SEC Nigeria's notices and what they leave out
The Securities and Exchange Commission is the authority for the capital market in Nigeria. This page quotes two of its public notices with their dates, recounts its register of operators, and states a gap: none of the pages read is about copy trading. Everything was saved on 6 November 2026.
The 2018 notice on forex trading
On 19 October 2018 the Commission published a public notice on online retail forex trading. Its address: https://sec.gov.ng/for-investors/keep-track-of-circulars/public-notice-online-retail-foreign-exchange-forex-trading/. The notice says it had noticed more advertisements in electronic and other media asking investors to join leveraged online retail forex trading. It then says "online retail forex trading is currently unregulated and consequently may be subject to abuse", and that until a framework is developed, "any person participating or engaged in such investment activity does so at his or her own risk".
The page was published in 2018. Whether a framework was developed afterwards is not stated on it, and this site did not find a later statement on the pages it read.
The 2026 notice on social media schemes
On 14 May 2026 the Commission published a public notice on unregistered online investment schemes. Its address: https://www.sec.gov.ng/for-investors/keep-track-of-circulars/public-notice-unregistered-online-investment-schemes/. It names the apps where it says these schemes are promoted: "WhatsApp, Instagram, Telegram, Facebook, TikTok", and other digital platforms. It advises the public to refrain from any platform "promising unrealistic or guaranteed returns", and "not to rely on investment advisories circulated through online platforms by persons or entities not registered by the Commission".
The notice also says that, under the Investments and Securities Act, 2025, only entities registered by the Commission are authorised to promote investment services, provide investment advisory services or solicit funds from the public in the Nigerian capital market. It asks the public to verify registration on two pages it names, a register of fintech operators and a second page at sec.gov.ng/cmos.
The two SEC Nigeria notices read, side by side
Both notices are public pages of the Securities and Exchange Commission of Nigeria. The sentences in the third column are copied from the saved pages. Both were saved on 6 November 2026.
| Notice | Published | Sentence copied from the page |
|---|---|---|
| Online retail foreign exchange (forex) trading | 19 October 2018 | "online retail forex trading is currently unregulated and consequently may be subject to abuse" |
| Online retail foreign exchange (forex) trading | 19 October 2018 | "any person participating or engaged in such investment activity does so at his or her own risk" |
| Unregistered online investment schemes | 14 May 2026 | "promising unrealistic or guaranteed returns" |
| Unregistered online investment schemes | 14 May 2026 | "not to rely on investment advisories circulated through online platforms by persons or entities not registered by the Commission" |
What the notices do not say
Neither notice mentions copy trading, strategy providers or cTrader. The 2018 notice is about online retail forex trading; the 2026 notice is about unregistered schemes promoted on social media. A reader who found a provider through a post on one of the named apps can see why the second notice is on this page, but this site does not claim the notice is about copy trading. It is not.
What a recount of the SEC register of operators found
The page https://sec.gov.ng/for-investors/find-a-registered-operator/ lists operators the Commission has registered, with a category for each. This site saved the list on 5 November 2026 and counted it. A category name is the register's own label; what a registration permits is not read here.
| Item | Count |
|---|---|
| Rows on the list | 962 |
| Rows whose remark says status: Approved | 962 |
| Different category names | 69 |
| Rows in the category fund-portfolio-manager | 261 |
| Rows with "fxpro" in the name | 0 |
| Rows with "forex" in the name | 0 |
| Rows with "copy" in the name | 0 |
| Rows with "mirror" in the name | 0 |
What the recount shows
The register page lists 962 operators in 69 categories, 261 of them in the category named fund-portfolio-manager. None of the names contains "fxpro", "forex", "copy" or "mirror". A search of names proves only that these strings are absent. FxPro trades under company names that differ from the brand, and the register page is not one of the two pages the 2026 notice names, so this recount is not that check. It is a count of one public page.
The gap, stated as a gap
No SEC Nigeria page read states a position on copy trading. This site read the two notices above and the register page, and did not search the Commission's site for other circulars. cTrader's own broker list printed, for FxPro, the regulators "FCA UK; SCB - SIA Bahamas" on 6 November 2026. Whether FxPro's copy service is open to a resident of Nigeria is something to ask FxPro.
How a reader can check a name
Take the exact legal name of the company in the client agreement, not the brand, and the name of whoever posted the screenshot. Search both on the pages the 2026 notice names. If a name is not found, the register does not show it, which is a statement about the register and not about the firm. The same notice says relying on advisories from unregistered persons can expose investors to significant financial losses.
In brief
Read next
Beginner questions, answered from the pages
Has SEC Nigeria said anything about copy trading?
Not on the pages this site read. It read two public notices and a register page, and none is about copy trading.
What did the 2018 notice say about forex?
"online retail forex trading is currently unregulated and consequently may be subject to abuse", published 19 October 2018.
What does the 2026 notice warn about?
Unregistered online investment schemes promoted on apps such as WhatsApp, Instagram, Telegram, Facebook and TikTok, published 14 May 2026.
Does the register count prove FxPro is not registered?
No. It shows that no row has "fxpro" in its name. The legal company name differs from the brand.
The broker this site links to
This site links to FxPro, which cTrader's list marks as a copy-enabled broker. A copied trade is a leveraged contract on a price, not ownership of anything. Read the terms before you decide anything.