The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in Glorious Wealth Fund (GWF), an online platform it described as illegal, unlicensed, and potentially fraudulent.
In a statement issued on Thursday, the Commission said GWF which operates through gloriouswealthfund.com is not registered to offer any form of capital market service in Nigeria, despite advertising investment opportunities in local stocks and financial instruments.
“The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities of an online investment platform known as Glorious Wealth Fund (GWF),” the Commission said.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC.
“The Commission hereby informs the public that Glorious Wealth Fund is not registered or licensed by the SEC to carry out any form of capital market activity in the Nigerian capital market.”
Claims of SEC Approval ‘False and Fraudulent’
The regulator said GWF’s claims of operating under SEC supervision are “false, misleading, and fraudulent”, adding that it has already received multiple complaints from investors unable to withdraw funds from the platform.
According to the Commission, these reports are consistent with the behaviour of illegal investment schemes designed to defraud unsuspecting Nigerians.
“Accordingly, the public is advised to refrain from dealing with GWF, as any person who engages with the entity or its representatives does so at his or her own risk,” the SEC warned.
The Commission reiterated that investing in unregistered companies exposes individuals to severe financial losses, including the possibility of losing their entire capital.
It urged Nigerians to always verify the regulatory status of any platform offering investment opportunities, emphasising that all legitimate operators are listed on the SEC’s official website.
