The Securities and Exchange Commission (SEC) has revealed that it is investigating 79 suspected Ponzi schemes across the country.
The commission in a stattement said the outcome of the investigations would be disclose once concluded.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation” the SEC said.
The regulator also announced plans to probe the operations of an entity identified as FF Tiffany.
According to the SEC, the entity has been widely accused of operating a fraudulent investment scheme that has defrauded thousands of Nigerians both in the country and in the diaspora.
The commission said preliminary findings indicate that the scheme promised investors high and unrealistic returns, resulting in the loss of several billions of naira.
The SEC described the development as a serious threat to investor confidence and the integrity of the financial system.
The agency added that it is collaborating with law enforcement agencies and other regulatory bodies to bring the perpetrators to justice.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement said.
Reiterating its earlier warnings, the SEC urged Nigerians to desist from engaging in ponzi and unregistered investment schemes that promise guaranteed or exaggerated returns.
The SEC said such schemes are not registered and do not offer legal investor protection.
The regulator also encouraged members of the public to verify the registration status of any investment company or product by visiting the commission’s website or contacting its official channels.
To forestall future occurrences, the SEC said it has conducted sensitisation campaigns across various markets in the country.
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