The Securities and Change Fee (SEC) has issued a rip-off alert to Nigerians, warning the general public towards investing within the Worth Progress Platform.
The warning is contained in a press release issued by the capital market regulator on Friday, June 27, 2025, noting that the platform is unauthorised to operate in the country.
Though Worth Progress Platform claims to offer market evaluation and funding companies, the SEC insisted that it is not registered to function inside Nigeria’s capital market.
“Investigations have revealed that Worth Progress Platform’s operations exhibit typical indicators of a fraudulent ponzi scheme,” the fee famous.
ALSO READ: CBEX $1bn crypto scam traced to 4 countries – EFCC confirms
“These embody guarantees of assured returns, a heavy reliance on referrals with financial incentives, and repeated requests for subscribers to fund buying and selling accounts.”
SEC says victims are on their very own
In line with the capital market regulator, anybody who transacts with the platform or its brokers does so “at his or her personal danger.”
It additionally suggested potential buyers to confirm the registration standing of any funding or fintech operator on its official portal earlier than participating in any transaction with them.
That is hardly the primary time the SEC has warned towards patronising unlicensed digital platforms working within the funding house.
On June 11, the regulator reiterated that the Crypto Bridge Change (CBEX) firm just isn’t registered. On week after, it additionally alerted the public towards investing in Zugacoin and Samzuga GPT, describing them as unauthorised crypto property.
ALSO READ: CBEX reportedly resumes operations, promises investor payouts by June
Recall that over 600,000 Nigerians have been swindled of a mixed complete of N1.3 trillion by CBEX after the platform shut down in April.
Authorities say the scheme operated beneath the guise of a legit cryptocurrency funding platform earlier than it abruptly shut down, leaving buyers stranded.
