SEC Exposes Another Investment Platform Not Registered, Warns Nigerians

• SEC has sent a warning to Nigerians about TOFRO.COM, an unlicensed platform luring investors with fake promises
• The commission said the platform claims to be a cryptocurrency investment platform, but noted that it is a Ponzi scheme
• SEC has urged Nigerians to verify investment platforms before jumping into them to avoid costly scams

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Securities and Exchange Commission (SEC) has issued a warning to the Nigerian public regarding the operations of Silverkuun Investment Cooperative Society and Silverkuun Limited.

In a public alert on Thursday, 29 May, the SEC identified Silverkuun as an illegal operator in the Nigeria's capital market.

SEC warns Nigerian

In an official alert titled "Illegal Operator Alert!", the Commission said its attention had been drawn to the activities of the two entities, which have been presenting themselves as licensed investment advisers and fund managers.

The statement reads:

"The attention of the Securities and Exchange Commission ("the Commission") has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

"The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.

"Accordingly, the public is advised to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market."

The regulatory body further warned that dealing with unregistered and unregulated investment platforms poses significant financial risks, including the possibility of fraud and total loss of funds.

It stated:

“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 investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission's dedicated portal -www.sec.gov.ng/cmos before transacting with them. "

SEC warns Nigerians about TOFRO.COM

SEC has also warned Nigerians against investing TOFRO.COM operated by ToFro Exchange Global Professional Station.

The commission said that TOFRO, also known as Tofro, claims to be a cryptocurrency trading site but is not licensed to operate within the Nigerian capital market or solicit funds from the public.

The SEC cautioned Nigerians against dealing with the platform, warning that those who invest with TOFRO do so at their own risk.

CBEX: SEC releases 30 signs to identify scam investments

Earlier, Legit.ng reported that the Securities and Exchange Commission has released a list of 30 red flags to help Nigerians identify and avoid scam investment schemes

The development follows the decision by the CBEX Ponzi scheme scam, which left many Nigerians counting their losses.

SEC noted that fraudsters often lure unsuspecting victims with promises of instant wealth, high-pressure sales tactics, and requests for upfront payments via gift cards or

The commission has urged Nigerians to verify any investment offer through its website and other official channels

Source: Legit.ng