The Securities and Exchange Commission (SEC) has flagged Glorious Wealth Fund (GWF) as a fraudulent and unlicensed online investment platform.
The commission raised the alarm in a statement on Thursday, December 4, warning Nigerians against transacting with the platform.
“The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities of an online investment platform known as, and operating under the name Glorious Wealth Fund (GWF), through its website: gloriouswealthfund.com.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC,” it stated.
According to its statement, Glorious Wealth Fund is not registered or licensed by the commission to carry out any form of capital market activity in the Nigerian capital market.
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Urging the public to take note, the SEC said “any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent.”
It hinted that the Commission has received complaints regarding the inability of investors to withdraw their funds after making deposits on the platform.
These activities bear the clear characteristics of an illegal investment scheme designed to defraud unsuspecting Nigerians.
“Accordingly, the public is advised to refrain from dealing with GWF, as any person who engages with the entity or its representatives does so at his/her own risk,” the SEC stated.
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It further urged the investing public to verify the registration status of any company or entity offering investment opportunities on its dedicated portal, www.sec.gov.ng/cmos, before making investment decisions.
The commission had earlier raised similar concerns over the rising wave of artificial intelligence (AI)-driven scams targeting unsuspecting investors with promises of guaranteed profits.
Pinnacle Daily reported that CBEX, Silverkuun, and TOFRO were a few unlicensed platforms operating illegally by advertising AI-powered trading systems that promise unrealistic returns.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
Collins Bello
December 4, 2025Security and Exchange Commission should do more in educating the general public through jingles and advert placement on all social media platformy.
These unscrupulous and fraudulent individuals have defrauded thousands of Nigerians without trace when they eventually crash.