SEC Moves Against 79 Suspected Ponzi Schemes
THECONSCIENCE NG reports that the Securities and Exchange Commission (SEC) has launched a sweeping investigation into 79 suspected Ponzi schemes across Nigeria, warning that those found guilty will face severe legal consequences under the Investment and Securities Act (ISA).
Among the entities under investigation is FF Tiffany, which is also the subject of a separate, full-scale probe following widespread allegations of fraudulent activities. The company is accused of operating a scheme that has reportedly defrauded thousands of Nigerians both at home and abroad.
According to a statement released by the SEC on Tuesday in Abuja, preliminary findings indicate that FF Tiffany lured investors with promises of unrealistically high returns, resulting in losses amounting to billions of naira.
The Commission described these schemes as a major threat to investor confidence and the stability of Nigeria’s financial system. It emphasized its collaboration with law enforcement agencies to track down the perpetrators, vowing to prosecute any individuals or entities found culpable.“The SEC remains committed to protecting investors, ensuring fair practices, and preserving confidence in Nigeria’s capital market,” the statement said.
As part of its ongoing investor protection efforts, the SEC urged Nigerians to verify the registration status of any investment platform by visiting the SEC website or contacting its offices directly. It reiterated its longstanding advisory to avoid schemes that promise guaranteed or exaggerated returns, noting that such ventures are not registered and offer no legal investor protection.
In response to the rising number of fraudulent investment platforms, the Commission has intensified its public awareness campaigns nationwide. These outreach efforts, led by SEC Director General Dr. Emomotimi Agama, target traders and the general public with practical education about the dangers of unregulated schemes.
Speaking to journalists during a recent campaign, Agama said the SEC had decided to take the message directly to the streets and markets, instead of relying solely on official channels or online media.
“It is crucial that Nigerians understand the risks of investing in ventures that are not registered or regulated by the SEC,” Agama said. “If it sounds too good to be true, it probably isn’t true.”
He noted that many participants in the awareness campaigns appreciated the initiative and encouraged the Commission to continue its grassroots outreach. Agama emphasized that spreading awareness at the community level is essential in protecting millions of Nigerians from falling victim to Ponzi schemes.
He also highlighted the personal and societal toll of such scams:
“You could lose all your money. You could fall into ill health from the stress. It can destroy your family, your business—your entire future,” he warned.
Agama further disclosed that the recently signed ISA 2025 by President Bola Ahmed Tinubu has significantly increased penalties for those promoting or participating in Ponzi schemes. Offenders—including influencers, bloggers, and other accomplices—now face fines of up to ₦20 million and 10 years imprisonment.
“We won’t stop here. We’ll go to every market, every church, mosque, hospital—even the navy. Everyone must hear this message,” he said.
Agama concluded with a call for collective action:
“It’s never too late. Now that you’re informed, you can protect yourself and others. Ponzi schemes are a global issue—but together, we can defeat them here.”
