The Securities and Exchange Commission (SEC) has announced that it is currently investigating 79 suspected ponzi schemes operating across Nigeria.
In a statement released on Tuesday, the commission disclosed that findings from the ongoing investigations would be made public upon completion.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,”
the SEC said.
Among the entities under scrutiny is one identified as FF Tiffany, which the commission says is at the center of widespread allegations of fraudulent activities. According to the SEC, the scheme has reportedly defrauded thousands of Nigerians both locally and in the diaspora, promising unrealistic and excessively high returns on investment.
The SEC warned that such operations pose a serious risk to public trust and the stability of the financial system. It revealed that preliminary findings already point to the loss of several billions of naira due to the scheme.
The commission further noted it is working in collaboration with law enforcement agencies and other regulators to ensure that individuals found guilty are held accountable.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement added.
Reiterating previous warnings, the SEC advised Nigerians to avoid ponzi and unregistered investment schemes that guarantee exaggerated profits. It emphasized that such schemes are not legally recognized and do not offer investor protection.
The public was encouraged to verify the legitimacy of any investment offering by checking the registration status on the SEC’s website or through its official contact channels.
To curb the spread of fraudulent schemes, the SEC has launched nationwide sensitisation campaigns, targeting marketplaces and other public spaces. Speaking after one of the awareness drives, the SEC Director-General, Emomotimi Agama, explained the commission’s strategy to reach people who may lack access to credible information.
“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 said.
“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.”
He reiterated the commission’s resolve to wipe out illegal investment operations across the country.
“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 stated.
“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.
“It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others.”
Agama acknowledged that ponzi schemes are a global issue but stressed that with collective effort and local action, Nigeria can mitigate their spread.
