Nigerian govt uncovers another suspected illegal investment platform, Tofro

The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

The commission disclosed this in a notice issued on Thursday in Abuja.

It warned Nigerians against falling for the promoters’ tactics to obtain money through the promise of unusually high returns.

SEC said the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme was not registered.

The notice read: “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.

“The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.

“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.

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“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity, does so at his/her 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, urged Nigerians to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the commission.

The Tofro is the latest dubious online trading platforms discovered by regulatory agencies in the country.

The Economic and Financial Crimes Commission (EFCC) recently launched a campaign on the activities of another platform, Crypto Bridge Exchange (CBEX), and had declared many of its promoters wanted for alleged multiple frauds.

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