SEC Nigeria Warns Against Glorious Wealth Fund: False, Misleading, and Fraudulent Claims of Licensing

The Securities and Exchange Commission (SEC) Nigeria has issued a warning against an online investment platform operating as Glorious Wealth Fund (GWF) through its website gloriouswealthfund.com.

According to the regulator, GWF falsely claims to offer investment services in Nigerian stocks and other financial instruments under SEC supervision. According to its website, it also promotes itself as a government‑endorsed initiative guided by the Central Bank of Nigeria (CBN).

SEC Nigeria clarified that GWF is neither registered nor licensed to conduct any capital market activity. “Any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent,” the Commission warned.

The regulator stated that it has received complaints from investors unable to withdraw funds after depositing money on the platform, warning that GWF exhibits the hallmarks of an illegal investment scheme.

The public is therefore advised to avoid dealings with GWF, as anyone engaging with the entity does so at their own risk. SEC Nigeria emphasized that transacting with unregistered operators exposes investors to fraud and potential loss, urging Nigerians to verify the registration status of any investment platform before committing funds.

In October, SEC Nigeria warned against AfriQuantumX after deceptive Facebook posts falsely claimed endorsements from Ghana’s former President John Mahama and Nigerian politician Peter Obi.

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