Lagos, Nigeria — The Securities and Exchange Commission (SEC) don issue serious warning about TOFRO.COM (Tofro), wey be one unregistered cryptocurrency trading platform. Dem say dis platform dey show signs of Ponzi scheme wey fit scam innocent Nigerians.
According to SEC, Tofro dey claim say e be cryptocurrency trading platform, but e no register with dem and e no dey follow Nigeria’s capital market regulations. SEC don investigate and find say Tofro get classic Ponzi scheme signs, including promise of high returns, heavy reliance on referral system, and no fit pay withdrawal requests.
SEC talk say anybody wey invest for Tofro go dey risk money wey e fit lose. “We don notice wetin TOFRO.COM dey do, wey dem call cryptocurrency trading platform,” SEC talk for statement. “We fit make am clear say Tofro no dey registered to collect investments or operate for our capital market.”
Dem also report say dis platform dey promise unusually high returns, dey depend on referral system for payouts, and dey fail to pay people wey wan withdraw their money. Wetin mean be say, dem dey use new investors’ money pay old ones instead of making genuine profit.
SEC dey urge people to dey cautious about investing with Tofro, as anybody wey put money for there dey take risk wey fit lead to financial loss. SEC remind Nigerians make dem always check registration status of investment platforms for di commission’s portal before dem engage.
Emomotimi Agama, di SEC Director-General, stress say awareness dey important for investors. “Nigerians suppose avoid putting their money for unregistered schemes,” e talk. “No be all wey shine be gold; verify well before you put your money.”
As fraudsters dey target people wey no sabi better, SEC dey increase enforcement measures and dey educate di public on how to security their finances. Parents and potential investors suppose use di commission’s official portal to check registration of any investment before dem start transaction.
