SEC Warns Nigerians as Glorious Wealth Fund Exposed as Ponzi Scheme
The Securities and Exchange Commission (SEC) has issued a public warning identifying Glorious Wealth Fund (GWF) as a Ponzi scheme, following increasing complaints from investors who are unable to withdraw their funds after making deposits on the platform.
In a statement released on Thursday, the Commission revealed that GWF had been falsely parading itself as a licensed investment platform, claiming to offer trading services in Nigerian stocks and other financial instruments.
The platform also claimed to be supervised by the SEC and licensed by the Central Bank of Nigeria (CBN). A statement published on its official website read:
“Glorious Wealth Fund is a government-endorsed financial innovation initiative, supervised by the Securities and Exchange Commission of Nigeria (SEC Nigeria) and guided by the Central Bank of Nigeria (CBN).”
However, the SEC has now categorically dismissed these claims as fraudulent, warning the public that the platform is neither registered nor authorised to operate in the Nigerian capital market.
SEC: GWF Not Licensed, Not Supervised, Not Approved
According to the Commission:
“The 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 regulator added that several investors have lodged complaints regarding their inability to withdraw funds or receive promised returns, a major red flag typical of illegal investment and Ponzi operations.
SEC noted that refusal to disburse returns is a key indicator of fraudulent schemes designed to lure and defraud unsuspecting Nigerians.
The Commission further warned:
“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.”
Nigerians seeking legitimate investment opportunities are advised to verify the registration status of any investment company through the SEC’s official portal: www.sec.gov.ng/cmos.
Over N300 Billion Lost to Ponzi Schemes in Recent Years
Last month, AbdulRasheed Dan-Abu, Head of SEC’s Fintech and Innovation Department, revealed that Nigerians have collectively lost N300.2 billion to various Ponzi schemes over the past years.
A breakdown shows:
- MMM Nigeria – N18 billion
- MBA Forex and Capital Investment Ltd – N213 billion
- Nospecto Oil and Gas – N45 billion
Other fraudulent operations—including Chinmark Group, Ovaioza Farm Produce Storage Business, and Famzhi Interbiz Ltd—collectively cost Nigerians over N24 billion.
The SEC emphasised that the rise in unregistered digital investment platforms underscores the need for Nigerians to stay vigilant and always conduct thorough verification before committing funds.
