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  • SEC declares TCN’s AGM null, void, maintains regulatory control

    SEC declares TCN’s AGM null, void, maintains regulatory control

    The Securities and Exchange Commission (SEC) has declared the purported Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc, held on July 25, 2025, null and void.

    The Commission issued this position in a public notice on Monday, warning that any resolutions arising from the disputed meeting would not be recognised.

    According to the SEC, the meeting was held in defiance of an express regulatory order and without its approval, despite the Commission’s earlier intervention in the governance of the company.

    The meeting reportedly led to the unauthorised removal of SEC-appointed interim directors and the board secretary, actions the Commission described as illegal and capable of destabilising the company.

    In its statement, the SEC condemned the actions of some majority shareholders who allegedly convened the meeting without observing due process.

    “The Commission, pursuant to its core mandate under the Investments and Securities Act, 2025, had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern and to protect the interest of all shareholders especially those whose holdings cannot give them access to the Management and control of the company,” the Commission stated.

    SEC said the actions of the majority shareholders have the potential to reverse the positive strides achieved since the regulatory intervention. “The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention, which had brought stability into the company and returned its shares to positive values,” it added.

    The regulatory agency stressed that its involvement in the affairs of TCN Plc remains in force. It insisted that the composition of the company’s board prior to the contested AGM remains valid and intact.

    “The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025, held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings,” the statement said.

    It added that “the Board of TCN Plc remains as constituted before the purported AGM, and the SEC-appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors, and to ultimately maintain an orderly and fair market.”

    TCN plc, operators of the Federal Palace Hotel in Lagos, has been at the centre of a prolonged internal dispute involving major shareholders and management. SEC’s decision to intervene came after allegations of financial mismanagement, poor governance, and disregard for minority shareholder rights surfaced in 2024. As part of the intervention, two interim independent directors were appointed by the Commission to stabilise the firm and ensure compliance with corporate governance standards.

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    Prior to the disputed AGM, the Commission’s involvement had resulted in relative calm within the company and an improvement in its share performance on the Nigerian Exchange. The SEC believes the unilateral actions of the majority shareholders risk plunging the company back into a state of disorder.

    Reaffirming its regulatory oversight, the Commission warned that it would not hesitate to deploy all legal instruments to enforce its directives. It said it remains committed to its investor protection mandate and to maintaining the integrity of the capital market.

    “The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved,” it said.

    It also cautioned market participants and shareholders to act within the bounds of the law and the SEC’s directives. “All stakeholders and the investing public should be guided accordingly,” the notice concluded.

  • SEC backs innovation, eyes quantum future for capital market

    SEC backs innovation, eyes quantum future for capital market

    The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said the Commission is actively engaging with emerging technologies and digital innovators to craft regulatory frameworks that support capital market innovation without compromising investor protection.

    Delivering the keynote address at the Comercio Partners H2 2025 Outlook event, Dr. Agama said Nigeria, like many countries, stands at the crossroads of an economic transition driven by rapid advances in technology, shifting global dynamics, and the growing influence of fintech, blockchain, and quantum innovations.

    He told participants that the SEC is working closely with fintech startups, blockchain developers, and researchers in quantum computing to ensure that regulations keep pace with innovation. The goal, he explained, is to provide a secure environment for investors while encouraging the development of new financial technologies that can reshape the capital market.

    According to him, the world is undergoing a deep transformation in how trade, finance, and investment are structured. “Traditional models of global trade have powered economic growth for decades, anchored on comparative advantage, efficient supply chains, and multilateral cooperation,” he said. “But recent shocks—ranging from the COVID-19 pandemic to geopolitical shifts—have exposed weaknesses in this system. As a result, nations are adjusting their economic strategies toward innovation-driven growth.”

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    Dr. Agama identified digital economies, decentralized finance (DeFi), and quantum technology as the defining features of this new era. These developments, he said, are reshaping what constitutes competitive advantage in global markets, with intellectual property, data capacity, and technological agility taking centre stage.

    On the emerging role of quantum innovation, the SEC Director General described it as the “next frontier” in financial and technological evolution. He noted that quantum computing, cryptography, and secure communications will eventually transform core market functions. “Quantum computing, in particular, has the potential to change how we conduct risk modelling, price assets, and detect fraud—with far greater speed and precision than is possible today,” he said.

    Agama added that SEC Nigeria is focused on building a forward-looking regulatory environment that keeps markets open to innovation while preserving integrity and investor trust. “We are working to develop policies that welcome tokenized assets, digital securities, and green bonds—advancing a sustainable and technology-enabled future for our markets,” he stated.

    He argued that building a national innovation framework requires targeted investment in education, research, and cross-sector partnerships. “Nations that prioritise STEM education and digital skills will lead the way,” he said, noting that collaboration between government, academia, and industry is essential to equip the workforce for the quantum age.

    He urged private sector players to join hands with the government in establishing research hubs, funding pilot initiatives, and scaling new technologies, especially those with transformative potential for financial services.

    For Africa, and Nigeria in particular, Agama sees a clear opportunity to leap ahead by adopting new tools and models early. “Africa, with its youthful population and untapped potential, can leapfrog into the quantum economy by leveraging blockchain for transparency in capital markets, applying AI and big data to deepen financial inclusion, and creating innovation sandboxes to safely experiment with new technologies,” he said.

    He concluded by calling on Nigerian stakeholders to take the lead. “Nigeria, as Africa’s largest economy, must lead this charge. The SEC is committed to creating the right environment to support responsible innovation and ensure the capital market serves the future economy.”

  • SEC targets $500bn from commodities, warehouse receipts

    SEC targets $500bn from commodities, warehouse receipts

    The Securities and Exchange Commission (SEC) has said that formalising the trading of commodities and warehouse receipts in Nigeria could unlock as much as $500 billion in dormant agricultural and mineral assets.

    This would offer an opportunity for the country’s capital market and economic diversification.

    This was disclosed by the Director General of the SEC, Dr. Emomotimi Agama, during a national workshop organised by the Chartered Institute of Stockbrokers held in Abuja on Tuesday.

    According to Agama, transforming commodities and warehouse receipts into tradeable securities would not only expand market instruments but also position the capital market as a strategic enabler of inclusive economic growth. He said this effort would significantly reduce Nigeria’s reliance on the oil and gas sector and catalyse wealth creation across rural and urban areas.

    “The formalisation of commodities and warehouse receipts offers a pathway to convert dormant agricultural and mineral assets into wealth-generating instruments. The market potential is immense—estimated at $500 billion—and this will help Nigeria diversify and prosper,” Agama said.

    Dr. Agama explained that the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the Commission’s regulatory framework and provided a solid legal foundation to fast-track reforms in the capital market.

    “The Act sharpens the SEC’s regulatory focus, ensuring it operates with the precision and authority required to steward a rapidly expanding market,” he said.

    He described the law as more than a routine legislative update, calling it a strategic blueprint to propel Nigeria into the league of top global economies through a modern, efficient, and trusted capital market.

    “This Act is not merely an update—it is a revolution. It dismantles legacy constraints, embeds global best practices, and positions our market as the engine room for national prosperity,” he noted.

    According to Agama, with ISA 2025 now in effect, Nigeria’s capital market is poised to play a central role in accelerating the country’s economic transformation. He challenged stakeholders to focus not on whether Nigeria can achieve a $1 trillion economy, but on how quickly it can be done.

    “The question before us is no longer if Nigeria can achieve a $1 trillion economy, but how soon—and the capital market, under this new Act, will be the accelerant,” he said.

    The SEC DG also noted that the new law has granted the Commission enhanced powers to deal with financial fraud and protect investors, particularly against the rise of unregulated investment schemes.

    “The Commission now has explicit powers to shut down Ponzi schemes and prosecute offenders—ending the era of ‘get-rich-quick’ scams that erode market confidence,” he stated.

    Agama said the new provisions are part of a wider push to restore trust and increase participation in the Nigerian capital market. He also revealed that investors now have stronger protection mechanisms, including coverage for losses arising from revoked dealer licenses.

    “This is a long-awaited safeguard that will boost participation. Trust is the currency of our capital markets. Without it, liquidity dries up,” he added.

    The SEC’s strategy points to a broader plan to deepen the capital market and expand its role in Nigeria’s economic development. By unlocking the value of physical commodities like agricultural produce and minerals through warehouse receipts and structured trading, the SEC hopes to channel capital into productive sectors of the economy.

    Agama urged capital market operators, investors, regulators, and development partners to fully engage with the opportunities presented by the new ISA and the SEC’s reform agenda.

    He said the Commission will continue to provide clear regulatory guidance and foster innovation, while cracking down on activities that undermine investor confidence and market integrity.

    “Our mission is to build a capital market that is inclusive, transparent, and globally competitive. Every stakeholder has a role to play in shaping the future,” he concluded.

  • Ponzi schemes: SEC to launch USSD code to verify operators

    Ponzi schemes: SEC to launch USSD code to verify operators

    To curb the activities of unregistered investment operators and protecting investors from fraudulent schemes, the Securities and Exchange Commission (SEC) is set to introduce a dedicated Unstructured Supplementary Service Data (USSD) code system that will allow Nigerians to verify the registration status of capital market operators directly from their mobile phones.

    The USSD initiative, which will be formally launched at the next Capital Market Committee (CMC) meeting this quarter, is aimed at making verification processes more accessible, particularly for Nigerians in areas with limited internet access. 

    The SEC said this move is part of a broader effort to tackle the rise in unregulated investment schemes, including Ponzi operations, that have led to widespread financial losses across the country.

    Director General of the SEC, Dr. Emomotimi Agama, who announced the development at the weekend in Abuja, explained that the new system will enable mobile phone users to check the registration status of any individual or entity claiming to be an investment operator using a simple USSD code.

    “With this system, Nigerians don’t need internet access. Anyone with a mobile phone can instantly verify whether someone is a registered capital market operator. If someone approaches you with an investment offer, just dial the code to confirm their status,” Agama said.

    The SEC chief said the Commission is ramping up efforts to root out unregistered and illegal investment schemes, asserting that it bears a national responsibility to enlighten the public on how to build wealth through legitimate means within the regulatory framework of Nigeria’s capital market.

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    He urged Nigerians to participate in properly structured investment opportunities such as public offerings and Collective Investment Schemes, which are overseen by the SEC to ensure investor protection and fair returns.

    “Inclusiveness and wealth redistribution are key goals for us. This can be achieved when people are educated and empowered to invest in secure and regulated platforms,” Agama stated. “We are working with the Nigerian Educational Research and Development Council to introduce capital market education at early stages in schools. Financial literacy through games and other interactive tools is also part of our long-term strategy.”

    He cautioned that registration with the Corporate Affairs Commission (CAC) alone does not authorize an entity to carry out investment activities. Only those duly registered with the SEC are permitted to operate in the capital market.

    “If someone claims they are offering investment services, the first thing to ask is whether they are registered with the SEC,” Agama said. “We have authorised professionals—stockbrokers, investment advisers, accountants, solicitors—who are properly registered to offer such services.”

    Agama further explained that the newly signed Investments and Securities Act (ISA) 2025 gives the Commission unprecedented enforcement powers against operators of Ponzi and other prohibited schemes.

    He pointed out that the law imposes fines of up to N1 billion and prison terms of up to 10 years for promoters of such schemes. It also extends liability to influencers and celebrities who promote unregistered or fraudulent investments.

    “This is the strongest stance Nigeria has ever taken against Ponzi schemes,” he said. “Under ISA 2025, the SEC now has the authority to go after not just the scheme operators, but also those who promote them—whether through social media, advertising, or endorsements.”

    The Commission is also working with other government agencies and private institutions to increase awareness and enforcement efforts, according to Agama.

    As part of investor protection measures, the SEC reiterated its warning to the public to avoid unregistered investment schemes that offer unrealistic returns. Such schemes are not recognized by the Commission and carry no form of legal protection.

    The Commission encouraged the public to verify the legitimacy of any investment product or operator by visiting the SEC website or contacting the agency through official communication channels.

    Dr. Agama pledged the SEC’s commitment to building a transparent and trustworthy capital market that supports economic growth and gives investors the confidence to participate in wealth-building opportunities without fear of exploitation.

    “The SEC remains resolute in its mandate to protect investors, promote fair practices, and strengthen public trust in Nigeria’s capital market. With these new tools and laws, we are more prepared than ever to confront the threat of Ponzi schemes and ensure financial safety for Nigerians,” he said.

  • SEC raises alarm over digital assets fraud, calls for stronger regulation

    SEC raises alarm over digital assets fraud, calls for stronger regulation

    The Securities and Exchange Commission (SEC) has raised concerns over the growing risk of digital asset fraud, describing it as a significant threat to market integrity and investor confidence in Nigeria and across Africa.

    Speaking in Abuja at an event to mark African Union Anti-Corruption Day, the Director General of the SEC, Dr. Emomotimi Agama, warned that as digital innovation transforms financial markets, it is also giving rise to increasingly sophisticated scams and virtual asset fraud. 

    The event was themed “Understanding Virtual Assets and Investment Fraud.”

    Dr. Agama noted that corruption remains a major barrier to Africa’s economic progress, social development, and attractiveness to investors. 

    He added that the misuse of digital assets, including cryptocurrencies and other blockchain-based products, is diverting resources that could otherwise support sustainable development.

    “As digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams targeting unsuspecting investors,” Dr. Agama said. “These threats undermine trust, weaken market integrity, and ultimately harm economic growth.”

    To address these challenges, Dr. Agama explained that the SEC is stepping up efforts in three major areas: educating investors to help them identify and avoid fraudulent schemes; updating regulatory frameworks to respond to the evolving risks in digital investments; and working closely with both domestic and international partners to curb corruption and illicit financial flows.

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    Dr. Agama also pointed to the new Investment and Securities Act (ISA) 2025 as a significant step forward. The Act gives the SEC a clearer mandate to regulate virtual assets that qualify as securities or investment products. Under this law, Virtual Asset Service Providers (VASPs), including exchanges, brokers, and custodians, are required to register with the SEC and meet strict requirements covering governance, capital adequacy, and cybersecurity.

    He explained that platforms offering digital assets must clearly warn investors about the risks of volatility, potential fraud, and changing regulatory environments. The new law also sets out stiff penalties for offences such as insider trading, Ponzi schemes, and market manipulation.

    “The ISA 2025 provides a comprehensive legal framework for virtual asset regulation, balancing innovation with investor protection and financial stability,” Dr. Agama said. 

    “The SEC will continue to issue guidelines to ensure compliance while supporting a secure and transparent digital asset ecosystem.”

    Dr. Agama called on stakeholders—including governments, businesses, civil society, and ordinary citizens—to work together to promote transparency, accountability, and ethical practices in the financial sector. “Together, we can build resilient markets that drive Africa’s prosperity,” he said.

    Also speaking at the event, the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, described virtual asset fraud as a rapidly growing risk to national economic security. He warned that this form of crime could soon surpass traditional money laundering in scale and impact on the continent.

    “Another rising criminal engagement that has a potential to outpace, even money laundering, on the continent is virtual assets and investment scam,” Mr. Olukoyede said.

  • SEC, Quidax Initiate Digital Assets Education for Nigerian Financial Institutions

    SEC, Quidax Initiate Digital Assets Education for Nigerian Financial Institutions

    The Nigerian financial landscape is witnessing a significant step towards digital asset integration, as the Securities and Exchange Commission (SEC), in partnership with leading digital asset exchange Quidax, recently concluded a pivotal two-day event. This initiative aimed to equip Nigerian finance professionals with the essential knowledge and tools to navigate the evolving ecosystem of digital assets.

    Video https://youtu.be/Lxwk9XEv-Aw

    The event brought together decision-makers from commercial banks, asset management companies, pension fund administrators, and securities dealers. This focused gathering is part of a broader vision aimed at driving the institutional adoption of digital assets within the Nigerian financial system through education and proper regulation.

    SEC’s Mandate: Fostering Regulation and Market Development

    Abdulrasheed Dan Abu, FinTech and Innovation lead at the Securities and Exchange Commission, underscored the initiative’s alignment with the commission’s statutory responsibilities. He noted that the SEC’s mandate extends beyond just regulation to actively driving overall development and growth in the capital markets. “Development includes advocacy, educating market participants on what is happening in the ecosystem,” he explained.

    This educational event builds upon a series of significant regulatory milestones in Nigeria’s digital finance landscape. The Investments and Securities Act (ISA) 2025, recently signed into law by President Bola Tinubu, formally classifies cryptocurrencies and other virtual assets as securities, placing them squarely under the SEC’s regulatory purview. This move aligns with global trends seen in the Markets in Crypto-Assets (MiCA) Regulation in the European Union, which provides a comprehensive regulatory framework for crypto-assets.

    Furthermore, the SEC’s issuance of rules for Virtual Asset Service Providers (VASPs) mirrors the recommendations set forth by the Financial Action Task Force (FATF) in its guidance for a risk-based approach to virtual assets and virtual asset service providers, aimed at combating money laundering and terrorist financing. While the licensing process is currently undergoing due diligence, the foundational regulatory intent remains clear.

    Dan Abu also highlighted the significant potential of the digital asset ecosystem to contribute to the Federal Government’s ambitious goal of a one trillion-dollar economy. “One key area is tokenization,” he said. “Assets held by AMCON and other institutions can be digitized and made liquid through the digital asset ecosystem. That creates wealth for the people and for the nation.” This aligns with discussions on the potential of blockchain technology for real-world asset (RWA) tokenization, as explored by institutions like the Bank for International Settlements (BIS) in various innovation hub projects.

    Quidax’s Vision: Driving Pan-African Adoption Through Education

    Buchi Okoro, Co-founder and Chief Executive Officer of Quidax, emphasized that the initiative is specifically aimed at driving the adoption of digital assets by educating experienced financial sector leaders. “Adoption starts with education. This session caters to people at different knowledge levels, from total beginners to those who have conducted blockchain pilots,” he stated.

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    Okoro also outlined Quidax’s ambitious Pan-African plan, noting that the exchange currently operates in nine countries with strategic plans for growth across all 54 African nations. “We’re solving African problems for Africans, and this partnership with the SEC helps us do that within regulatory guardrails,” he said, reflecting a commitment to localized solutions within global regulatory best practices, akin to the principles outlined in the African Continental Free Trade Area (AfCFTA) agreement which seeks to foster economic integration across the continent.

    Industry’s Positive Response and Future Outlook

    The event’s impact was evident in the feedback from attendees. Sunday Joseph Olaniyan, Head of E-Business at Sun Trust Bank, spoke on the initiative’s significance: “There used to be this orientation that digital assets were not welcome in Nigeria. There was a time when digital assets did not have the backing of the regulators but that has clearly changed and more players have become aware that the world of finance and capital is flowing in the direction of digital assets. Events like these bring such awareness even closer to us as institutions here in Nigeria and presents us with the opportunity to not be left out of this wave of change. People like myself who have been aware of digital assets are now even more sensitized to the global trend and I sure do not want to be left behind at all.”

    This collaborative effort by the SEC and Quidax marks a crucial step in preparing Nigeria’s financial sector for the inevitable shift towards digital assets, fostering a more informed and adaptive industry.

  • CBEX remains banned in Nigeria – SEC 

    CBEX remains banned in Nigeria – SEC 

    The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria.

    SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technolog, had not been registered by the commission.

    The commission, however, advised the public to refrain from patronising or transacting any investment related business with the CBEX.

    The notice read, “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

    “According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000 and $100 from those with less than $1,000 balances before withdrawals can be processed.

    “Unequivocally, neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the Nigerian public.

    “As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorised investment activities.

    “The commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

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    “The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX /ST Technologies International Ltd. (Smart Treasure or Super Technology) as they risk losing their funds.”

    The SEC advised the public to verify the registration status of investment platforms through the commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting.

    It added that SEC remains committed to protecting investors and maintaining market integrity. (NAN)

  • SEC warns Nigerians against investing with Silverkuun

    SEC warns Nigerians against investing with Silverkuun

    The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with unregistered investment platforms, specifically naming Silverkuun Investment Cooperative Society and Silverkuun Limited as entities illegally operating in the country’s capital market.

    In a public circular issued Wednesday and supported by a press release in Abuja, the Commission stated that Silverkuun has been posing as an investment adviser and fund manager, even though it lacks the legal authority to carry out such activities within the Nigerian capital market.

    “The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market,” the statement read.

    As a result, the SEC urged the investing public to avoid all forms of transactions or engagement with the company or its representatives. It warned that doing business with unlicensed or unregulated entities poses serious financial risks, including exposure to fraud and total loss of investment.

    To help investors verify the legitimacy of firms offering financial services or investment opportunities, the Commission encouraged the public to use its official online portal at www.sec.gov.ng/cmos.

    The SEC has repeatedly raised concerns about the increasing number of entities falsely claiming to be legitimate investment advisers, fund managers, or virtual asset service providers (VASPs). Many of these operators lure unsuspecting individuals with promises of high returns, only to disappear with investor funds.

    Speaking further on the matter, the Director General of the Commission, Dr. Emomotimi Agama, warned that SEC would take firm action against companies and individuals who bypass regulatory procedures.

    “We will shut down their operations, and the promoters will be made to face the full weight of the law,” Dr. Agama declared.

    He said the Commission is stepping up its regulatory actions under the soon-to-be-enacted Investment and Securities Act (ISA) 2025, which officially brings digital assets under the SEC’s oversight. According to Agama, the Act will define digital assets as securities and require all virtual asset service providers and digital exchanges to register with the Commission.

    This regulatory update aims to tackle the growing menace of Ponzi-style platforms that have used the cover of digital finance and cryptocurrency to operate unchecked.

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    In addition to regulatory enforcement, the Commission is also expanding its investor protection initiatives by raising awareness. Dr. Agama noted that the SEC is adopting an education-first approach to reduce the number of people falling victim to investment scams. These efforts include podcasts, social media campaigns, and the introduction of capital market literacy programs in secondary schools and universities.

    “We are committed to ensuring that Nigerians understand how to spot fraudulent schemes and know the steps to take to protect themselves,” Agama stated.

    The SEC’s latest warning comes at a time of increased scrutiny of informal investment schemes in Nigeria, especially as more Nigerians seek alternative ways to grow their savings amid rising inflation and economic pressure. The Commission reiterated that genuine investment opportunities must be properly registered, transparent, and accountable to both regulators and the public.

    Investors are urged to always conduct due diligence and consult only registered capital market operators before making financial commitments.

  • SEC uncovers another suspected illegal investment platform, Tofro

    SEC uncovers another suspected illegal investment platform, Tofro

    The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

    The Cmmission raised the alarm in a notice issued yesterday and made available to newsmen.

    The Commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

    SEC said the suspected investment platform holds itself out as a crypto-currency trading platform, adding that such an investment scheme is not registered by the Commission.

    It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.

    According to SEC, it promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

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    SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk.

    The Commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.

    The SEC Director-General, Emomotimi Agama, had said Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the SEC.

  • SEC uncovers another suspected illegal investment platform Tofro

    SEC uncovers another suspected illegal investment platform Tofro

    The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

    The Cmmission raised the alarm in a notice issued yesterday and made available to newsmen.

    The Commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

    SEC said the suspected investment platform holds itself out as a crypto-currency trading platform, adding that such an investment scheme is not registered by the Commission.

    It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.

    According to SEC, it promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

    Read Also: Oyetola vows better welfare, security for maritime workers

    SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk.

    The Commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.

    The SEC Director-General, Emomotimi Agama, had said Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the SEC.