US EditionSEC Warns Nigerians Against Investing In Suspected Ponzi Platform Tofro
- On May 1, 2025, Nigerian authorities alerted the public about TOFRO.COM, an unregistered platform claiming to offer cryptocurrency trading services.
- The SEC issued the notice after investigations revealed Tofro uses a referral system, promises unusually high returns, and fails to honor withdrawal requests, indicating a Ponzi scheme.
- Tofro is not registered to solicit investments or operate within Nigeria’s capital market, and the SEC urges the public to verify platforms via its official portal before investing.
- SEC Director-General Emomotimi Agama highlighted the importance of Nigerians being aware of the risks involved in investing their money in schemes that lack registration or oversight by the SEC.
- The SEC continues investigating Tofro while intensifying public education and enforcement to protect Nigerians from fraudulent investment schemes like Tofro and prior scams causing severe financial losses.
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18 Articles
SEC Warns Public Against Fraudulent Activities Of Tofro.Com Cryptocurrency Platform » News.ng
The Securities and Exchange Commission (SEC) has issued a strong warning to the Nigerian public regarding the operations of Tofro.com (Tofro), an unregistered online platform that claims to offer cryptocurrency trading services. In a statement released by the regulatory body, the SEC clarified that Tofro has not received authorization to solicit investments or operate within the Nigerian capital market. The Commission’s findings indicate that To…
SEC discovers another suspected illegal investment platform Tofro - Lagos Television
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 made available to newsmen. The Commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.SEC said the suspected investment platform holds itself out as…
Ponzi scheme: SEC flags Tofro crypto exchange as fraudulent investment platform
In its mission to eradicate Ponzi schemes, the Securities and Exchange Commission (SEC) has cautioned Nigerians against carrying out investment activities on Tofro.com, tagging the online platform as a potentially fraudulent crypto trading operation. The commission said Tofro does not have regulatory approval to operate in the Nigerian capital market and lacks the license and legal backing to require investment from the public. According to a pu…
SEC warns against Tofro.com, flags crypto platform as unregistered and fraudulent
Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against Tofro.com, an online platform that promotes itself as a cryptocurrency trading operation. According to the commission, Tofro is neither registered nor authorised to solicit investments from the Nigerian public. In an official notice dated May 2, 2025, SEC stated that Tofro’s activities display multiple red flags associated with ponzi schemes. These include pro…
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