The Securities and Exchange Commission (SEC) has cautioned the public against engaging with Glorious Wealth Fund (GWF), an online platform it says is operating without authorisation in the Nigerian capital market.

In a statement issued on Thursday, the commission said GWF, which claims to offer investment services in Nigerian stocks and other financial instruments, is neither registered nor licensed to conduct capital market activities in the country.

“The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities of an online investment platform known as, and operating under the name Glorious Wealth Fund (GWF) through its website gloriouswealthfund.com,” the statement said. “The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC.”

The commission said such claims are “false, misleading, and fraudulent”.

According to the SEC, several investors have reported being unable to withdraw funds from the platform, with the commission noting that the activities of GWF display characteristics of an illegal investment operation.

“Accordingly, the public is advised to refrain from dealing with GWF, as any person who engages with the entity or its representatives does so at his/her own risk,” it stated.

The commission urged investors to verify the registration status of any entity offering investment opportunities on its official portal before committing funds, warning that transactions with unregulated operators expose individuals to financial losses, including fraud.

Riot Act

On Sunday, the SEC said it is stepping up efforts to identify and prosecute operators of Ponzi schemes nationwide as part of a broader campaign to protect investors and reinforce confidence in the capital market.

The commission said the renewed action aligns with provisions of the Investments and Securities Act (ISA) 2025, which gives it expanded powers to tackle illegal investment activities.

Speaking at the SEC Journalists’ Academy 2025 in Lagos, the commission’s Divisional Head of Legal and Enforcement, John Achile, said the regulator would strengthen collaboration with other government agencies to trace the promoters of fraudulent schemes and curb the spread of unregulated investment products.

Achile said the SEC would work with the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and the Office of the Attorney-General of the Federation to pursue criminal investigations and prosecutions. He added that the commission would continue to freeze accounts and seal premises linked to operators of illegal schemes.

“The commission would continue to freeze the accounts and seal-up offices of the perpetrators,” he said.

Speaking on “Combating Investments Fraud, Ponzi Schemes and Illegal Investments,” Achile outlined common red flags associated with Ponzi schemes, including reliance on new investors to pay older ones, unusually high returns, and the issuance of fake or incomplete documents.

He warned that such schemes often promise consistent gains despite economic conditions and are typically run by promoters unregistered with regulatory bodies.

“It requires the entrance of new investors to pay existing investors,” he noted.

He urged the public to conduct due diligence before committing funds, cautioning against “get-rich-quick” offers.

Achile added that fraudulent schemes may be disguised as investments in agriculture, cryptocurrency, gold, or other ventures.

“Ponzi scheme could be structured as investment in agricultural business or processing along the value chain, investment in Bitcoin or cryptocurrency or other digital currencies and investment in gold coins or precious stones,” he said.

He warned that the proliferation of such schemes undermines public trust, leads to financial losses, and creates wider socio-economic problems, including reduced bank deposits and diversion of household savings.

This year’s academy is themed “The ISA 2025 and the Future of Nigeria’s Capital Market: Innovation, Protection, and Growth.”