Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against an online investment platform known as Tunbosayo Okekunle Strategic Alpha Fund (TOSAF) over suspected fraudulent activities.
The Commission disclosed this in a public notice issued by its management.
The warning comes amid broader efforts by regulators to curb unregistered investment schemes in Nigeria’s capital market.
What they said
According to the SEC, its attention was drawn to TOSAF’s activities through its website and various social media platforms, where it presents itself as an investment platform offering stock options and other financial instruments.
The Commission stated that the platform claims to operate under its supervision, a representation the regulator described as misleading.
The SEC warned members of the public to avoid any form of investment dealings with TOSAF or its representatives.
“Accordingly, the public is advised to refrain from investing with the said TUNBOSAYO OKEKUNLE STRATEGIC ALPHA FUND or any of its representative/agent in respect of any business pertaining or relating to the Nigerian capital market as any person who engages with the entity or its representatives does so at his/her 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, including fraud and potential loss of investment,” they stated.
More details
Based on these findings, the Commission advised the public to avoid any dealings with the platform or its representatives, warning that anyone who engages with it does so at their own risk.
To do this, investors are encouraged to check the Commission’s official verification portals or www.sec.gov.ng/cmos to ensure that the entity is duly registered and authorised to operate within the Nigerian capital market
What you should know
SEC has continued to widen its crackdown on unregistered investment schemes, warning that platforms such as Glorious Wealth Fund are operating without licences and pose potential fraud risks to investors.
In July 2025, the Commission flagged seven investment platforms as illegal operators running schemes with Ponzi-like characteristics. In December, the SEC again cautioned Nigerians against other online platforms, including Glorious Wealth Fund, stating that it operates without a licence to offer capital market services and describing it as potentially fraudulent.
Most recently, the Commission warned the public against engaging with an online investment platform operating under the name Voya Investment Management, also known as VIM, over suspected fraudulent activities.
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