Nigeria SEC warns against investing in WayvePay

Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against investing in WayvePay, citing suspected fraudulent activities. The regulator clarified that the platform is not registered to solicit investments from the public or operate within the Nigerian capital market.

The warning follows reports that WayvePay, described as the digital banking platform for Wayve Microfinance Bank, had announced it would make the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to its customers.

The SEC urged Nigerians to avoid transactions involving WayvePay or its agents, noting that dealing with unregistered and unregulated entities exposes investors to significant risks of fraud and potential financial loss.