Online investment scams have become increasingly common in Nigeria as more people turn to digital platforms for savings and quick-return schemes.
Nigeria's Securities and Exchange Commission has warned the public to avoid an online investment platform known as Glorious Wealth Fund, saying the entity is not registered to operate in the country's capital market.
The regulator said its attention was drawn to the activities of the platform, which claims to offer investment services in Nigerian stocks and other financial instruments through its website, gloriouswealthfund.com.
The commission made this known in a statement on Friday.
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"The Glorious Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange Commission (SEC) Nigeria to carry out any form of capital market activity in the Nigerian capital market," the statement said.
It added that claims by the operators that the platform was supervised or approved by the regulator were "false, misleading, and fraudulent."
The SEC said it had received complaints from investors who were unable to withdraw their funds after depositing money on the platform, noting that the activities of GWF "bear the clear characteristics of an illegal investment scheme designed to defraud unsuspecting Nigerians."
The regulator urged the public to avoid the platform, warning that anyone who engages with it "does so at his/her own risk."
It reminded investors to verify the registration status of any entity offering investment opportunities on its online portal before engaging in transactions.
Online investment scams have become increasingly common in Nigeria as more people turn to digital platforms for savings and quick-return schemes.
The SEC has, in recent years, issued several warnings about unregistered investment operators, amid rising complaints from users who lose money to platforms that collapse after promising high returns.
