The Securities and Exchange Commission (SEC) has issued a public warning regarding the operations of an online platform known as TOFRO.COM (Tofro), promoting itself as a cryptocurrency trading service.
According to the Commission, ToFro is NOT REGISTERED with the SEC to solicit investments or operate in any capacity within Nigeria’s capital market.
The public is therefore advised to exercise extreme caution when dealing with the platform, as it is operating outside the regulatory framework established to protect investors.
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.
Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such an investment with the entity does so at his/her own risk.
The Commission reminds potential investors to verify the registration status of any investment platforms via the portal: www.sec.gov.ng/cmos before transacting with them.
