The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WayvePay, saying the online platform is not registered to solicit public investments or operate in Nigeria’s capital market.
In a public notice dated October 9, 2026, the commission raised concerns over the platform’s suspected fraudulent activities and advised investors to avoid transactions involving WayvePay or its representatives.
The SEC warned that dealing with unregistered investment operators exposes the public to fraud and potential financial losses.
The warning followed reports that WayvePay was offering customers access to the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO). The commission urged investors to verify the registration status of investment platforms through its official portals before committing funds.
The SEC clarified that anyone who engages with WayvePay in connection with capital market transactions does so at their own risk.
