SEC Alerts Nigerians Against Unapproved WayvePay Investments

The Securities and Exchange Commission (SEC) issued a warning to Nigerians regarding the online investment platform WayvePay, which is associated with Wayve Microfinance Bank. The SEC's public notice, dated October 9, 2026, and published on October 10, stated that WayvePay is unregistered and unauthorized to solicit investments from the public.

This warning followed an announcement by WayvePay on October 6, claiming to make shares of the Dangote Refinery and Petrochemicals initial public offering (IPO) available to customers. The SEC cautioned that engaging with WayvePay exposes investors to significant financial risks, including fraud and potential loss of funds.

The commission advised Nigerians to avoid any investment transactions with WayvePay and its representatives, emphasizing that any dealings would be at the investors' own risk. The SEC also urged prospective investors to verify the registration status of investment platforms through its official website before committing funds.