SEC Disowns WayvePay Over Dangote Refinery's N2.15trn IPO Access

The Securities and Exchange Commission has disowned online investment platform WayvePay, warning Nigerians against putting money through the company because it is not registered to operate in the capital market.

The warning came days after an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, announced it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) accessible to customers.

What the SEC said

The disclaimer was contained in a public notice dated Friday, October 9, 2026, signed by the commission's management and published on its official website on Saturday, October 10.

In the notice, the SEC said WayvePay was not authorised to solicit investments from the public or conduct capital market activities in Nigeria.

It reads: "The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market."

The regulator advised Nigerians to avoid investment transactions involving WayvePay and its representatives, warning that anyone who deals with the platform in connection with capital market activities does so at their own risk.

The commission stated: "The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment."

Check before you pay

The SEC urged prospective investors to confirm the registration status of companies and investment platforms through its official portals before committing their money.

Investors can check the registration status of capital market operators through the commission's official website at sec.gov.ng before transferring funds.

The warning against WayvePay comes as digital platforms play an increasingly prominent role in connecting Nigerians to investment opportunities. While fintech companies can make capital market products more accessible, operators must comply with applicable regulatory requirements before offering investment-related services to the public.

The SEC has repeatedly urged investors to verify the credentials of investment operators and confirm the authenticity of subscription platforms before transferring funds.

Background

Earlier, the Securities and Exchange Commission outlined 30 warning signs to help Nigerians recognise fraudulent investment offers and protect themselves from scams.

The advisory followed the collapse of the CBEX investment scheme, which resulted in financial losses for many investors.

According to the SEC, scammers may attract unsuspecting Nigerians with unrealistic profit promises, pressure them to make quick decisions or demand upfront payments through suspicious channels.

What it means for investors

The N2.15 trillion Dangote Refinery IPO is a major capital market event, and that scale attracts intermediaries looking to ride on the hype. For Nigerian investors, the lesson is simple: confirm the platform you are paying through is registered with the SEC before you release any funds.