The Securities and Exchange Commission (SEC) says it is investigating 79 suspected ponzi schemes across the country.
In a statement on Tuesday, the commission said the outcome of the investigations would be disclose once concluded.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation” the SEC said.
The regulator also announced plans to probe the operations of an entity identified as FF Tiffany.
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According to the SEC, the entity has been widely accused of operating a fraudulent investment scheme that has defrauded thousands of Nigerians both in the country and in the diaspora.
The commission said preliminary findings indicate that the scheme promised investors high and unrealistic returns, resulting in the loss of several billions of naira.
‘FF TIFFANCY’S ACTIVITIES THREATEN INVESTOR CONFIDENCE’
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The SEC described the development as a serious threat to investor confidence and the integrity of the financial system.
The agency added that it is collaborating with law enforcement agencies and other regulatory bodies to bring the perpetrators to justice.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement said.
Reiterating its earlier warnings, the SEC urged Nigerians to desist from engaging in ponzi and unregistered investment schemes that promise guaranteed or exaggerated returns.
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The SEC said such schemes are not registered and do not offer legal investor protection.
The regulator also encouraged members of the public to verify the registration status of any investment company or product by visiting the commission’s website or contacting its official channels.
THE SEC’S ANTI-FRAUD SENSITISATION SCHEME
To forestall future occurrences, the SEC said it has conducted sensitisation campaigns across various markets in the country.
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Speaking to journalists after one of the outreach events, Emomotimi Agama, director-general of the SEC, said the commission’s decision to go directly into marketplaces was driven by the need to take information to people who might otherwise remain unaware of the dangers they face.
“We decided to do this sensitization to the market because we discovered that it is difficult for people to get the information that will protect them,” Agama was quoted as saying.
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“Sitting in our offices and requiring them to go to our websites and getting to us through the telephone may not be the best way; we needed to come out to let them know the dangers of a ponzi scheme.”
Agama reaffirmed the commission’s determination to eliminate ponzi schemes and all other forms of illegal investment operations in Nigeria.
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“President Bola Ahmed Tinubu has signed into law the new ISA 2025. Now, anyone involved in Ponzi schemes—whether influencers, bloggers, accomplices, or anyone else—faces a 20 million naira fine and up to 10 years in jail,” he said.
“We will not stop here. We will go to every market we can reach—every nook and cranny of this country. We will visit churches, mosques, hospitals, even the navy. We want everyone to hear this message.
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“It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others.”
The director-general noted that while ponzi schemes are a worldwide issue, they can be tackled locally through collective effort.
