The Securities and Exchange Commission (SEC) has revealed it is currently investigating 79 suspected Ponzi schemes operating across Nigeria, as part of intensified efforts to safeguard investors and strengthen confidence in the nation’s financial markets.
In a statement issued on Tuesday, the commission confirmed that ongoing investigations are focused on exposing the scale of fraudulent investment operations and bringing perpetrators to justice.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC noted.
Among the schemes under scrutiny is FF Tiffany, an entity accused of defrauding thousands of Nigerians—including diaspora investors—by promising unrealistic returns on capital.
Preliminary findings suggest that investors have lost billions of naira to the scheme.
Describing the situation as a serious threat to investor protection and financial integrity, the SEC said it is working closely with law enforcement agencies and other regulatory bodies to apprehend those responsible.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and other regulatory provisions,” the commission added.
Public Warning and Advice
Reiterating its longstanding warnings, the SEC urged Nigerians to avoid unregistered investment platforms offering “guaranteed” or exaggerated profits, warning that such schemes are illegal and offer no legal protection to investors.
The commission advised the public to always verify the registration status of investment products and companies through the SEC’s official website or helpdesk.
Market-Based Sensitisation Campaigns
In a proactive step to prevent further victimisation, the SEC has begun grassroots sensitisation campaigns in major markets and public places across the country.
Speaking during one such event, SEC Director-General Dr. Emomotimi Agama said the campaign targets vulnerable populations who may lack access to online regulatory information.
“We discovered that sitting in our offices and asking people to visit our websites or call us may not be the most effective approach,” Dr. Agama stated.
“So we decided to take the message directly to them—to their markets, churches, mosques, and even hospitals.”
He noted that Ponzi schemes are a global issue, but emphasized that they can be tackled locally through sustained regulatory vigilance, community awareness, and stricter enforcement.
Dr. Agama also highlighted the newly enacted Investment and Securities Act (ISA 2025) signed by President Bola Ahmed Tinubu, which imposes harsher penalties—including a ₦20 million fine and up to 10 years imprisonment for anyone promoting or participating in illegal investment operations.
The commission encouraged Nigerians to report suspicious investment activities and pledged to continue its public advocacy until every Nigerian is aware of the dangers posed by fraudulent investment schemes.