Nigeria’s Securities and Exchange Commission (SEC) has issued a firm warning to the public against engaging with an online platform known as CMTrading, declaring it illegal and unregistered to operate in the country’s capital market.
In a statement released on Friday, the SEC said CMTrading falsely claims to be a cryptocurrency and commodities trading platform, alleging licenses from South Africa’s Financial Sector Conduct Authority (FSCA) and the Seychelles Financial Services Authority (FSA).
The Commission further revealed that CMTrading uses cloned websites of reputable media outlets—such as Punch, Vanguard, BBC, Channels Television, and Arise News—to deceive Nigerians. The platform reportedly distributes fake images and videos of public figures while promising high returns to lure unsuspecting investors.
According to the SEC, CMTrading displays classic signs of a Ponzi scheme, including unrealistic profit guarantees, aggressive referral bonuses, and pressure tactics to rush users into funding accounts.
“The Commission hereby informs the public that CMTrading is not registered by the SEC to solicit investments or operate in any capacity within the Nigerian capital market,” the statement emphasized.
The SEC warned that anyone transacting with CMTrading or its representatives does so at personal risk. It urged the public to verify the registration status of any investment platform through its official fintech portal or website before committing funds.
Reaffirming its mandate, the Commission reiterated its commitment to protecting investors and promoting transparency in Nigeria’s financial markets.
