SEC Warns Public Against ‘Glorious Wealth Fund’

The Securities and Exchange Commission has cautioned Nigerians against putting their money into an online investment outfit known as Glorious Wealth Fund, stating that the operation is illegal and poses serious risks to the public.

In a statement, the Commission explained that the platform, which conducts business through the website gloriouswealthfund.com, is not registered or authorised to offer investment or capital market services in the country. Despite its claims of providing access to Nigerian stocks and other financial instruments, the regulator said no approval or oversight has been granted to the entity.

The warning adds to a growing list of alerts issued this year by the Commission concerning unlicensed firms targeting unsuspecting investors across Nigeria.

According to the SEC, Glorious Wealth Fund has been falsely presenting itself as operating under its supervision, a claim the Commission described as fraudulent and deliberately misleading. The agency also revealed that it has received complaints from several individuals who said they were unable to retrieve their funds from the platform, a red flag the Commission says is typical of illegal investment schemes.

The regulator stressed that anyone who chooses to engage with the outfit does so at personal risk, as the Commission does not recognise or regulate the platform in any capacity.

The SEC urged members of the public to always confirm the regulatory status of any organisation offering investment services before committing funds, noting that dealings with unregistered operators could result in significant financial losses, including the complete loss of capital.