The Securities and Exchange Commission (SEC) has publicly disowned the online investment platform WayvePay, warning Nigerians against investing through it because the company is not registered to operate in the country's capital market. The regulator's warning, issued in a public notice dated Friday, October 9, 2026, and published on its official website on Saturday, October 10, follows a newspaper advertisement promoting the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) through the platform.
SEC clarifies WayvePay's registration status
In its public notice, the SEC clarified that WayvePay is not authorised to solicit investments from the public or conduct capital market activities in Nigeria. The commission 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.”
Background: Dangote Refinery IPO promotion
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 Refinery IPO accessible to customers. The IPO, valued at N2.15 trillion, was being promoted through the platform, which has now been disowned by the SEC.
The SEC also urged prospective investors to check the registration status of companies and investment platforms through its official portals before committing their money. Investors can verify the registration status of capital market operators through the commission's official website at sec.gov.ng before transferring funds.
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, according to 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. The regulator's latest action underscores its commitment to protecting investors from unregistered entities in the digital investment space.
SEC releases 30 warning signs of investment scams
Earlier, Legit.ng reported that the SEC 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. The regulator's guidance aims to equip investors with the knowledge needed to identify and avoid fraudulent schemes, reinforcing the importance of due diligence before engaging with any investment platform.
