Investors petition EFCC, SEC over N1.8trn cryptocurrency fraud

At least 14,000 Nigerian investors have petitioned the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) to investigate cryptocurrency firm MTS/TOFRO over an alleged ₦1.8 trillion investment scam.

In separate petitions—received by the EFCC on August 6 and the SEC on August 13—the investors, through their lawyer, Ebuka Nwaeze, called for a probe into the company’s operations, compliance with regulatory requirements, and the circumstances surrounding its alleged collapse.

Nwaeze urged the EFCC to trace, recover, and return investors’ funds, and prosecute anyone found culpable, describing such action as vital to deterring future financial crimes and protecting Nigeria’s cyber reputation.

“Our clients, numbering over 14 million registered traders globally, invested in good faith on what was presented as a secure and legitimate crypto trading platform,” the petition stated. “MTS/TOFRO was portrayed as a reputable US-registered organisation with wide participation in America and Europe.”

The lawyer alleged that the firm used the SEC’s ongoing regulatory drive as a pretext to assure investors it was in the process of registration and would soon reopen, only to shut down its offices.

He said many investors believed the platform aligned with Nigeria’s National Digital Economy Policy and Strategy (2020–2030), which seeks to boost digital economy contributions to GDP from 14.3% to 21% by 2030.

EFCC spokesperson, Dele Oyewale, confirmed receipt of the petition, saying: “The matter involving MTS/TOFRO is currently before the commission.”