The Securities and Exchange Commission has disowned online investment platform WayvePay, warning Nigerians against putting money through the company because it is not registered to operate in the capital market.
The warning came days after an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, announced it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to customers.
What the SEC said
The Securities and Exchange Commission has disowned online investment platform WayvePay, warning Nigerians not to invest through the company over suspected fraudulent activities.
The warning came 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. It followed an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, said it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering accessible to its customers.
Not registered, SEC insists
The SEC, which regulates Nigeria’s capital market, said WayvePay is not registered to solicit investments from the public or carry out capital market activities in the country.
“The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the notice read.
The regulator urged Nigerians to avoid investment transactions involving WayvePay or its agents, warning that anyone dealing with the platform on capital market matters does so at their 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 and potential loss of investment.”
The SEC advised prospective investors to confirm the regulatory status of any investment platform through its official registration portals before committing funds.
Dangote Refinery IPO and its channels
The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, with about 55 authorised digital subscription channels. It is the widest electronic distribution network used for a Nigerian public offer.
The participating platforms include applications from 20 banks, two mobile money operators, 32 fintech and investment companies, and the Nigerian Exchange’s NGX Invest platform.
The subscription window is scheduled to close on October 13, 2026, giving investors a defined period to take part through authorised channels.
At the launch, the SEC had cautioned investors against using unauthorised intermediaries, asking them to process applications and payments only through officially recognised channels. It also told investors to authenticate subscription platforms and avoid individuals or organisations promising guaranteed share allocations.
Wider digital investment oversight
The action against WayvePay sits within the SEC’s push to widen fintech participation in the capital market while tightening oversight. The Commission recently told fintech and digital asset firms that its reforms are meant to provide clearer operating guidelines, not to restrict innovation.
In January 2026, the SEC revised minimum capital requirements for several market operators, raising the threshold for digital asset exchanges and custodians to N2 billion each.
In July, it granted Approval-in-Principle to seven additional cryptocurrency companies under its Accelerated Regulatory Incubation Programme, allowing limited operations in a supervised environment.
By August, it had proposed a N30 million registration fee for several categories of digital asset businesses, alongside requirements for Nigerian incorporation and resident principal officers.
For Nigerian investors, the message is simple. With the Dangote Refinery offer closing on October 13, anyone routing money through an unregistered platform risks losing both the allocation and the capital.
The regulator advised Nigerians to avoid investment transactions involving WayvePay and its representatives, warning that anyone who deals with the platform in connection with capital market activities does so at their own risk.
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The commission stated: “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 and potential loss of investment.”
Check before you pay
The SEC urged prospective investors to confirm the registration status of companies and investment platforms through its official portals before committing their money.
Investors can check the registration status of capital market operators through the commission’s official website at sec.gov.ng before transferring funds.
The warning against WayvePay comes as digital platforms play an increasingly prominent role in connecting Nigerians to investment opportunities. While fintech companies can make capital market products more accessible, operators must comply with applicable regulatory requirements before offering investment-related services to the public.
The SEC has repeatedly urged investors to verify the credentials of investment operators and confirm the authenticity of subscription platforms before transferring funds.
Background
Earlier, the Securities and Exchange Commission outlined 30 warning signs to help Nigerians recognise fraudulent investment offers and protect themselves from scams.
The advisory followed the collapse of the CBEX investment scheme, which resulted in financial losses for many investors.
According to the SEC, scammers may attract unsuspecting Nigerians with unrealistic profit promises, pressure them to make quick decisions or demand upfront payments through suspicious channels.
What it means for investors
The N2.15 trillion Dangote Refinery IPO is a major capital market event, and that scale attracts intermediaries looking to ride on the hype. For Nigerian investors, the lesson is simple: confirm the platform you are paying through is registered with the SEC before you release any funds.
