SEC disowns WayvePay, warns Nigerians against investing through platform

The Securities and Exchange Commission (SEC) has distanced itself from online investment platform WayvePay, issuing a warning to Nigerians against investing through the company due to suspicions of fraudulent activities. The SEC's public notice, released on October 10, 2026, follows WayvePay's announcement on October 6 that it would allow customers to participate in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO).

The regulator clarified that WayvePay is not authorized to solicit investments from the public or engage in capital market activities within Nigeria. Consequently, the SEC urged Nigerians to steer clear of investment transactions involving WayvePay or its agents, emphasizing that anyone dealing with the platform would be doing so at their own risk.

The regulator also advised prospective investors to verify the regulatory status of investment platforms through official channels before investing and cautioned against using unregistered intermediaries. The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, with approximately 55 authorized digital subscription channels.

Despite the SEC's warning against WayvePay, efforts to expand fintech participation in Nigeria's capital market continue, with the regulator reassured fintech and digital asset companies that its reforms aim to provide clearer operating guidelines rather than impeding innovation.