SEC Flags Wayvepay Over Suspected Investment Fraud

The Securities and Exchange Commission (SEC) has warned the public that Wayvepay is not registered to operate in Nigeria's capital market, after the platform announced it would make the Dangote Petroleum Refinery's initial public offering accessible to its customers.

In a public notice titled "Suspected Fraudulent Activities of Wayvepay," the regulator said the platform had no authorisation to solicit investments from the public or to operate in any capacity within the capital market.

What the SEC said

"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 SEC added: "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 regulator advised the public to verify the registration status of any operator before committing funds, directing them to its registered-fintech portal and its list of registered capital market operators.

The trigger

The warning followed an October 6, 2026 newspaper publication in which WayvePay announced that it was making the Dangote Petroleum Refinery IPO — a N2.15 trillion offer — accessible to its customers. The company operates through a website, social media channels and a mobile app, and is described in coverage as the digital banking platform of Wayve Microfinance Bank.

Positioning a fintech product as a channel for a high-profile IPO can be a powerful marketing tool, but it also raises immediate questions about licensing. Only entities registered with the SEC may intermediate investments in the capital market, and any platform facilitating access to a public offer must operate within that framework.

Business Insight

The episode illustrates a recurring tension in Nigeria's rapidly expanding fintech sector: the line between financial technology and regulated capital-market activity is blurring, and not every platform that offers "investment" products is properly licensed to do so.

For investors, the lesson is straightforward. A polished app, a high-profile partnership or a promise of access to a marquee IPO is not the same as regulatory approval. The SEC maintains public registers of licensed operators, and verification takes minutes — far less time than recovering money from an unregistered scheme typically requires.

For legitimate fintechs, the warning is a reminder that reputational risk is shared across the sector. When an unlicensed operator trades on the credibility of the broader industry, public trust suffers for everyone. Building a fintech brand on regulated products requires either obtaining the right licence or partnering with an entity that holds one.

Background

The Dangote Petroleum Refinery IPO has been one of the most anticipated capital-market events in Nigeria, with the offer priced at N525 per share and large retail interest. The size and profile of the offer have made it a magnet for platforms seeking to attract customers, and regulators have been alert to misuse of its name. The SEC has issued a series of warnings this year about unregistered investment schemes, part of a broader crackdown on fraudulent and unlicensed operators.

Conclusion

The SEC's warning is a timely intervention that protects investors from a platform it says is unregistered. It also serves as a broader caution: as fintechs push deeper into investment products, regulators will demand that innovation stay within the licensing perimeter. Investors who verify before they invest are the first line of defence.