SEC Nigeria Ponzi Scheme List (Updated November 2026)

Every platform on this list once had a WhatsApp group full of happy screenshots.

Payouts posted on time. Members thanked "the CEO". New people joined every day. Then came the withdrawal delays, the "system upgrade", and finally a public warning from the Securities and Exchange Commission (SEC), often after many people had already lost money.

This updated SEC Nigeria Ponzi scheme list brings together the investment platforms the SEC has publicly flagged since January 2025. It covers what the SEC said about each one and the patterns they share, so you can spot the next one before it reaches your group chat.

Important: How to Read This List

The SEC does not publish one official "Ponzi list". Instead, it issues illegal operator alerts, public notices and circulars on its website whenever it identifies an unregistered or suspicious platform. This article compiles those alerts in one place.

A few things to keep in mind:

• Entries reflect what the SEC said at the time of its notice. They are regulatory warnings, not court judgments. Some entities may dispute them or change their status later.

• Not every entry was described as a Ponzi scheme. Some were flagged only as unregistered or for fraudulent claims. We describe each one using the SEC's own reasons.

• No list is complete. In its May 2026 public notice, the SEC warned that many unregistered schemes spreading on WhatsApp, Instagram, Telegram, Facebook and TikTok show the characteristics of Ponzi or prohibited schemes. Most of them have never been named.

For the latest notices, always check the SEC's enforcement updates and circulars pages directly.

Does SEC Nigeria Have a List of Ponzi Schemes?

SEC Nigeria does not keep a single official Ponzi scheme list. It publishes individual illegal operator alerts and public notices on sec.gov.ng, under its enforcement updates and circulars pages. Each notice names a platform, states whether it is registered, and explains why the SEC is warning the public.

The Updated List: Platforms Flagged by SEC Nigeria (2025–2026)

Flagged in 2026

Flagged in 2025

Sources: SEC Nigeria enforcement updates and circulars, plus credible Nigerian news reports of SEC notices. Dates refer to when the SEC notice was published. Always confirm current status on sec.gov.ng.

The Biggest Case: CBEX

CBEX remains the clearest example of what these schemes can cost. By December 2025, the SEC had asked the Investments and Securities Tribunal to freeze accounts and seize assets linked to CBEX and 25 others, over about ₦1.3 trillion allegedly taken from investors.

What This List Reveals: 6 Patterns to Watch

Look across the names and the same tricks appear again and again:

1. Fake regulatory proof. Voya displayed a fake SEC certificate, and TOSAF used the SEC logo. The SEC has stated that it does not issue "certificates of identity verification".

2. Foreign licence claims. ModMount and CMTrading pointed to licences from other countries. A foreign licence doesn't authorise a platform to take money from Nigerians.

3. Crypto and "AI" branding. Meme coins, presales, "AI bots" and "GPT" products show up repeatedly, because they sound modern and are hard for ordinary investors to check.

4. Cooperative and real estate fronts. Silverkuun, GVEST and others used cooperative or property names to look grounded and community-based.

5. Referral rewards and guaranteed returns. The SEC specifically cited both in its Value Growth Platform alert.

6. Job offers as bait. The fake Forsman & Bodenfors scheme lured people with employment. Our article on fake job offers abroad and scam compounds shows how job lures and investment fraud often overlap.

If a Platform Isn't on This List, Is It Safe?

No. Most Ponzi schemes are never named before they collapse. The SEC itself has warned about many unnamed schemes on social media. Absence from a warning list tells you nothing. Only a positive check of registration does.

Before you invest, take these steps:

• Search the SEC register yourself at sec.gov.ng, including its registered capital market operators and fintech operators databases.

• Check that the licence matches the product being offered to you.

• Confirm the company exists with a CAC public search, and remember that CAC registration is not an investment licence.

• Verify the people behind it and check that the payment account is in the company's name. Our guide on how to verify a business before paying walks through each layer.

• Walk away from guaranteed returns and referral bonuses, whatever the branding.

Where Profiled Fits

The SEC's warnings come after a platform is spotted. Verification works before. Profiled Nigeria's business verification and background checks combine data intelligence, automated validation and human review to help confirm that an investment company, and the person pitching it, are who they claim to be.

DigiLock, our fraud-intelligence solution, is built to help Nigerians recognise fast-spreading scam patterns, like the ones on this list, before they cost more people money.

What to Do If You've Invested in a Flagged Platform

1. Stop adding money. Don't pay "withdrawal fees", "taxes" or "upgrade" charges.

2. Don't recruit anyone else. Under the Investments and Securities Act 2025, promoters can face liability too.

3. Gather evidence. Collect screenshots, receipts, chats, wallet addresses and the promoters' details.

4. Alert your bank about the transfers and ask it to flag the recipient accounts.

5. Report to the SEC through the official channels on sec.gov.ng, and to the EFCC or the Nigeria Police Force National Cybercrime Centre.

6. Ignore "recovery agents" who ask for upfront fees. They're usually running a second scam.

FAQ

Does SEC Nigeria publish a list of Ponzi schemes? Not as a single official list. The SEC publishes individual illegal operator alerts, public notices and circulars on sec.gov.ng, under its enforcement updates and circulars pages. Each notice names a platform and explains why the public should avoid it. Lists like this one compile those notices, but the SEC's own pages are always the most current source.

Which investment platforms has SEC warned against in 2026? In 2026, SEC notices have included WayvePay, AURUM BOT, ModMount Services Limited, Tunbosayo Okekunle Strategic Alpha Fund (TOSAF) and Voya Investment Management. The SEC also issued a general warning in May 2026 about unregistered schemes spreading on social media. Check sec.gov.ng for any notices issued since this update.

Is a platform safe if it is not on the SEC warning list? No. Most Ponzi schemes are never named before they collapse, and the SEC has said many unregistered schemes are circulating online. Instead of looking for a platform on a warning list, confirm that it appears on the SEC's register of capital market or fintech operators, and that its licence covers what it's offering.

How do I report a Ponzi scheme to SEC Nigeria? Use the reporting and whistleblowing channels on the SEC's official website, sec.gov.ng. Share the platform's name, website or app, the promoters' details, screenshots and payment records. You can also report to the EFCC or the NPF National Cybercrime Centre, and alert your bank about any transfers you made.

Can I recover money from a platform SEC has flagged? Sometimes, but rarely in full. Recovery depends on regulators and courts tracing and freezing assets, as the SEC is attempting in the CBEX case before the Investments and Securities Tribunal. Report early, keep all evidence, and never pay anyone who promises guaranteed recovery for a fee.

Conclusion

This SEC Nigeria Ponzi scheme list shows how quickly new names appear: a fresh coin, a new "fund", another app with a borrowed logo. The names change, but the playbook doesn't. Look for fake certificates, foreign-licence claims, guaranteed returns and referral rewards.

Profiled Nigeria's business verification services help you confirm the companies and people behind any investment offer, and DigiLock is built to help you spot scam patterns before the next collapse. Check the register, not the screenshots.

Remember: the SEC warns after the fact. Verification protects you before it.

Verify before you commit. Create your free Profiled account today.