SEC Disowns WayvePay, Warns Nigerians Against Investing Through the Platform

The Securities and Exchange Commission has disowned online investment platform WayvePay, warning Nigerians not to invest through the company over suspected fraudulent activities.

The warning came 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. It followed an October 6 publication in a national newspaper in which WayvePay, described as the digital banking platform of Wayve Microfinance Bank, said it was making the Dangote Petroleum Refinery and Petrochemicals initial public offering accessible to its customers.

Not registered, SEC insists

The SEC, which regulates Nigeria's capital market, said WayvePay is not registered to solicit investments from the public or carry out capital market activities in the country.

"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 notice read.

The regulator urged Nigerians to avoid investment transactions involving WayvePay or its agents, warning that anyone dealing with the platform on capital market matters does so at their own risk.

"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."

The SEC advised prospective investors to confirm the regulatory status of any investment platform through its official registration portals before committing funds.

Dangote Refinery IPO and its channels

The Dangote Petroleum Refinery launched its N2.15 trillion IPO on September 14, 2026, with about 55 authorised digital subscription channels. It is the widest electronic distribution network used for a Nigerian public offer.

The participating platforms include applications from 20 banks, two mobile money operators, 32 fintech and investment companies, and the Nigerian Exchange's NGX Invest platform.

The subscription window is scheduled to close on October 13, 2026, giving investors a defined period to take part through authorised channels.

At the launch, the SEC had cautioned investors against using unauthorised intermediaries, asking them to process applications and payments only through officially recognised channels. It also told investors to authenticate subscription platforms and avoid individuals or organisations promising guaranteed share allocations.

Wider digital investment oversight

The action against WayvePay sits within the SEC's push to widen fintech participation in the capital market while tightening oversight. The Commission recently told fintech and digital asset firms that its reforms are meant to provide clearer operating guidelines, not to restrict innovation.

In January 2026, the SEC revised minimum capital requirements for several market operators, raising the threshold for digital asset exchanges and custodians to N2 billion each.

In July, it granted Approval-in-Principle to seven additional cryptocurrency companies under its Accelerated Regulatory Incubation Programme, allowing limited operations in a supervised environment.

By August, it had proposed a N30 million registration fee for several categories of digital asset businesses, alongside requirements for Nigerian incorporation and resident principal officers.

For Nigerian investors, the message is simple. With the Dangote Refinery offer closing on October 13, anyone routing money through an unregistered platform risks losing both the allocation and the capital.