EC Warns Nigerians Against Unregistered Investment Platform ‘AfriquantumX’

The Securities and Exchange Commission (SEC) has issued a public warning against AfriquantumX, an online investment platform claiming to trade in cryptocurrency and stocks, cautioning Nigerians to avoid dealing with the company as it is not registered to operate within the country’s capital market.

In a circular titled Public Notice – AfriquantumX and dated October 6, 2025, the Commission said it became aware of the platform’s activities after discovering that it has been actively promoted across social media platforms and online forums. According to the notice, AfriquantumX has been soliciting funds from unsuspecting investors by presenting itself as a legitimate trading and investment firm.

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The SEC stated that investigations revealed patterns typical of fraudulent schemes and clarified that the company is not authorised to solicit or manage investments from the public. It warned that any individual who engages with the platform does so at their own risk.

“The public is advised to be cautious about investing with the said AfriquantumX, as any person who places investment or engages with the entity does so at his or her own risk,” the circular read.

The Commission also reminded investors that transacting with unregistered and unregulated entities exposes them to significant financial risks, including fraud and total loss of capital. It urged Nigerians to verify the registration status of any company offering investment opportunities via its official website, www.sec.gov.ng/cmos, before parting with their money.

AfriquantumX joins a growing list of unlicensed investment operators flagged by the SEC in recent years. The Commission has consistently warned against the proliferation of online trading and crypto-based schemes that promise unrealistic returns. Earlier warnings included similar entities that targeted Nigerians through social media advertisements and fake endorsements.

Over the past few years, the SEC has intensified efforts to protect investors through stricter monitoring, enforcement actions, and public education campaigns. The signing of the Investments and Securities Act 2024 has further strengthened its regulatory powers over digital investment platforms and unregistered operators.

Reaffirming its commitment to investor protection and market transparency, the Commission said it will continue to take action against illegal investment activities that undermine confidence in Nigeria’s financial markets. It encouraged the public to exercise vigilance and report suspicious investment solicitations to the authorities.