The Securities and Exchange Commission (SEC) has officially warned Nigerians not to deal with the online investment platform “Glorious Wealth Fund (GWF)”, declaring that it is neither registered nor licensed to conduct any capital-market operations in the country.
According to the SEC’s statement released on Thursday, GWF, which is accessible at gloriouswealthfund.com, falsely advertises that it offers investment services in Nigerian equities and other financial instruments under the regulatory oversight of SEC. The commission described such claims as “false, misleading, and fraudulent.”
SEC clarified that GWF has no official approval to operate, adding that any assertions of supervision, licensing or endorsement by the commission are baseless.
The regulator also flagged mounting complaints from people who deposited funds with GWF but are now unable to withdraw their money. The described pattern resembles “an illegal investment scheme designed to defraud unsuspecting Nigerians.”
In response, SEC urged the public to avoid any dealings with GWF or its representatives. The commission emphasized that transacting with unregistered or unregulated entities exposes individuals to significant financial risks, including potential loss of all invested capital.
Furthermore, SEC reminded investors to always verify the registration status of any firm offering investment opportunities by checking its official portal before engaging their services.
In a fragile economy where many Nigerians are seeking passive income or savings growth, such unregulated platforms threaten not just personal savings but broader financial stability. Widespread losses from firms like Glorious Wealth Fund erode trust in digital investment. This undermines real capital flow into legitimate markets, slowing long-term economic growth.
