Nigeria’s Securities and Exchange Commission (SEC) has revealed that it is investigating 79 suspected Ponzi schemes across the nation.
The agency disclosed this on Tuesday while noting that the outcome of the investigation would be made public when it is concluded.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the commission stated.
Speaking further, the SEC said it plans to launch a probe into the operations of an entity it identified as FF Tiffany.
The regulator disclosed that FF Tiffany is accused of operating a fraudulent investment scheme that has defrauded thousands of Nigerians both in the country and in the diaspora.
According to preliminary findings, the scheme promised investors high and unrealistic returns, but investments resulted in the loss of several billions of naira.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the statement added.
The SEC has stepped up efforts to eliminate Ponzi and pyramid schemes in order to foster an environment for genuine investment opportunities to thrive in 2025, in line with its 2025 objective.
Recall that the Director-General of SEC, Mr Emomotimi Agama, during his New Year message to the capital market community, said, “Naturally, our top priority in 2025 will cut across the dual mandate. For us, mainstreaming the Nigerian Capital Market into the economy is very vital.
“Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.
“Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms.
“Transparency is at the heart of investors confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions.”