SEC DG to Nigerians: Verify investment firms with us before committing funds

Emomotimi Agama, director-general of the Securities and Exchange Commission (SEC), has urged Nigerians to be wary of fraudulent investment schemes.

Speaking on Channels Television’s Business Morning programme, on Tuesday,  Agama said registration with the SEC remains the only valid authorisation for firms operating in the Nigerian capital market.

He also warned that many promoters offer unrealistic returns to lure unsuspecting citizens.

“The Corporate Affairs Commission will register your business, but does not register your functionality in the Nigerian capital market,” Agama said.

“Licences for investments and securities businesses are issued only by the SEC, not by any other body.”

’85 ADVISORIES ISSUED ON FRAUDULENT SCHEMES’

The SEC boss said the commission has recently issued more than 85 advisories on fraudulent schemes spanning real estate, pump-and-dump operations, and other unusual investments.

He cautioned Nigerians against falling for promises of outrageous profits.

“Once somebody tells you they can give you something you know is not possible, know certainly that that is a fraud,” he said.

Quoting the SEC Act, the DG said, “Section 3(a) of the Investment and Security Act, No.2 2025, strictly speaks to it that the SEC regulates businesses in Nigeria, and so, it is our responsibility as a representative of the federal government to monitor and moderate the business environment”.

“Anyone who is involved in such activity and is not registered with the Commission violates the law. And it is important. If you do not understand, please ask questions, and asking questions means reaching out to the SEC,” he added.

“The SEC has offices in Lagos, Kano, Port Harcourt, and the head office in Abuja. We are ready 247 to provide this information.”

He said the SEC was currently undergoing digitisation that will enable Nigerians to ask questions regarding the Nigerian business environment.

“And as we drive towards this, the SEC is undergoing serious digitisation that will culminate in having a soft code where people can ask questions, and also an SEC app that will enable people to make enquiries online to move the nation forward,” Agama said.

He said a SEC app and short code will soon be launched to enable real-time checks on registered operators.

On the state of the market, Agama said capital value has risen above N91 trillion, with stronger governance, market infrastructure, and operator capacity being developed.

“It is our responsibility as the representative of the federal government to monitor and moderate this environment,” he said.

“Anyone involved in securities business without SEC registration is in violation of the law.”

On July 15, SEC said it was investigating 79 suspected ponzi schemes across the country.