The Securities and Exchange Commission (SEC) of Nigeria has issued a stern public warning against dealing with an online platform known as Glorious Wealth Fund (GWF). The regulator declared the entity, which operates through the website gloriouswealthfund.com, as neither registered nor licensed to conduct any capital market activities within the country.
False Claims and Investor Complaints
In an official statement released on Thursday, 4 December 2025, the commission stated that its attention was drawn to GWF's operations. The platform falsely claims to offer investment services in Nigerian stocks and other financial instruments under SEC supervision. The SEC has categorically labelled these claims as "false, misleading, and fraudulent."
The alert follows reports from several investors who have encountered difficulties withdrawing their funds from the platform. The SEC noted that GWF's activities display the clear hallmarks of an illegal investment operation. Consequently, the public has been advised to steer clear of the platform, as anyone who engages with it does so entirely at their own risk.
SEC's Crackdown on Illegal Investment Schemes
This warning is part of a broader, intensified campaign by the SEC to identify and prosecute operators of Ponzi schemes across Nigeria. The move aims to protect investors and restore confidence in the capital market. The renewed vigour is backed by the expanded powers granted to the commission under the Investments and Securities Act (ISA) 2025.
Speaking at the SEC Journalists' Academy 2025 in Lagos, the commission's Divisional Head of Legal and Enforcement, John Achile, outlined the collaborative strategy. He stated that the SEC will work closely with the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and the Office of the Attorney-General of the Federation to trace promoters and pursue criminal investigations and prosecutions. The commission will continue to freeze accounts and seal premises linked to these illegal operations.
Identifying the Red Flags of Fraud
During his presentation titled "Combating Investments Fraud, Ponzi Schemes and Illegal Investments," Achile detailed common characteristics of Ponzi schemes that the public must watch for:
- Reliance on new investors' money to pay returns to earlier investors.
- Promises of unusually high or consistent returns regardless of economic conditions.
- Issuance of fake, incomplete, or confusing documentation.
- Promoters who are not registered with any regulatory body like the SEC.
He cautioned that these fraudulent schemes are often disguised as investments in popular sectors like agriculture, cryptocurrency (such as Bitcoin), gold, or precious stones. Achile strongly urged Nigerians to conduct thorough due diligence and be wary of "get-rich-quick" offers, as engaging with unregulated operators exposes individuals to severe financial losses.
The SEC reiterated its call for investors to always verify the registration status of any entity offering investment opportunities through the commission's official portal before committing any funds.
