urges the public to diligently verify the registration status of any company or entity offering investment opportunities. This verification can be facilitated through the SEC’s dedicated online portal, ensuring that investors engage only with legitimate and regulated financial service providers.
This advisory serves as a crucial reminder for legal professionals, compliance officers, corporate executives, investors, and business leaders to exercise extreme caution and conduct thorough due diligence before committing funds to any investment platform. The SEC’s proactive stance aims to safeguard the integrity of the capital market and protect investors from illicit schemes.
