SEC Warns Nigerians Against Investing in WayvePay

The Securities and Exchange Commission (SEC) has issued a public notice disowning the online investment platform WayvePay, warning Nigerians against investing through it due to concerns over suspected fraudulent activities. This warning was published on October 10, 2026, following an announcement by WayvePay on October 6, which claimed to make the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to its customers.

The SEC clarified that WayvePay is not registered to solicit investments from the public or conduct capital market activities in Nigeria. The Commission urged Nigerians to avoid investment transactions involving WayvePay or its agents, stating that dealings with the platform would be at their own risk.

The SEC also advised prospective investors to verify the regulatory status of investment platforms through its official registration portals. The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, and the SEC had previously cautioned against using unauthorized intermediaries for investment transactions.