Abuja: The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro). The commission raised the alarm in a notice issued on Thursday and made available to newsmen, warning Nigerians against falling for tactics aimed at obtaining money through promises of unusually high returns.
According to News Agency of Nigeria, the SEC stated that the suspected investment platform presents itself as a cryptocurrency trading platform, which is not registered by the commission. Investigations have revealed that Tofro's operations exhibit the typical signs of a fraudulent ponzi scheme, including promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honor withdrawal requests from subscribers.
The SEC strongly advised Nigerians to be cautious about investing with Tofro, noting that any individual who invests with this entity does so at their own risk. The notice emphasized the need for potential investors to verify the registration status of investment platforms via the commission's dedicated portal before engaging in transactions.
The SEC Director-General, Emomotimi Agama, highlighted the importance of Nigerians understanding the risks associated with investing in ventures not registered or regulated by the SEC.