The Securities and Exchange Commission (SEC) has revealed that it is currently investigating 79 suspected Ponzi schemes operating across Nigeria. The regulator said it will disclose the findings once the inquiries are complete.
In a statement released on Tuesday, the SEC confirmed ongoing probes into multiple fraudulent investment operations. “We are investigating 79 schemes nationwide and will provide an official report upon conclusion,” the commission said.
Among the entities under scrutiny is one known as FF Tiffany, which has allegedly deceived thousands of Nigerians both domestically and abroad through a deceptive investment scheme.
Preliminary investigations indicate that FF Tiffany promised investors unusually high returns, resulting in losses amounting to billions of naira. The SEC described the scheme’s activities as a significant threat to investor confidence and the overall integrity of Nigeria’s financial markets.
To combat this, the commission is working closely with law enforcement and other regulatory bodies to ensure those responsible face legal consequences. “Individuals found guilty will be prosecuted under the Investment and Securities Act and other relevant regulations,” the SEC affirmed.
The commission reiterated its warning against participation in unregistered investment schemes promising guaranteed or exaggerated profits, noting that such schemes are not legally registered and lack investor protection.
Nigerians are urged to verify the registration status of any investment firm or product by visiting the SEC’s official website or contacting their verified channels.
Community Outreach and Awareness Drive
In an effort to prevent further losses, the SEC has been conducting sensitization campaigns in markets and public spaces nationwide. Emomotimi Agama, SEC’s Director-General, explained that the initiative aims to reach people who may not have easy access to information on financial fraud.
“We realized that expecting people to seek out information on our website or call our offices is not enough,” Agama said during a recent outreach event. “So, we decided to bring awareness directly to the markets to warn people about the dangers posed by Ponzi schemes.”
Agama emphasized the commission’s commitment to eradicating illegal investment schemes throughout Nigeria. He highlighted recent legislation signed into law by President Bola Ahmed Tinubu, which imposes fines up to 20 million naira and jail terms up to 10 years for those involved in Ponzi schemes—including promoters, influencers, and accomplices.
“Our campaign will extend to every market, church, mosque, hospital, and even military establishments across the country. We want the message to reach every Nigerian,” he added.
The Director-General also noted that while Ponzi schemes are a global problem, addressing them locally requires the collective effort of regulators, law enforcement, and the public.
“It’s never too late to protect yourself and others,” Agama urged. “With proper education, we can all work together to eliminate these frauds.”
