The Securities and Exchange Commission (SEC) has warned Nigerians towards making an investment thru WayvePay, an internet funding platform it stated used to be now not registered to solicit investments from the general public or perform in any capability within the Nigerian capital marketplace.
The fee issued the caution in a observation, titled “Suspected Fraudulent Actions of WayvePay”, on Friday.
In keeping with SEC, WayvePay operates thru a web page and quite a lot of social media platforms, in addition to a cell software.
“The Fee hereby informs the general public that WAYVEPAY isn’t registered by way of the Fee to solicit investments from the general public or perform in any capability throughout the Nigerian capital marketplace,” the fee said.
The regulator steered contributors of the general public to chorus from making an investment in the course of the platform or any of its representatives in issues in the case of the Nigerian capital marketplace, caution that anybody who engages with the entity does so at their very own possibility.
It added that coping with unregistered and unregulated entities exposes traders to the chance of fraud and doable lack of their investments.
The fee suggested Nigerians to ensure the registration standing of businesses and entities providing funding alternatives thru its legit registration portals sooner than committing finances.
The caution comes amid the actions of unregistered funding firms in Nigeria, which divulge the general public to the chance of fraud and doable monetary losses.
On 21 August, the fee, in a understand, warned towards Gvest International and 3 related entities over what it described because the promotion of unregistered funding schemes.
SEC stated Gvest International additionally operated underneath the names Gvest (Alausa) Cooperative Multipurpose Restricted, Gvest Funding Restricted and Gtext Holdings.
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In keeping with the fee, neither Gvest International nor the 3 related entities used to be registered to solicit investments from the general public or perform within the Nigerian capital marketplace.
The regulator stated its investigations discovered that Gvest International used to be actively promoted on social media platforms and on-line boards, whilst its operations exhibited “conventional signs and traits regularly related to Ponzi schemes”.
It similarly steered the general public towards attractive with Gvest International, the related entities or their representatives in reference to trade within the Nigerian capital marketplace.
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