Nigeria's Securities and Exchange Commission (SEC) has warned the public against investing through WayvePay, an online platform it says is not registered to solicit investments or operate in any capacity within the Nigerian capital market.
The regulator's notice, titled “Suspected Fraudulent Activities of WayvePay,” was signed on October 9, 2026, and published on its website on October 10. The SEC said the platform operates through online channels, social media and a mobile application.
Dangote Refinery IPO Raises Regulatory Concerns
The warning followed publicity promoting access to the Dangote Petroleum Refinery and Petrochemicals IPO through WayvePay. Nairametrics reported that the platform had presented itself as a digital banking service offering customers access to the share sale.
The refinery's IPO is a separate, officially approved offering. The SEC approved it to open on September 14 and instructed investors to apply and pay only through officially designated and approved subscription channels.
The commission has specifically cautioned investors against transferring funds to unauthorised intermediaries or relying on promises of guaranteed share allocations.
What Investors Should Know
The SEC has advised Nigerians to verify investment platforms through its official registration portals before committing funds. It warned that dealing with unregistered and unregulated operators exposes investors to potential fraud and financial losses.
Why It Matters
The warning reinforces the importance of verifying investment platforms before sending money, particularly when an offer is promoted through digital banking apps or social media. Fintech operators must also distinguish between providing payment services and being authorised to solicit investments in Nigeria's capital market.
Sources
Primary source: SEC Nigeria — Suspected Fraudulent Activities of WayvePay
Independent report: Premium Times — SEC warns Nigerians against investing with unregistered WayvePay
Additional reporting: Nairametrics — SEC disowns WayvePay, warns Nigerians against investing through platform
Official IPO guidance: SEC Nigeria — Dangote Petroleum Refinery IPO notice
SEO Tags
#SEC Nigeria #WayvePay #DangoteRefinery #FintechNigeria #InvestmentSafety #NigeriaBusiness #FinancialRegulation