The Securities and Exchange Commission (SEC) has warned Nigerians against transacting with an online investment platform known as Glorious Wealth Fund (GWF).
In a statement on Thursday, the SEC said the platform is not registered or licensed to carry out any capital market activity in Nigeria, contrary to claims that it offers investment in Nigerian stocks and other financial instruments under the commission’s supervision.
“The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities of an online investment platform known as, and operating under the name Glorious Wealth Fund (GWF) through its website gloriouswealthfund.com,” the statement reads.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC.
“The commission hereby informs the public that 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 public should take note that any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent.”
The commission said it has received complaints from investors who have been unable to withdraw funds deposited on the platform, noting that the activities bear traits of an “illegal investment scheme designed to defraud unsuspecting Nigerians.”
“Accordingly, the public is advised to refrain from dealing with GWF, as any person who engages with the entity or its representatives does so at his/her own risk,” the SEC said.
“The commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.”
The agency urged the public to verify the registration status of companies and entities offering investment opportunities on its portal before transacting with them.
