Glorious Wealth Fund is fraudulent scheme, says SEC

Nigeria’s Securities and Exchange Commission (SEC) said its attention 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.

SEC said the operators of Glorious Wealth Fund claim to offer investment services in Nigerian stocks and other financial instruments, purportedly under the supervision of the SEC.

The Commission noted that it 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,” SEC added.

“The Commission hereby informs the public that the Glorious Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange Commission (SEC) Nigeria to carry out any form of capital market activity in the Nigerian capital market”, it said.

The SEC reiterated that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The public should take note that any claim by GWF that it is supervised, licensed, or approved by the SEC is false, misleading, and fraudulent,” SEC said.

“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 further noted.

“The investing public is therefore reminded to VERIFY the registration status of companies and entities offering investment opportunities on the Commission’s dedicated portal,” the capital market regulator added.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.

Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.