The Securities and Exchange Commission (SEC) Nigeria has raised an alarm over the activities of Glorious Wealth Fund (GWF), an online investment platform accused of luring unsuspecting Nigerians with false claims of regulatory approval and high-return investment opportunities.
In a public notice issued by the Commission, SEC confirmed that GWF, which operates via gloriouswealthfund.com, is not registered, licensed, or authorized to carry out any capital market activity in the country. The regulator described every claim by the platform that it is supervised or approved by the SEC as “false, misleading, and fraudulent.”
Complaints Surge as Investors Unable to Withdraw Funds
The Commission disclosed that multiple investors have reported being unable to withdraw their funds after making deposits on the GWF platform—an early red flag that triggered regulatory scrutiny.
According to SEC management, the pattern of complaints strongly suggests that Glorious Wealth Fund is running an illegal investment scheme, structured to defraud unsuspecting members of the public.
SEC: Dealing With GWF is at Investors’ Own Risk
In the notice, SEC advised Nigerians to immediately cease any dealings with the entity, warning that anyone who transacts with GWF or its agents does so entirely at their own risk.
The Commission reiterated that engaging with unregistered operators in the capital market exposes investors to fraud, financial loss, and lack of legal protection.
Commission Reiterates Call for Investor Vigilance
SEC urged the public to consistently verify the registration and regulatory status of any company offering investment products or services through its official verification portal:
www.sec.gov.ng/cmos
The Commission emphasized that investor protection begins with proper due diligence, especially as fraudulent online schemes continue to evolve with more sophisticated digital tactics.
SEC Nigeria warns the public against Glorious Wealth Fund (GWF), an unregistered and fraudulent online investment platform linked to investor complaints and suspected illegal activities. The Commission urges Nigerians to verify investment firms before transacting.
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