The Securities and Exchange Commission of Nigeria has raised an alarm over the fraudulent activities of an online investment platform known as WAYVEPAY.

The commission, in a statement on Saturday, said “the platform is not registered by the commission to request investments from the public or operate in any capacity within Nigeria’s capital market”.

Noting that the platform operates through a website https://punching.com/dangote-refinery-ipo-launches-on-digital-banking-platform/, various social media platforms and a Mobile App, the commission urged the public to refrain from investing with the platform.

“Accordingly, the public is advised to refrain from investing with the said WAYVEPAY or any of its representative/agent in respect of any business relating to the Nigerian capital market, as any person who engages with the entity or its representatives do so on their own risk,” the commission noted.

According to the commission, transacting in the Nigerian market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

It advised the public to verify the registration status of companies and entities offering investment opportunities through the commission’s dedicated portal.

The warning came amid rising cases of fraudulent online platforms offering fake investment opportunities to Nigerians.