SEC Warns Nigerians Against Glorious Wealth Fund Over Fraudulent Investment Claims
The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in an online platform called Glorious Wealth Fund (GWF), warning that its operations are illegal and carry a high risk of fraud.
In a statement on Thursday, the Commission revealed that GWF—operating through gloriouswealthfund.com—falsely claims to offer investment services in Nigerian stocks and other financial instruments. The SEC stressed that the platform is not registered or licensed to conduct any capital market activities in Nigeria.
This alert is the latest addition to several warnings the Commission has issued this year about suspicious investment schemes targeting Nigerians.
SEC’s Position
The regulator stated that GWF’s claims of SEC oversight are entirely fabricated. According to the SEC, multiple users have already reported being unable to access or withdraw their funds, a pattern that strongly suggests GWF is an illegal scheme designed to defraud investors.
The Commission advised the public to avoid all dealings with Glorious Wealth Fund, warning that anyone who chooses to engage with the platform does so entirely at their own risk. It urged Nigerians to always verify the registration status of any investment company before committing funds.
Background
In October, the SEC issued a similar warning about “Shalom Coin (SHLM),” a digital token marketed on the Ethereum blockchain. The Commission said the promoters of SHLM were making deceptive claims about potential returns, describing it as a speculative “meme coin” with significant fraud risks.
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