SEC warns against Tofro.com, flags crypto platform as unregistered and fraudulent
Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against Tofro.com, an online platform that promotes itself as a cryptocurrency trading operation. According to the commission, Tofro is neither registered nor authorised to solicit investments from the Nigerian public.
In an official notice dated May 2, 2025, SEC stated that Tofro’s activities display multiple red flags associated with ponzi schemes. These include promises of unusually high returns, dependence on referral-based commissions, and widespread reports of failed withdrawals by subscribers.
“The Commission hereby informs the public that Tofro is not registered by the Commission either to solicit investments from the public or operate in any…
