The Securities and Exchange Commission (SEC) has warned Nigerians against transacting with an online investment platform known as Glorious Wealth Fund (GWF).
In a statement on Thursday, the SEC said the platform is not
registered or licensed to carry out any capital market activity in Nigeria,
contrary to claims that it offers investment in Nigerian stocks and other
financial instruments under the commission’s supervision.
“The attention of the Securities and Exchange Commission
(SEC) Nigeria has been drawn to the activities of an online investment platform
known as, and operating under the name Glorious Wealth Fund (GWF) through its
website gloriouswealthfund.com,” the statement reads.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC.
“The commission hereby informs the public that the Glorious
Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange
Commission (SEC) Nigeria to carry out any form of capital market activity in
the Nigerian capital market.
“The public should take note that any claim by GWF that it
is supervised, licensed, or approved by the SEC is false, misleading, and
fraudulent.”
The commission said it has received complaints from
investors who have been unable to withdraw funds deposited on the platform,
noting that the activities bear traits of an “illegal investment scheme
designed to defraud unsuspecting Nigerians.”
“Accordingly, the public is advised to refrain from dealing
with GWF, as any person who engages with the entity or its representatives does
so at his/her own risk,” the SEC said.
“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 agency urged the public to verify the registration
status of companies and entities offering investment opportunities on its
portal before transacting with them.
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