The Securities and Exchange Commission (SEC) has announced that it is currently investigating 79 suspected Ponzi schemes operating across Nigeria.
The director general of SEC Emomotimi Agama, while confirming this stated the commission affirmed the resolute determination to eliminate Ponzi schemes and all other forms of illegal investment operations across Nigeria.
He said that plans have been announced to initiate a probe into the operations of an entity identified as FF Tiffany, this entity stands widely accused of orchestrating a fraudulent investment scheme that has defrauded thousands of Nigerians, both within the country and in the diaspora.
Agama stated that preliminary findings indicate that the scheme enticed investors with promises of exceptionally high and unrealistic returns, resulting in the loss of several billions of naira, this development serve as a significant threat to investor confidence and the overall integrity of the financial system.
He said “The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions.”
He disclosed that nationwide sensitization campaigns were conducted in various markets. This strategic decision to engage directly with marketplaces was driven by the critical need to disseminate essential information to individuals who might otherwise be unaware of the inherent risks they face.
“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.
“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.
“President Bola Ahmed Tinubu has signed a new law ISA 2025. Now, anyone involved in Ponzi schemes wether influencers, bloggers, accomplices, or anyone else faces a 20 million naira fine and up to 10 years in jail.
“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.”
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