Your Friend Says She Has Been Making Money. Have You Checked Where Yours Is Going? It starts with a WhatsApp message.
“Guys, this platform is paying o! I invested last week, and I've already started seeing returns.”
Someone asks for the link. Another person shares a screenshot of their earnings. Before long, the conversation has moved from “Is this thing legit?” to “How much are you investing?” And you? You're already calculating. If ₦50,000 can bring this much, what would ₦200,000 bring?
It sounds familiar because this is how many investment opportunities reach people today: through friends, family members, social media posts and screenshots of supposed profits.
But there's one thing those screenshots cannot tell you: whether the company behind the platform is authorised to offer investment services in Nigeria.
On May 14, 2026, Nigeria’s Securities and Exchange Commission (SEC) issued a public notice warning about unregistered online investment schemes promoted through platforms including WhatsApp, Instagram, Telegram, Facebook and TikTok. The Commission warned that some schemes exhibit characteristics of Ponzi or prohibited investment schemes and could expose investors to significant financial losses.
So, before you transfer your next naira, here are three ways to check the platform you're about to trust with your money.
No internet? The USSD Option Could Help.
Not everyone has constant internet access or enough mobile data to browse websites. That is why the USSD verification method highlighted in this guide is worth knowing about.
The code provided for this method is 347138## .
The proposed process is to dial the code from a mobile phone and follow the prompts to check a platform’s registration details using its Corporate Affairs Commission (CAC) registration number, commonly called an RC number.
However, checking a company's CAC registration is not the same as confirming its authorisation by the SEC. If the aim is to establish whether a company is authorised to provide investment services, that regulatory status must also be checked through the SEC's official register.
Don't Search for Just the Name on the App.
Imagine downloading an investment app that looks professional, only to discover that the name displayed on the app is not the legal name of the company operating it. This is why the brand name alone is not enough.
Ask for the company's full legal name and CAC registration number. You can check its corporate details through the Corporate Affairs Commission's Company Search service. Next, search for the company through the SEC's Find a Registered Operator directory or its Registered FinTech Operators directory.
Check its registration status and the activities it is authorised to perform. A company being registered with the CAC does not automatically mean it has SEC authorisation to offer investment services.
If the company details do not match, or you cannot establish the platform's regulatory status, don't rush to transfer your money.
Registered Company Doesn't Mean Risk-free.
Let's say you find the company on the SEC register. Does that mean your money is guaranteed to be safe? No.
Registration is an important regulatory check, but it does not eliminate investment risk or guarantee returns.
Before investing, understand the product you're buying, the risks involved, how your funds or assets are held, and the terms governing withdrawals. Don't assume your money is protected simply because a company has a registered name or displays a regulatory logo.
Also, be cautious of platforms promising unusually high or guaranteed returns, pressuring you to invest immediately, or making it difficult to withdraw your funds. These are warning signs that deserve further investigation.
The SEC has specifically advised Nigerians against investing in unregistered online schemes promising unrealistic or guaranteed returns.
Before you invest, pause.
The next time someone shares an investment link in your WhatsApp group, you don't have to rush in because everyone else seems to be making money.
Check the company. Confirm its legal identity. Verify its SEC registration and authorised activities. Understand what you're investing in before committing your money.