The Securities and Exchange Commission (SEC) has warned Nigerians to be careful of fake investment schemes being promoted on social media platforms like WhatsApp, Instagram, TikTok, Telegram, and Facebook.
In a public notice shared on May 8, 2026, the SEC said many of these online platforms are not registered or approved to operate in Nigeria’s capital market.
The Commission explained that several of them work like Ponzi schemes by promising investors guaranteed or unrealistic profits.
According to the SEC, some operators also provide investment services without proper approval from the government.
The Commission advised Nigerians not to invest in platforms that promise very high or guaranteed returns because such schemes can lead to fraud and heavy financial losses.
SEC also warned people against taking investment advice from individuals or companies that are not licensed. It said only companies registered with the SEC are allowed to offer investment and advisory services in Nigeria.
The regulator urged Nigerians to always confirm whether an investment company or platform is registered before sending money to them. Investors can verify companies through the SEC’s official fintech and capital market operator databases.
The warning comes as the SEC continues to crack down on suspected fraudulent investment platforms across the country.
Last year, the Commission raised concerns about several companies and digital assets. One of them was Glorious Wealth Fund (GWF), which allegedly operated illegally through its website despite promoting investment opportunities linked to Nigerian stocks and financial products.
The SEC also warned Nigerians against “Shalom Coin (SHLM),” a digital token promoted online as an investment opportunity without regulatory approval.
The Commission said the Investments and Securities Act (ISA) 2025 allows only registered companies to promote investment products or collect funds from the public in Nigeria’s capital market.
SEC added that public awareness and careful checks are important in protecting Nigerians from financial scams.
The Commission also previously warned against Silverkuun Investment Cooperative Society, saying the company was not registered to operate in Nigeria’s capital market despite offering loan and investment services with high returns.
