The Securities and Exchange Commission (SEC) has launched investigations into 79 suspected Ponzi schemes across Nigeria, warning the public to steer clear of unregistered and unrealistic investment platforms.
In a statement on Tuesday, the SEC said it is working with law enforcement and regulatory agencies to investigate the schemes, including one allegedly operated by a firm called FF Tiffany, which is accused of defrauding thousands of Nigerians at home and abroad.
The Commission disclosed that FF Tiffany lured investors with promises of high and unrealistic returns, leading to losses amounting to several billions of naira.
“These illegal activities are a serious threat to investor confidence and the integrity of our financial system,” the SEC said. “Those found guilty will face prosecution under the Investment and Securities Act.”
The SEC urged Nigerians to always verify the registration status of any investment company through its official channels before committing their funds.
To increase awareness, the Commission has intensified anti-fraud campaigns in markets, churches, mosques, and other public places.
Speaking at one of the sensitisation events, SEC Director-General, Dr. Emomotimi Agama, said: “It’s not enough to sit in offices and expect people to come to us. We must take the message directly to the people.”
Agama also referenced the new Investment and Securities Act signed into law by President Bola Tinubu, which prescribes a ₦20 million fine or a 10-year jail term for anyone involved in Ponzi schemes — including influencers and bloggers who promote them.
He stressed that although Ponzi schemes are a global problem, tackling them in Nigeria requires collective action and public vigilance.
'
'
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
