The Securities and Exchange Commission (SEC) has issued a stern warning to the investing public regarding the suspected fraudulent activities of WayvePay, clarifying that the online investment platform is entirely unregistered and unauthorised to operate within the Nigerian capital market.
Highlighting the severe risks of dealing with unregulated entities, the regulator has advised investors to steer clear of the platform to protect themselves against potential financial fraud and the total loss of their funds.
In its recent public notice, the SEC said its attention has been drawn to the activities of ‘an online investment platform known as WAYVEPAY, which operates through its website as well as various social media platforms and a Mobile App.’
‘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.
‘Accordingly, the public is advised to refrain from investing with the said WAYVEPAY or any of its representative/agent in respect of any business relating to the Nigerian capital market, as any person who engages with the entity or its representatives does so at their own risk’, SEC stated.
The Commission reiterated 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 public is therefore advised to verify the registration status of companies and entities offering investment opportunities through the Commission’s dedicated portal,’ SEC said.