The Securities and Change Fee (SEC) has disowned on-line funding platform WayvePay, caution Nigerians in opposition to making an investment in the course of the corporate over considerations about suspected fraudulent actions.
The caution was once contained in a public realize dated Friday, October 9, 2026, signed by way of the Fee’s control and printed on its professional website online on Saturday, October 10.
The disclaimer comes days after an October 6 e-newsletter in a countrywide newspaper wherein WayvePay, described because the virtual banking platform of Wayve Microfinance Financial institution, introduced that it was once making the Dangote Petroleum Refinery and Petrochemicals preliminary public providing (IPO) obtainable to its consumers.
SEC says WayvePay lacks registration
The SEC, which regulates Nigeria’s capital marketplace, has clarified that WayvePay isn’t registered to solicit investments from the general public or behavior capital marketplace actions within the nation.
The Fee made this explanation in its public realize, distancing itself from the platform and caution traders concerning the dangers related to coping with unregistered operators.
- “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 function in any capability inside the Nigerian capital marketplace.”
The regulator as a result recommended Nigerians to keep away from funding transactions involving WayvePay or its brokers, caution that anybody coping with the platform in the case of capital marketplace actions can be doing so at their very own possibility.
- “The Fee makes use of this medium to reiterate that transacting within the Nigerian Capital Marketplace with unregistered and unregulated entities exposes traders to the danger of fraud and attainable lack of funding.”
The SEC additional steered potential traders to verify the regulatory standing of funding platforms via its professional registration portals ahead of committing price range, reiterating its caution in opposition to transactions involving unregistered and unregulated entities.
Dangote Refinery IPO subscription channels
The Dangote Petroleum Refinery introduced its N2.15 trillion IPO on September 14, 2026, offering traders with roughly 55 authorized virtual subscription channels.
On the release of the be offering, Nairametrics reported that the SEC had cautioned investors in opposition to the usage of unauthorised intermediaries, urging them to procedure programs and bills completely via formally recognised channels.
The regulator additionally steered traders to authenticate subscription platforms and keep away from folks or organisations promising assured percentage allocations.
SEC strengthens virtual funding oversight
The caution in opposition to WayvePay comes because the SEC continues efforts to increase fintech participation in Nigeria’s capital marketplace whilst strengthening regulatory oversight and investor coverage.
The Fee recently reassured fintech and digital asset companies that its regulatory reforms are supposed to offer clearer running pointers moderately than prohibit innovation.
Those tendencies spotlight the Fee’s ongoing regulatory reforms overlaying fintech operators and virtual asset companies in Nigeria’s monetary marketplace.
The measures additionally mirror the SEC’s broader technique to bringing extra virtual monetary provider suppliers below regulatory supervision whilst protective traders from unauthorised marketplace actions.