The Economic and Financial Crimes Commission (EFCC) has secured the conviction of 12 individuals involved in the unlicensed operation of pyramid investment schemes across Nigeria.
EFCC Chairman, Ola Olukoyede, made the disclosure during a workshop organized by the Securities and Exchange Commission (SEC) for judges. Themed “Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution,” the event focused on strengthening regulatory collaboration and judicial response to capital market infractions.
Olukoyede revealed that in addition to the 12 convictions, 48 more individuals are currently facing trial for similar offenses related to Ponzi and pyramid schemes.
Reaffirming the agency’s commitment to safeguarding the investment ecosystem, the EFCC boss stated:
“We will not tolerate any conduct that threatens investor confidence or undermines the fairness and integrity of Nigeria’s capital market.”
He also recalled that in March 2025, the EFCC charged a total of 58 Ponzi scheme operators to court as part of its ongoing clampdown on fraudulent financial practices.
The EFCC’s intensified enforcement reflects growing concern over the proliferation of unregulated investment schemes that continue to defraud unsuspecting Nigerians of billions of naira.
