SEC Nigeria flags ModMount, a multi-asset CFD broker, as unlicensed and suspected of fraud

SEC Nigeria's second public warning of 30 January 2026 named ModMount Services Limited, a CFD broker offering forex, stocks, indices, commodities and cryptocurrency to Nigerian investors, as unlicensed and suspected of fraudulent activity.

Unlike a plain scam, ModMount presents as a legitimate international broker giving Nigerians access to global markets, with offshore licensing claims standing in for local authorisation. SEC Nigeria's position addresses that structure directly: offering multi-asset investment services, including cryptocurrency, to Nigerian retail investors requires SEC registration under the Investments and Securities Act 2025, regardless of what licences the operator holds elsewhere.

Cross-border platforms marketing into Nigeria without local registration fall within the Commission's enforcement perimeter.