The SEC (Securities and Exchange Commission) issued the warning in a notice dated October 9, 2026, and published on its website the following day.

The regulator said WayvePay operates through online channels, including social media and a mobile application, but does not have its approval to solicit investments or conduct business in Nigeria’s capital market.

In its official public notice⁠, the commission advised Nigerians not to invest through WayvePay or its representatives.

Why the SEC issued the warning

The warning follows publicity surrounding WayvePay’s reported involvement in providing access to shares in Dangote Petroleum Refinery.

An October 6 announcement described WayvePay as a digital banking platform through which customers could participate in the refinery’s share offering.

However, the SEC has clarified that WayvePay is not registered to solicit investments from the public or operate in Nigeria’s capital market.

The regulator’s statement, titled Suspected Fraudulent Activities of WayvePay, warned that dealing with unregistered investment operators exposes members of the public to possible fraud and financial losses.

Importantly, the notice establishes WayvePay’s lack of SEC registration for capital-market activities. It does not announce a court finding that the company has committed fraud.

What investors need to understand

Companies offering shares to the public must follow Nigeria’s capital-market regulations.

The fact that an investment opportunity involves a recognised company does not automatically mean every platform advertising access to its shares is authorised.

For example, someone may advertise an opportunity to buy shares in a major Nigerian company, but investors still need to establish whether the platform collecting their money is registered to provide that service.

The SEC had previously warned against unauthorised marketing of Dangote Refinery shares.

In a June 23 directive⁠, the regulator instructed market operators to stop promoting or accepting payments for an offering that had not received regulatory approval at that time.

That earlier directive should not be confused with the current regulatory status of any subsequently authorised share offering.

How to check an investment platform

The SEC advises Nigerians to verify the registration of companies and individuals offering investment opportunities before committing money.

Its official registered-operator directory⁠ provides a way to check whether a business is authorised to perform capital-market activities.

Investors should also confirm that the operator is registered for the particular service being advertised. Registration for one type of financial activity does not automatically authorise every investment service.

What this means for Nigerians

Digital platforms have made investment opportunities more accessible, but they have also made it easier for unauthorised operators to reach potential investors.

The SEC’s warning means Nigerians should not assume that an investment platform is legitimate simply because it advertises shares in a familiar company.

For WayvePay specifically, the regulator’s position is clear: it is not registered to solicit investments in Nigeria’s capital market, and members of the public have been advised against investing through it.