By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has warned the public to avoid an online investment platform known as Glorious Wealth Fund, saying the entity is not registered to operate in the country’s capital market.

The regulator said its attention was drawn to the activities of the platform, which claims to offer investment services in Nigerian stocks and other financial instruments through its website, gloriouswealthfund.com.

The commission made this known in a statement over the weekend.

“The Glorious Wealth Fund (GWF) is not registered or licensed by the Securities and Exchange Commission (SEC) Nigeria to carry out any form of capital market activity in the Nigerian capital market,” the statement said.

It added that claims by the operators that the platform was supervised or approved by the regulator were “false, misleading, and fraudulent.”

The SEC said it had received complaints from investors who were unable to withdraw their funds after depositing money on the platform, noting that the activities of GWF “bear the clear characteristics of an illegal investment scheme designed to defraud unsuspecting Nigerians.”

The regulator urged the public to avoid the platform, warning that anyone who engages with it “does so at his/her own risk.”

It reminded investors to verify the registration status of any entity offering investment opportunities on its online portal before engaging in transactions.

Online investment scams have become increasingly common in Nigeria as more people turn to digital platforms for savings and quick-return schemes.

The SEC has, in recent years, issued several warnings about unregistered investment operators, amid rising complaints from users who lose money to platforms that collapse after promising high returns.

In late November, at its Journalists’ Academy 2025 in Lagos, the SEC said it was determined to collaborate with other organisations to protect unsuspecting investors from losing their funds.

According to the Divisional Head for Legal and Enforcement at SEC, Mr John Achile, perpetrators of Ponzi schemes would be prosecuted in line with the Investments and Securities Act (ISA) 2025.

He said SEC would continue to ensure criminal investigation and prosecution in collaboration with law enforcement agencies such as the Nigeria Police Force, EFCC and Office of Attorney General of the Federation, among others.

By Adedapo Adesanya

The  (ASHON) has called on the federal government to review the recently introduced Capital Gains Tax on securities, that comes into effect in January due to fears it will derail recoveries in the capital market.

This call was made by ASHON’s newly inaugurated Chairman, Mr Seinde AdenagbeAssociation of Securities Dealing Houses of Nigeria, on Sunday. He was officially decorated as the group’s 6th chairman in Lagos on Friday.

Under the new rules, the previous fixed 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.

Speaking on the development, Mr Adenagbe warned that the sudden policy change threatens investor confidence and undermines market stability, evidenced by a N6 trillion loss in Nigerian Exchange’s market capitalisation.

“Whatever is true, honest, just, pure, lovely, and of good report should define our conduct. Our word must remain our bond,” Mr Adenagbe said in a statement on Sunday, urging President Bola Tinubu to urgently review the CGT policy.

He noted that market capitalisation had climbed to N95 trillion by October before the sharp decline.

Mr Adenagbe also highlighted that while the Securities and Exchange Commission plans to recapitalise operators, the exercise should strengthen market efficiency rather than eliminate firms through unrealistic capital thresholds.

“Capital raising should not lead to the demise of promoters but guarantee the survival of firms, employees, and the broader ecosystem,” he added.

He outlined a 10-point agenda aimed at reinforcing professionalism, ethics, and governance across the Nigerian capital market, including improved investor education, technology adoption, and unified advocacy among market operators.

Other stakeholders have also voiced concerns including the chief executive of NGX, Mr Jude Chiemeka, who recommended that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”

By Adedapo Adesanya

American oil major, Chevron, has disclosed intentions to participate in Nigeria’s oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in the country.

According to Mr Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act (PIA).

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Mr Swartz told reporters after meeting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On December 1, 2025 oil licensing round commenced with the NUPRC offering 50 blocks for bidding as the country seeks to boost output and attract new investment. The round includes 15 onshore blocks, 19 in shallow waters, 15 frontier assets and one deepwater block.

The upstream regulator says the round is expected to attract about $10 billion in investment and add up to 2 billion barrels of oil output over the next 10 years, with an estimated 400,000 barrels per day of production when fully operational.

Also, French oil major, TotalEnergies has also expressed interest in joining an auction.

Chevron recently agreed to acquire a 40 per cent stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.

Mr Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets.

The Chevron executive added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector.

“My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector,” he said, adding that, “Chevron specifically appreciates the enforcement of the willing buyer, willing seller provision. I am also happy about your position on decommissioning and abandonment, which came up at the National Assembly recently.”

Licensing rounds have been a key feature of Nigeria’s upstream sector for decades. Major rounds were conducted in 2000, 2005 and 2007, while the 2010s saw smaller, targeted rounds for marginal fields and deepwater assets.