Economy
Is it Possible that Your Forex Broker is Fraudulent?
When you are interested in trading foreign exchange, it is essential to choose brokers that are dependable and viable, and it is prudent to steer clear of those who are not.
Before putting a significant amount of money into a broker’s account, there is a sequence of actions that need to be completed first. This is necessary so that we can differentiate between trustworthy brokers and those that engage in shady business practices.
Trading is difficult enough on its own, but when a broker employs methods that work against the trader, it may make it extremely difficult, if not impossible, to make a profit. It is, therefore, useful to regularly check the fake forex brokers list online.
How to spot if your broker is a fraud
Regular broker mistakes
There are times when the broker is to blame for a loss. When a broker makes an effort to increase their trading commissions at the expense of their client, this situation may arise.
There have been allegations that certain brokers moved quoted rates arbitrarily in order to trigger stop orders when the rates offered by other brokers had not moved to the same price.
For the benefit of traders, this kind of event is an anomaly and is extremely unlikely to occur again. It is important to keep in mind that trading is not often a game with no winners or losers and that the primary way brokers generate money is through greater trade volumes.
To summarize, it is in the best interest of brokers to have long-term clients who trade frequently and, as a result, maintain capital or generate a profit. This is because brokers can then capitalize on these clients’ continued business, and brokers who are making innocent mistakes may not appear on a fake forex brokers list.
Lack of segregated accounts
Scam brokers will frequently use a single bank account to hold both the funds belonging to their customers and the money necessary to run their businesses.
This indicates that when the funds in their accounts are decreasing, they will be more likely to seek ways to improve operations by utilizing money from their customers as a source of funding.
This is an exceedingly questionable method of conducting business, and in the event that the broker is unable to fulfil their monetary commitments, your funds will be combined with theirs and may even be subject to seizure by their debtors.
Read more: Forex Brokers in Nigeria
Fake bonus offerings
Brokers that are licensed and regulated are required to guarantee that the bonuses and promotions they offer adhere to regulatory rules and do not “trap” the trader.
However, some dishonest brokers attract investors with promotions that are misleading and have terms and conditions that are so stringent or downright unreachable. These brokers are known as “pump and dump” brokers.
This indicates that their investors will almost certainly finish up losing the trading capital they invested in them before they get the opportunity to take any rewards. If something seems too good to be true, there is a strong chance that it is.
Related Post: Forex Basics for Beginners
Manipulated prices
This is by far the most typical con that fraudulent brokers pull off. There are some brokers who manipulate their trading interfaces in such a way that it is always to the traders’ disadvantage.
This might manifest itself as negative slippage, which occurs when entry and exit orders are executed at prices that are unfavourable to the trade.
For example, a buy order might be executed at a somewhat higher price, which would cut into any potential future gains from the trade, if there would even be any at all.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
