SEC disowns WayvePay, warns Nigerians against investing through platform

The Securities and Exchange Commission (SEC) has disowned online investment platform WayvePay, warning Nigerians against investing through the company over concerns about suspected fraudulent activities.

The warning was contained in a public notice dated Friday, October 9, 2026, signed by the Commission’s management and published on its official website on Saturday, October 10.

The disclaimer comes days after an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, announced that it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to its customers.

The SEC, which regulates Nigeria’s capital market, has clarified that WayvePay is not registered to solicit investments from the public or conduct capital market activities in the country.

The Commission made this clarification in its public notice, distancing itself from the platform and warning investors about the risks associated with dealing with unregistered operators.

The regulator consequently urged Nigerians to avoid investment transactions involving WayvePay or its agents, warning that anyone dealing with the platform in relation to capital market activities would be doing so at their own risk.

The SEC further advised prospective investors to confirm the regulatory status of investment platforms through its official registration portals before committing funds, reiterating its warning against transactions involving unregistered and unregulated entities.

The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, providing investors with approximately 55 authorised digital subscription channels.

At the launch of the offer, Nairametrics reported that the SEC had cautioned investors against using unauthorised intermediaries, urging them to process applications and payments exclusively through officially recognised channels.

The regulator also advised investors to authenticate subscription platforms and avoid individuals or organisations promising guaranteed share allocations.

The warning against WayvePay comes as the SEC continues efforts to expand fintech participation in Nigeria’s capital market while strengthening regulatory oversight and investor protection.

The Commission recently reassured fintech and digital asset companies that its regulatory reforms are intended to provide clearer operating guidelines rather than restrict innovation.

These developments highlight the Commission’s ongoing regulatory reforms covering fintech operators and digital asset businesses in Nigeria’s financial market.

The measures also reflect the SEC’s broader approach to bringing more digital financial service providers under regulatory supervision while protecting investors from unauthorised market activities.

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