The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians against investing in an online platform known as Glorious Wealth Fund (GWF), describing its operations as illegal and potentially fraudulent.
In a statement on Thursday, the Commission said GWF, which operates via the website gloriouswealthfund.com, is neither registered nor licensed to offer any capital market services in Nigeria, despite claiming to provide investments in Nigerian stocks and other financial instruments.
This comes as the latest of several such public alerts issued by the SEC this year about suspected fraudulent companies opening shops in the country.
What the SEC is saying
The SEC said GWF is not registered or licensed by the commission.
“The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities of an online investment platform known as, and operating under the name Glorious Wealth Fund (GWF) through its website gloriouswealthfund.com,” the SEC 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 the Glorious Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange Commission (SEC) Nigeria to carry out any form of capital market activity in the Nigerian capital market,” it added.
Claims are fraudulent
The Commission further described GWF’s claims of SEC approval as “false, misleading, and fraudulent.”
According to the SEC, several investors have already lodged complaints about their inability to withdraw funds from the platform—an indication, the agency said, that GWF “bears traits of an illegal investment scheme 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/her own risk,” the statement added.
The SEC reiterated that engaging with unregistered investment entities exposes investors to significant financial risks, including total loss of funds.
The Commission urged Nigerians to verify the regulatory status of any company offering investment opportunities before committing their money.
What you should know
In October, SEC had warned Nigerians against dealing with “Shalom Coin (SHLM)” digital token or its promoters due to potential fraud risks.
- The SEC, in a disclaimer, stressed that SHLM is being promoted as an investment opportunity purportedly issued on the Ethereum Blockchain as an ERC-20 token.
- According to the Commission, preliminary findings show that “Shalom Coin (SHLM)” is being promoted across online channels and social media platforms as a “meme coin” or community token, often accompanied by speculative claims of potential investment returns.
