The Securities and Exchange Commission (SEC) has issued a warning about a suspected illegal investment platform, TOFRO.COM (Tofro), which claims to be a cryptocurrency trading platform. According to the Commission, Tofro’s operations exhibit “typical indicators of a fraudulent Ponzi scheme,” including promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.
The SEC warned Nigerians against falling for their tactics, stating, “Any person who places such an investment with the entity does so at their own risk.” The Commission emphasised the importance of verifying the registration status of investment platforms via its dedicated portal: (link unavailable) before transacting with them
SEC Director-General, Emomotimi Agama, previously highlighted the dangers of investing in unregistered or unregulated ventures, emphasising the need for Nigerians to be cautious with their hard-earned money.
The Commission advises Nigerians to exercise extreme caution when dealing with Tofro or similar platforms, as they may be operating illegally and posing a significant risk to investors.
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