The Securities and Exchange Commission (SEC) has issued a stern public alert warning Nigerians to steer clear of an online investment platform known as Glorious Wealth Fund (GWF), labelling its operations illegal, unlicensed, and potentially fraudulent.
In a statement released Thursday and made available to Fintech Insights on Friday, the Commission disclosed that GWF which is currently operating via gloriouswealthfund.com falsely markets itself as an investment provider offering exposure to Nigerian stocks and other financial instruments under SEC supervision. The regulator stated unequivocally that the entity is neither registered nor authorised to conduct any capital market activity in Nigeria.
ALSO: APP Fraud Surge in Nigeria Pushes CBN to Redefine Liability for User-Authorised Scams
“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,” the agency said, adding that the platform’s claims of regulatory approval are “false, misleading, and fraudulent.”
The SEC also confirmed receiving multiple investor complaints, particularly withdrawals being blocked; an early red flag the Commission says is typical of illegal investment schemes designed to defraud unsuspecting participants.
It warned that anyone engaging with the platform does so strictly “at his or her own risk,” stressing that unregistered investment operators expose the public to significant financial danger, including the total loss of funds.
The regulator urged Nigerians to always verify the licensing status of any company offering investment opportunities.
This latest alert adds to a series of warnings this year. In October, the SEC also cautioned investors against “Shalom Coin (SHLM),” a digital token promoted online with speculative claims of high returns, despite lacking any regulatory recognition.
