The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing through WayvePay, warning that the platform is not registered to operate in the country’s capital market.
The commission issued the warning in a public notice on October 9, urging investors to stay away from the platform and its representatives.
WayvePay operates through a website, social media platforms and a mobile application. However, the SEC said it had not authorised the platform to solicit investments from the public or provide capital market services.
The warning comes amid growing interest in investment opportunities linked to the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO), which WayvePay had promoted access to.
The SEC warned that Nigerians who invest through unregistered platforms risk losing their money, advising the public to confirm the status of investment companies before committing funds.
Investors can verify registered operators through the commission’s official channels before engaging with any platform offering investment opportunities.
The regulator has repeatedly urged Nigerians to be cautious when dealing with investment platforms, particularly those whose registration status has not been confirmed.
The commission’s warning serves as a reminder to investors to verify claims made by online investment platforms before handing over their money.
