The Securities and Exchange Commission Nigeria has warned Nigerians about an online investment platform called Glorious Wealth Fund, operating through gloriouswealthfund.com. According to the Commission, the operators claim to provide investment services in Nigerian stocks and other financial instruments, while falsely suggesting they are supervised by SEC.
In a statement issued to the public, SEC said Glorious Wealth Fund is not registered or licensed to conduct any form of capital market activity in Nigeria. The regulator declared that “any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent.”
The Commission also confirmed receiving complaints from people who invested on the platform but could not withdraw their funds. It noted that the activities of GWF show “clear characteristics of an illegal investment scheme designed to defraud unsuspecting Nigerians.”
SEC advised citizens to avoid dealing with the platform, warning that anyone who proceeds does so at their own risk. It reiterated that investing through unregulated or unregistered sources exposes people to financial losses, including fraud.
The Commission reminded Nigerians to always check whether a company offering investment services is registered. It urged the public to “VERIFY the registration status of companies and entities offering investment opportunities” using its official verification portal available on www.sec.gov.ng/cmos.
The warning forms part of the Commission’s continuous effort to protect investors in the Nigerian capital market and discourage illegal financial schemes disguised as investment opportunities.
It shouldn’t stop at just a warning. The scammers should be apprehended and prosecuted. Their operations should be shut down and not allowed to continue.