The Securities and Exchange Commission (SEC) has launched a comprehensive investigation into 79 suspected Ponzi schemes across Nigeria, intensifying efforts to curb fraudulent investment activities that continue to defraud unsuspecting citizens.
The commission made the announcement in a statement on Tuesday, promising that detailed findings will be disclosed upon conclusion of the probes.
One of the high-profile cases under investigation is FF Tiffany, a company accused of orchestrating an elaborate fraud that reportedly swindled billions of naira from thousands of investors in Nigeria and the diaspora. Preliminary findings suggest the firm enticed investors with promises of extremely high, unrealistic returns, triggering alarm over its operations.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
It described such fraudulent ventures as a major threat to the credibility of Nigeria’s financial system and a dangerous blow to investor confidence.
To enforce accountability, the SEC is working alongside law enforcement and relevant agencies to identify, apprehend, and prosecute all parties involved. “Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the statement added.
Reiterating its longstanding warnings, the SEC urged Nigerians to exercise caution and avoid any investment platforms that promise unusually high returns without regulatory clearance. It encouraged the public to verify the registration status of firms via the commission’s website or official channels before committing funds.
In a broader effort to educate investors and prevent future scams, the SEC has rolled out a nationwide sensitisation campaign, targeting key commercial markets and communities. SEC Director-General Emomotimi Agama emphasized that many people still lack access to critical financial information.
“We discovered that it is difficult for people to get the information that will protect them,” he noted during a market outreach.
Highlighting the urgency of grassroots engagement, Agama added, “Sitting in our offices and requiring them to go to our websites may not be the best way. We needed to come out to let them know the dangers of a Ponzi scheme.” He said the commission plans to take the campaign beyond markets into churches, mosques, schools, and other institutions nationwide.
Agama also referenced the newly signed Investment and Securities Act (ISA) 2025, which imposes stiff penalties for Ponzi promoters and their enablers.
“Now, anyone involved in Ponzi schemes—whether influencers, bloggers, accomplices, or anyone else—faces a ₦20 million fine and up to 10 years in jail,” he stated.
He called on Nigerians to embrace financial literacy, noting, “When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others.”
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