The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WayvePay, saying the online platform is not registered to solicit investments from the public or operate in the Nigerian capital market.
In a public notice titled Suspected Fraudulent Activities of WayvePay, dated October 9, 2026, the commission advised investors to avoid conducting capital-market transactions through the platform or its representatives, warning that anyone who engages with them does so at their own risk.
The notice, signed by the commission’s management, said transactions with unregistered and unregulated entities expose investors to suspected fraud and potential loss of their investments.
The warning comes days after The PUNCH reported on October 6, 2026, that WayvePay was making the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering (IPO) available to its customers.
The refinery’s public offer, which opened on September 14, 2026, is priced at ₦525 per share, with a minimum subscription of 10 shares costing ₦5,250. The offer is scheduled to close on October 13, 2026.
In a separate notice on the refinery’s IPO, the SEC advised prospective investors to obtain information through official channels and make applications and payments only through approved receiving agents and subscription platforms.
The commission also urged Nigerians to verify the registration status of companies and platforms offering investment opportunities before committing their money.
Investors can check the SEC’s official registers to determine whether an entity is authorised to provide the relevant capital-market services.
WayvePay emerged from the rebranding of Bankit Microfinance Bank, which announced the transition on September 18, 2026. The platform offers digital banking and payment services alongside other financial products.
However, the SEC’s warning specifically concerns WayvePay’s authorisation to conduct activities in the Nigerian capital market. The notice does not, by itself, establish that all its banking services are fraudulent or that the microfinance bank has lost any separate banking authorisation.
The warning underscores the distinction between banking services and investment services, which may require different regulatory approvals.
Nigerians seeking to participate in the Dangote Refinery IPO are advised to confirm that their chosen subscription channel is officially approved before transferring funds or submitting personal and financial information.
