SEC Exposes Unapproved Investment Platform Offering Dangote Refinery IPO Shares to Nigerians
- The commission said WayvePay is not registered to solicit investments from the public or operate in Nigeria’s capital market
- The warning followed a newspaper advert promoting Dangote Refinery’s N2.15 trillion IPO through the platform
- SEC urged investors to verify subscription channels and avoid unregistered intermediaries to protect their funds
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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 disowned online investment platform WayvePay, warning Nigerians against investing through the company because of concerns about its unregistered operations.
The warning was contained in a public notice dated Friday, October 9, 2026, signed by the commission’s management and published on its official website on Saturday, October 10.
Source: Getty Images
The disclaimer came days after an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, announced that it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to customers.
SEC warns Nigerians against WayvePay
In its public notice, the commission clarified that WayvePay was not authorised to solicit investments from the public or conduct capital market activities in Nigeria.
The SEC said dealing with unregistered investment operators exposes investors to financial risks, including fraud and the potential loss of their funds.
The notice reads:
“The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market.”
The regulator consequently advised Nigerians to avoid investment transactions involving WayvePay and its representatives, warning that anyone who deals with the platform in connection with capital market activities does so at their own risk.
The commission stated:
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.”
The SEC also urged prospective investors to check the registration status of companies and investment platforms through its official portals before committing their money.
Source: UGC
SEC strengthens oversight of digital investments
The warning against WayvePay comes as digital platforms play an increasingly prominent role in connecting Nigerians to investment opportunities, Punch reports.
While fintech companies can make capital market products more accessible, operators must comply with applicable regulatory requirements before offering investment-related services to the public.
The SEC has repeatedly urged investors to verify the credentials of investment operators and confirm the authenticity of subscription platforms before transferring funds.
Investors can check the registration status of capital market operators through the commission’s official website at sec.gov.ng before committing their money.
SEC releases 30 warning signs of investment scams
Earlier, Legit.ng reported that the Securities and Exchange Commission had outlined 30 warning signs to help Nigerians recognise fraudulent investment offers and protect themselves from scams.
The advisory followed the collapse of the CBEX investment scheme, which resulted in financial losses for many investors.
According to the SEC, scammers may attract unsuspecting Nigerians with unrealistic profit promises, pressure them to make quick decisions or demand upfront payments through suspicious channels.
Source: Legit.ng
