January 16, (THEWILL) — Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against an online investment entity known as the Tunbosayo Okekunle Strategic Alpha Fund (TOSAF), flagging it as a suspected Ponzi-like scheme and urging the public to steer clear of any dealings with it.
In a statement released by the regulator, the SEC said its attention was drawn to the platform through its website and social media channels, where it markets itself as an investment platform offering stock options and other financial instruments. However, the commission said the fund is not registered with the SEC and misleadingly claims to operate under its oversight, a representation the regulator described as deceptive and potentially fraudulent.
The SEC warned investors that engaging with TOSAF or its representatives is done entirely at their own risk, stressing that unregistered entities fall outside the regulatory framework designed to protect capital market participants.
The alert is part of a broader clampdown by the SEC on unregistered investment schemes operating in Nigeria, particularly those using aggressive online campaigns to lure investors with promises of high returns. In recent months, the regulator has repeatedly cautioned the public against similar platforms, emphasising the need to verify registration status via its official portal before investing.
Ogochukwu Onwaeze
