SEC Warns Nigerians Against Tunbosayo Okekunle Strategic Alpha Fund Over Suspected Ponzi Scheme
Nigeria’s Securities and Exchange Commission (SEC) has issued a public alert against Tunbosayo Okekunle Strategic Alpha Fund (TOSAF), an online investment platform suspected of running fraudulent schemes. The regulator warned that the platform’s operations resemble a Ponzi scheme, putting unsuspecting investors at risk of losing their funds.
The SEC disclosed that its attention was drawn to TOSAF’s activities via the company’s website and social media channels. The platform presents itself as offering stock options and other financial instruments, claiming it operates under SEC oversight—a claim the Commission says is misleading and false.
In its official notice, the SEC urged members of the public to avoid any dealings with TOSAF or its agents. “Any person who engages with the entity or its representatives does so at his/her own risk,” the regulator emphasized, highlighting that unregistered investment schemes in Nigeria’s capital market expose investors to significant financial risks, including potential fraud.
Investors are advised to always verify the registration and licensing status of any investment entity through the SEC’s official portals at www.sec.gov.ng/cmos. This verification ensures that investment platforms are legally authorized to operate within Nigeria’s financial market.
The warning against TOSAF comes as part of the SEC’s ongoing crackdown on unregistered online investment platforms. In recent months, the regulator has flagged several other platforms, including Glorious Wealth Fund and Voya Investment Management (VIM), for operating without licenses and engaging in potentially fraudulent schemes.
source: nairametrics