MTS/TOFRO, Stecs, Crown Crest, Other Unregistered Investment Platforms In Nigeria (FULL LIST)

 

CBEX, which promised investors a 100% return on investment within 30 days, allegedly defrauded Nigerians of an estimated N9.8 billion ($6.1 million) before abruptly halting withdrawals and shutting its Ibadan office.

 

The SEC has confirmed that CBEX, operating under aliases such as ST Technologies International Ltd and Smart Treasure/Super Technology, was never authorised to solicit investments or operate as a digital asset exchange within Nigeria.

 

Other Unregistered Platforms Exposed

Below are the unregistered investment platforms continuing to lure Nigerians with promises of high returns, aggressive referral incentives, and claims of legitimacy:

• MTS/TOFRO: A cryptocurrency trading scheme linked to a Harris Levy based in Denver, United States. Promoted since 2022, including through paid publications, MTS/TOFRO claims access to a $30 million fund and offers high-yield trading opportunities. However, it is not listed in the SEC’s database and lacks the necessary licence to operate in Nigeria. FIJ reports that the platform has specifically targeted vulnerable groups, including church communities, leading to substantial investor losses. “I was introduced to MTS foundation (Make Trade Simple) on March 14, 2025. They claimed to be in partnership with ToFro and offered trading signals promising 1% returns twice daily. I invested $1000 (borrowed funds) based on their promises. But since April 9, 2025, I’ve been unable to withdraw any funds. No clear explanation. No support. Just silence. This feels like a well-organized scam, and I’m calling on the @officialEFCC to investigate MTS and the claimed link to ToFro. I am not the only victim,” one Ukah Gospel wrote on X.

• QC Investment: Marketing itself as a portfolio management service offering “FinTech and Business Innovations”, QC Investment claims to have been operational since 2008. Despite maintaining an active online presence, the platform has no record in the SEC’s database and provides no verifiable disclosures regarding its assets or client protections.
• Crown Crest Investment: Crown Crest Investments claims to be headquartered in Ikeja, Nigeria, promoting real estate investment opportunities domestically and internationally. Crown Crest, which continues promotional activities on its social media pages as recently as April 23, is absent from the SEC’s database of registered investment companies. This absence directly contradicts Nigeria’s regulatory requirements for any entity inviting public investment into asset-backed ventures.
• Stecs Alausa Multipurpose Cooperative Society: Stecs operates as a registered cooperative society, officially incorporated with the CAC and under Lagos State’s Co-operative Societies Laws (registration number LSCS 18966). It also claims partnerships with Providus Bank and offers savings and investment products framed as ethical, Sharia-compliant finance. Through a scheme branded the “Stecs Commodity Mudarabah Investment Series I”, Stecs promised fixed high returns ostensibly backed by agricultural commodities. However, the SEC itself flagged Stecs for operating investment products without proper licensing. Regardless of its cooperative registration, offering public investments — particularly with guaranteed returns — requires SEC oversight under Nigerian law.

SEC’s Stance and What the Law says

The SEC has consistently warned that any platform not registered with the commission is operating illegally under the newly enacted Investments and Securities Act (ISA) 2025.

The Act empowers the SEC to prosecute operators of unregistered schemes, with penalties including:

• Up to 10 years’ imprisonment;
• Fines of at least ₦20 million;
• Or both.

Dr Emomotimi Agama, SEC Director General, emphasised: “If it is not registered, it is illegal,” urging Nigerians to verify any platform’s registration status via the SEC’s official portal (www.sec.gov.ng/cmos) before investing.

 

Platforms previously flagged by the SEC include Stecs, RiseVest Technologies Limited, Provest, MyShare, Prime Invest, FX Bosed, and Digitrades.

 

These schemes often promise guaranteed high returns through forex trading, binary options, or e-commerce activities, only to disappear after collecting deposits, leaving investors with little legal recourse.

The Lure of Quick Profits and the Cost of Desperation

Economic hardship has driven many Nigerians to seek quick-profit opportunities, making them easy targets for fraudulent schemes.

Experts warn that such platforms exploit financial desperation and greed, often using referral bonuses and influencer endorsements to widen their reach.

The CBEX collapse, which reportedly affected around 600,000 Nigerians, highlights the devastating consequences of investing in unregistered platforms.

Some victims reportedly lost their life savings, with frustrations escalating to the looting of CBEX’s Ibadan office.

SEC’s Warning to Celebrities and Influencers

The SEC has also cautioned celebrities and social media influencers against promoting unregistered platforms, warning that such endorsements could attract legal consequences. Dr Agama noted:

“Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians is not going to be tolerated.”

Afrobeats superstar, David Adeleke, better known as Davido, is one of the most prominent celebrities who has faced accusations of launching meme coins that led to Nigerians losing their money.

How to Protect Yourself

To safeguard your investments, the SEC and FIJ recommend the following actions:

1. Verify Registration: Always check the SEC’s official portal (www.sec.gov.ng/cmos) to confirm a platform’s registration status before investing.
2. Avoid Unrealistic Promises: Be wary of platforms offering guaranteed high returns with little or no risk — a hallmark of Ponzi schemes.
3. Report Suspected Schemes: Contact the SEC or other relevant law enforcement agencies to report any unregistered platform or suspected fraudulent activity.
4. Seek Professional Advice: Consult registered financial advisors or investment professionals before making investment decisions.

Meanwhile, the Economic and Financial Crimes Commission (EFCC), in collaboration with international agencies such as Interpol and the FBI, is investigating CBEX with a view to recovering lost funds.

However, recovery remains uncertain for many victims considering the anonymous nature of cryptocurrency transactions.

Therefore, authorities and financial experts have strongly warned Nigerians to learn from the CBEX debacle and avoid unregistered platforms such as MTS/TOFRO, QC Investment, and others flagged by the SEC.

As the SEC ramps up enforcement under the ISA 2025, investors are told to prioritise due diligence and vigilance to safeguard their hard-earned money.