SEC Cracks Down on Unregistered Digital Platforms, Releases List of 38 Shut Down
- The SEC has issued a warning to fintech operators and digital investment platforms against operating without proper registration
- The commission said unregistered digital platforms are a significant risk to investors in Nigeria’s capital market
- A full list of platforms and companies it has closed down over the years has been released
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Securities and Exchange Commission (SEC) has launched its a Regulator/FinTech Clinic as part of efforts to strengthen oversight of Nigeria’s rapidly expanding digital finance ecosystem.
The event, held on Tuesday, March 10, 2026, aims to align technological innovation with regulatory compliance while ensuring adequate protection for investors in the capital market.
Source: Getty Images
Speaking at the event, the Director-General of the SEC, Emomotimi Agama, said the initiative was designed to deepen dialogue between regulators and fintech operators.
According to him, Nigeria has emerged as one of Africa’s leading fintech hubs, with entrepreneurs expanding financial access and leveraging technology to bridge structural gaps in the financial system, Punch reports.
He noted, however, that regulatory frameworks must evolve alongside technological developments to ensure investor protection and market integrity.
Agama said responsible innovation requires regulatory rules that are both protective and adaptable to changing market realities.
SEC promises to investors
The SEC DG boss explained that the commission’s mandate to protect investors, ensure fair and transparent markets, and facilitate capital formation remains fully compatible with technological innovation.
He added that clarity, predictability, and trust remain essential conditions for innovation to thrive within the financial system.
He disclosed that since 2018, the commission has taken several steps to support fintech development in Nigeria’s capital market, including establishing a dedicated fintech department and introducing innovation facilitators to guide new market entrants.
SEC warns against unregistered investment platforms
In a keynote address, the Executive Commissioner for Operations at the SEC, Bola Ajomale, said digital assets and investment platforms have increasingly attracted young Nigerians.
He noted that while enthusiasm for digital finance continues to grow, the sector also faces rising risks from unregistered investment platforms and other illegal operators.
Ajomale explained that the commission has engaged with more than 500 firms to better understand emerging fintech business models and ensure appropriate regulatory oversight.
He noted that over the years, the commission has been able to rid the market of illegal firms.
Source: Getty Images
Checks on the SEC website showed that the illegal platforms closed down over the years. They are below:
- Women in Oil Ltd – Kaduna State
- Rosabon Financial Services Ltd – Lagos State / Port Harcourt
- Gift from Above – Onitsha
- Baresi Capital Ltd – Lagos State
- Joy Apple Investment Ltd – Lagos State
- Divine Settlement Investment and Resources Company Ltd – Lagos State
- Obichi Investment & Management Nig. Ltd – Onitsha
- New Nation/Women in Oil – 35 states excluding Borno and Yobe
- Equation Global Services Solution – Port Harcourt
- DMC Management Ltd – Lagos State
- Whitewood Asset Management Limited – Lagos State
- Lamb & Lamb Ltd – Anambra State
- Powertronic Ltd – Rivers State
- Madumon Investment Ltd – Anambra State
- Stock Empire Ventures Limited – Oyo State
- YBF Consult Limited – Abuja/Ilorin
- Tine God Network Limited – Lagos/Onitsha
- Converged Dynamic International Limited – Sokoto/Port Harcourt
- All Trust Heritage International Limited – Bonny Island, Rivers State
- Fantastic Esanbet Nigeria Limited – Benin, Edo State
- MMM Federal Republic of Nigeria – Online
- Flexus Global Solutions Investment Ltd – Port Harcourt
- Ruby Gold Ventures – Abuja
- Yuan D – Abuja/Asaba/Kano
- Box Value Trading Company
- Loom Nigeria Money
- Flip Cash Investment
- Helping Hand and Investment
- MBA Forex and Investment Ltd
- Federate Investors Trading Company
- Jamalife Helpers Global Ltd
- Kudy Financial Ltd
- Now Now Alert
- Darrol Investment Limited – Ibadan
- Oxford International Group – Lagos/Port Harcourt
- Farmforte Agro Allied Solutions – Lagos/Abuja
- Vekt Capital Investment Limited – Lagos/Abuja
- Ovaioza Farm Produce Storage Business – Abuja
FG releases names of 103 loan apps for ban
Earlier, Legit.ng reported that no fewer than 103 digital loan applications were placed on the Federal Competition and Consumer Protection Commission (FCCPC) regulatory watch list.
Also, 25 others have been delisted as the government steps up efforts to sanitise Nigeria’s fast-growing online lending market.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
