SEC warns Nigerians not to invest in WayvePay

The Securities and Exchange Commission (SEC) has warned Nigerians against investing with WayvePay. The online platform is not registered to collect investments from the public or to operate in Nigeria's capital market.

The SEC shared this warning in a statement called “Suspected Fraudulent Activities of WayvePay” on Friday.

According to the SEC, WayvePay works through a website, social media, and a mobile app.

“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 said.

The SEC advised everyone to avoid investing through WayvePay or any of its representatives related to the Nigerian capital market. It warned that anyone who engages with this platform does so at their own risk.

It also said that working with unregistered and unregulated companies can lead to fraud and loss of money.

The commission urged Nigerians to check the registration status of companies offering investment opportunities. They can do this through the SEC's official registration portals before putting in their money.

This warning comes as unregistered investment companies are becoming more common in Nigeria. These companies put the public at risk of fraud and possible financial losses.