SEC Exposes Another Suspected Ponzi Scheme

The Securities and Exchange Commission (SEC) has alerted Nigerians to be careful about a new investment platform called Tofro.Com (Tofro), which it claims is operating like a Ponzi scheme.

The warning against exposure to Tofro was shared in a public statement on Thursday, May 1, 2025.

According to the SEC, Tofro presents itself as a cryptocurrency trading platform and tries to attract people by promising huge profits. However, the Commission emphasized that Tofro is not registered with it and has no legal approval to collect money from the public or operate in the capital market.

The SEC explained that after investigating the platform, it found clear signs of fraud. These include offering unrealistic returns on investments, using a referral system to keep the business going, and not allowing investors to withdraw their funds.

In the official notice, the Commission stated:
“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.”

The SEC urged Nigerians to be very cautious and think twice before putting their money into such platforms.
“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.”

They also reminded the public to always confirm if an investment company is officially registered before doing business with them.
“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 Director-General of the SEC, Emomotimi Agama, stressed the importance of protecting one’s finances by avoiding unregistered and unregulated investment opportunities.
Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG