SEC flags Glorious Wealth Fund (GWF) as illegal operator

The Securities and Exchange Commission (SEC) has warned Nigerians about an online investment platform known as, and operating under the name Glorious Wealth Fund (GWF) through its website gloriouswealthfund.com.

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 general public has been notified that Glorious Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange Commission (SEC) Nigeria to carry out any form of capital market activity in the Nigerian capital market.

The public should take note that any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent.

The Commission has received complaints regarding the inability of investors to withdraw their funds after making deposits on the platform. These activities bear the clear characteristics of an illegal investment scheme designed to defraud unsuspecting Nigerians.

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.

The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment. The investing public is therefore reminded to VERIFY the registration status of companies and entities offering investment opportunities on the Commission’s dedicated portal www.sec.gov.ng/cmos, before transacting with them.