The Securities and Exchange Commission has distanced itself from the online investment platform WayvePay and warned Nigerians against investing through the company over suspected fraudulent activities.
The warning was contained in a public notice dated Friday, October 9, 2026, signed by the Commission’s management and published on its official website on Saturday, October 10.
The disclaimer came days after an October 6 publication in a national newspaper, in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, announced that it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to its customers.
The SEC, which regulates Nigeria’s capital market, clarified that WayvePay is not registered to solicit investments from the public or conduct capital market activities in the country.
In the notice, the Commission distanced itself from the platform and warned investors about the risks of dealing 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 urged Nigerians to avoid investment transactions involving WayvePay or its agents, warning that anyone who deals with the platform on capital market matters does so at their own risk.
“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 further advised prospective investors to confirm the regulatory status of investment platforms through its official registration portals before committing funds.
It reiterated its warning against transactions involving unregistered and unregulated entities.
The Dangote Petroleum Refinery launched its ₦2.15 trillion IPO on September 14, 2026, giving investors about 55 authorised digital subscription channels.
The distribution network is the widest electronic one ever used for a Nigerian public offer, with banks, fintech firms, mobile money operators and the Nigerian Exchange taking part in the subscription process.
The participating platforms comprise applications from 20 banks, two mobile money operators, 32 fintech and investment companies, and the Nigerian Exchange’s NGX Invest platform.
The subscription window is scheduled to close on October 13, 2026, giving investors a defined period to participate in the offer through authorised channels.
At the launch of the offer, the SEC had cautioned investors against using unauthorised intermediaries and urged them to process applications and payments only through officially recognised channels.
The regulator also advised investors to authenticate subscription platforms and to avoid individuals or organisations promising guaranteed share allocations.
The warning against WayvePay comes as the SEC continues to expand fintech participation in Nigeria’s capital market while strengthening regulatory oversight and investor protection.
The Commission recently assured fintech and digital asset companies that its regulatory reforms are meant to provide clearer operating guidelines rather than restrict innovation.
In January 2026, the SEC revised minimum capital requirements for several market operators, raising the threshold for digital asset exchanges and custodians to ₦2 billion each.
In July, the regulator granted Approval-in-Principle to seven additional cryptocurrency companies under its Accelerated Regulatory Incubation Programme (ARIP), permitting limited operations within a supervised regulatory environment.
By August, it had proposed a ₦30 million registration fee for several categories of digital asset businesses, along with requirements for Nigerian incorporation and resident principal officers.
These developments highlight the Commission’s ongoing regulatory reforms covering fintech operators and digital asset businesses in Nigeria’s financial market.
The measures also reflect the SEC’s broader approach of bringing more digital financial service providers under regulatory supervision while protecting investors from unauthorised market activities.
