How to check if an investment company is real in Nigeria
Last reviewed 14 October 2026
The short answer
A company that takes money from the public to invest must be registered by the Securities and Exchange Commission (SEC). Being registered with the CAC is not enough. Before you pay, check the SEC register, check for SEC warnings about the company, and watch for the red flags below.
“Under the provisions of the Investments and Securities Act, 2025, only entities registered by the Commission are authorised to promote investment services, provide investment advisory services or solicit funds from the public in the Nigerian capital market.”
1.Search the SEC's register of operators
Search the company's full legal name on the SEC's register of capital market operators. If it isn't there, it isn't registered to take your money for investment.
A similar name in the results may be a different business. Ask the company for its SEC registration details and check they match the firm you're paying.
2.Check whether the SEC has warned about it
The SEC publishes notices about unregistered and suspected fraudulent platforms. PeerVet collects these into one page per platform, with the notice quoted and dated.
3.Don't treat CAC registration as approval
Many schemes show a CAC certificate. That only proves a company was incorporated. It doesn't permit the company to take investments from the public.
CAC records are still useful. Confirm the company exists and that its RC number matches the one it gives you. The CAC's Beneficial Ownership Register also shows who controls a registered company, which helps when the people promoting a scheme claim to run it.
4.Check for an SEC fintech approval if it's an app
Some investment apps operate under the SEC's fintech programmes rather than a full registration. The SEC lists the firms in those programmes.
5.Check the account you're asked to pay
Before you transfer, check the bank account or phone number against scam reports. A request to pay into a personal account rather than the company's own is a warning sign on its own.
Red flags
- Guaranteed returns, or returns far above what banks and treasury bills pay.
- Bonuses for bringing in new investors.
- Promotion mainly through WhatsApp, Telegram, TikTok or Instagram groups.
- Withdrawals that are delayed, need a fee to release, or need you to deposit more first.
- Pressure to pay quickly before an offer closes.
- Payment into a personal account instead of the company's own.
One red flag isn't proof of a scam, and a clean record isn't proof of safety. Schemes usually look fine until they stop paying.
If you've already paid
- Stop sending money, including any “fee” to release a withdrawal.
- Keep evidence: receipts, account numbers, screenshots of chats and the app.
- Be wary of anyone who offers to recover your money for a fee. That is a common second scam.
- Report it to the SEC, and on PeerVet so the next person who checks sees it.
Platforms in recent SEC notices
- WayvePay
- Aurum Bot
- ModMount Services
- Tunbosayo Okekunle Strategic Alpha Fund
- Voya Investment Management
- Glorious Wealth Fund
- AfriquantumX
- CBEX
Related guides
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