SEC raises alarm over Tofro.com Ponzi investment
The Securities and Exchange Commission (SEC) has identified a suspected unauthorised investment platform operating under the name TOFRO.COM (Tofro).
In a notice released on Thursday, the Commission alerted the public to the potential risks associated with the platform, cautioning Nigerians against being misled by promises of excessively high returns.
According to SEC, TOFRO presents itself as a cryptocurrency trading platform, but it is not registered with the Commission, raising concerns about its legitimacy.
It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.
According to SEC, it promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.
SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk.
The Commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.
The SEC Director-General, Emomotimi Agama, had said Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the SEC.
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