-
The Securities and Exchange Commission (SEC) warns Nigerians about a suspected illegal investment platform called Tofro.
-
Tofro is accused of operating a Ponzi scheme with promises of unusually high returns.
-
SEC advises investors to verify the registration status of investment platforms before transacting.
The Securities and Exchange Commission (SEC) has issued a warning about a suspected illegal investment platform, Tofro, which claims to be a cryptocurrency trading platform. According to the SEC, Tofro’s operations exhibit typical indicators of a fraudulent Ponzi scheme.
“The Commission strongly advises Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk,” the SEC stated.
The SEC Director-General, Emomotimi Agama, emphasized the need for Nigerians to understand the dangers of investing in unregistered ventures.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The Commission reminds potential investors to verify the registration status of investment platforms via its dedicated portal: (www.sec.gov.ng/cmos) before transacting with them. Tofro’s promise of unusually high returns, heavy reliance on a referral system, and failure to honor withdrawal requests are among the red flags raised by the SEC.
The Securities and Exchange Commission (SEC) has warned Nigerians about a suspected illegal investment platform, Tofro, which claims to be a cryptocurrency trading platform. According to the SEC, Tofro’s operations exhibit typical indicators of a fraudulent Ponzi scheme.
“Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the SEC,” said Emomotimi Agama, SEC Director-General.
READ ALSO: Nigeria Flying Eagles Secure Thrilling 1-0 Win Over Tunisia in U-20 AFCON 2025 Opener
The Commission’s investigation revealed that Tofro promises unusually high returns, relies heavily on a referral system to sustain payouts, and fails to honor withdrawal requests from subscribers.
“The Commission strongly advises Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk,” the SEC stated.
Leave a comment