Nigeria’s capital markets regulator, the Securities and Exchange Commission (SEC), has issued a public warning against the NGX Global Trading App, declaring it an unregistered and fraudulent investment scheme. The regulator advised the public to avoid the platform, citing concerns over misleading claims, lack of regulatory approval, and potential risks to investors.
In a statement, the SEC said its investigations revealed that NGX Global Trading App is not registered to operate in Nigeria’s capital market and has no authorization to solicit funds from the public. Despite its name and branding, the commission clarified that the platform has no affiliation with the Nigerian Exchange Group (NGX), the country’s official stock exchange operator. According to the SEC, the use of “NGX” in the app’s name appears designed to mislead investors into assuming legitimacy and regulatory backing.
The commission noted that the app promotes unrealistic returns and employs aggressive marketing tactics commonly associated with Ponzi and other fraudulent investment schemes. Such platforms often promise high, guaranteed profits with little or no risk—claims the SEC has repeatedly warned are red flags. By exploiting economic uncertainty and the growing interest in online trading, these schemes are able to attract unsuspecting retail investors.
SEC Nigeria emphasized that investing through unregistered platforms exposes individuals to significant financial loss, with little to no legal recourse in the event of fraud. Because NGX Global Trading App operates outside the regulatory framework, investors’ funds are not protected under Nigerian capital market laws. The regulator urged anyone who has invested or been approached by the platform to report the matter and seek guidance.
The blacklisting of NGX Global Trading App is part of the SEC’s broader efforts to clean up Nigeria’s investment landscape, particularly as digital trading apps and social media-driven investment schemes proliferate. In recent years, the commission has increased public education campaigns and enforcement actions to curb the spread of illegal fund managers and fraudulent online platforms.
SEC Nigeria also reiterated its advice to the public: always verify the registration status of any investment platform before committing funds. The commission maintains a list of licensed operators on its official website and encourages investors to conduct due diligence, ask questions, and be wary of offers that sound too good to be true.
As Nigeria’s fintech and investment ecosystem continues to grow, the SEC says strong regulation and investor vigilance remain essential to protecting the integrity of the capital market and safeguarding public trust.
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