The Securities and Exchange Commission (SEC) has disowned on-line funding platform WayvePay, warning Nigerians against investing through the corporate over considerations about suspected fraudulent actions.
The warning was contained in a public discover dated Friday, October 9, 2026, signed by the Commission’s administration and printed on its official web site on Saturday, October 10.
The disclaimer comes days after an October 6 publication in a nationwide newspaper by which WayvePay, described because the digital banking platform of Wayve Microfinance Bank, introduced that it was making the Dangote Petroleum Refinery and Petrochemicals preliminary public providing (IPO) accessible to its clients.
SEC says WayvePay lacks registration
The SEC, which regulates Nigeria’s capital market, has clarified that WayvePay just isn’t registered to solicit investments from the general public or conduct capital market actions within the nation.
The Commission made this clarification in its public discover, distancing itself from the platform and warning traders concerning the dangers related to coping with unregistered operators.
- “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.”
The regulator consequently urged Nigerians to keep away from funding transactions involving WayvePay or its brokers, warning that anybody coping with the platform in relation to capital market actions could be doing so at their very own threat.
- “The Commission uses this medium to reiterate 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 SEC additional suggested potential traders to verify the regulatory standing of funding platforms through its official registration portals earlier than committing funds, reiterating its warning against transactions involving unregistered and unregulated entities.
Dangote Refinery IPO subscription channels
The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, offering traders with roughly 55 authorised digital subscription channels.
At the launch of the provide, Nairametrics reported that the SEC had cautioned traders against utilizing unauthorised intermediaries, urging them to course of purposes and funds completely through formally recognised channels.
The regulator additionally suggested traders to authenticate subscription platforms and keep away from people or organisations promising assured share allocations.
SEC strengthens digital funding oversight
The warning against WayvePay comes because the SEC continues efforts to increase fintech participation in Nigeria’s capital market whereas strengthening regulatory oversight and investor safety.
The Commission not too long ago reassured fintech and digital asset corporations that its regulatory reforms are meant to supply clearer working tips quite than limit innovation.
These developments spotlight the Commission’s ongoing regulatory reforms overlaying fintech operators and digital asset companies in Nigeria’s monetary market.
The measures additionally replicate the SEC’s broader method to bringing extra digital monetary service suppliers below regulatory supervision whereas defending traders from unauthorised market actions.
