CBEX: SEC Uncovers Another Illegal Investment Platform

The Securities and Exchange Commission (SEC) has identified TOFRO.COM (Tofro) as a suspected illegal investment platform, warning Nigerians to steer clear of its operations. In a notice issued and circulated to the media, the Commission cautioned the public against falling for schemes that promise unusually high returns.

According to the SEC, Tofro presents itself as a cryptocurrency trading platform, but it is neither registered nor regulated by the Commission. Investigations revealed that the platform exhibits characteristics typical of a Ponzi scheme, including unsustainable returns, a strong reliance on referral systems to maintain payouts, and a failure to honor withdrawal requests from users.

The Commission urged Nigerians to exercise extreme caution, stating that anyone who chooses to invest with Tofro does so at their own risk. It also reminded the public to always verify the registration status of any investment platform through its official website, [www.sec.gov.ng/cmos](http://www.sec.gov.ng/cmos), before engaging in financial transactions.

Emomotimi Agama, Director-General of the SEC, emphasized the importance of investor vigilance, warning that putting money into unregistered or unregulated platforms could lead to significant financial loss.