SEC Warns Nigerians On Another Suspected Ponzi Scheme

In a move to safeguard the investing public, the Securities and Exchange Commission (SEC) has raised a red flag over the operations of TOFRO.COM (Tofro), a suspected illegal investment platform claiming to offer cryptocurrency trading services.

In an official notice issued on Thursday, the Commission warned Nigerians against engaging with the platform, describing its operations as characteristic of a classic Ponzi scheme—marked by unrealistic promises of high returns, aggressive referral incentives, and a growing pattern of defaulting on withdrawal obligations.

“The attention of the Commission has been drawn to TOFRO.COM, which claims to operate as a cryptocurrency trading platform,” the statement read.

“We wish to categorically state that Tofro is not registered with the SEC to solicit investments or engage in any capital market activity in Nigeria.”

Preliminary investigations, according to the Commission, have revealed a disturbing model reminiscent of financial scams: exponential returns promised to lure unsuspecting investors, dependence on new entrants to sustain payouts, and failure to process withdrawal requests—hallmarks of fraudulent investment schemes.

In light of these findings, the SEC urged members of the public to exercise extreme caution. “Any individual who chooses to invest in Tofro does so entirely at their own peril,” the Commission emphasized.

Speaking on the broader implications, SEC Director-General Emomotimi Agama reiterated the critical importance of verifying the legitimacy of investment vehicles before committing funds.

“It is vital that Nigerians resist the allure of quick gains and ensure that any investment outlet is duly registered and regulated,” he said.

The Commission also reminded investors of its dedicated portal where the registration status of capital market operators can be verified.

Posted: at 1-05-2025 09:54 PM (1 week ago) | Addicted Hero

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Posted: at 2-05-2025 08:52 AM (1 week ago) | Addicted Hero