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. ModMount is the more instructive of the day's two alerts. Unlike a plain scam, it presents as a legitimate international broker giving Nigerians access to global markets, with offshore licensing claims standing in for local authorisation. The Commission's position cuts through that structure: offering multi-asset investment services, crypto included, to Nigerian retail investors requires SEC registration under the Investments and Securities Act 2025, whatever licences the operator holds elsewhere. Cross-border platforms marketing into Nigeria without local registration are inside the enforcement perimeter, not outside it.