The Securities and Exchange Commission (SEC) has launched an investigation into 79 suspected Ponzi schemes across Nigeria, warning that those found culpable will face severe legal consequences, including prosecution under the Investment and Securities Act (ISA).
The Commission said it will announce the outcomes of its investigations into the 79 suspected schemes, including FF Tiffany, when the probes are concluded.
In a statement issued on Tuesday in Abuja, the Commission disclosed that it is also opening a separate, full-scale probe into the activities of an entity known as FF Tiffany. The company has been widely accused of orchestrating a fraudulent investment scheme that has allegedly swindled thousands of Nigerians at home and in the diaspora.
“Preliminary findings suggest the scheme promised unusually high and unrealistic returns, leading to losses running into several billions of naira” the Commission said. The SEC described this as a grave threat to investor confidence and the stability of the financial system.
The Commission assured Nigerians that it is working closely with law enforcement and other relevant agencies to trace those behind the scheme, stressing that individuals and entities found guilty will be prosecuted in line with the law.
In response to the growing number of unregulated investment platforms, the SEC repeated its advisory to the public to steer clear of Ponzi schemes and other ventures that promise guaranteed or exaggerated returns. The Commission warned that these schemes are not registered and therefore offer no investor protection under Nigerian law.
To protect potential investors, the Commission urged Nigerians to verify the registration status of any investment firm or product by checking the SEC website or contacting its offices directly.
“The SEC remains committed to protecting investors, ensuring fair practices, and preserving confidence in Nigeria’s capital market,” the statement read.
As part of ongoing efforts to curb the spread of fraudulent schemes, the SEC has recently carried out awareness campaigns across markets nationwide. These sensitisation exercises, led by SEC Director General Dr. Emomotimi Agama, aimed to educate traders and the wider public on the dangers of putting money into unregistered and risky investment platforms.
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Speaking to journalists during one of these campaigns, Agama explained that the Commission decided to take the message directly to the streets and markets, rather than relying solely on online platforms or official channels.
“It is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC,” Agama said. “We have come out here to inform them, and more importantly, they are now being enlightened that if it is too good to be true, then it is not good—it is certainly not true.”
Agama noted that many of those engaged during the campaigns encouraged the SEC to return regularly, and he called on them to share the knowledge with friends, family, and colleagues. According to him, raising awareness at the grassroots level can help protect millions from falling victim to Ponzi schemes.
Explaining the real risks, Agama said, “The danger is real. You could lose all your money. You could fall into ill health from the stress, and that could destroy your family, your foundation, your business—even the nation.”
The SEC boss pointed out that with the signing of the new ISA 2025 by President Bola Ahmed Tinubu, penalties for promoting or participating in Ponzi schemes have become more severe. Those involved—including influencers, bloggers, and other accomplices—now risk a fine of N20 million and up to 10 years in prison.
“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, and even the navy. We want everyone to hear this message,” Agama stated.
He added, “It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others. Ponzi schemes are a global problem, but together, we can fight them here.”
Stressing the SEC’s determination to stamp out Ponzi operations and protect investors, Agama appealed for collective action: “The SEC of today is reaching out like never before. We will continue to do this, but we need your help to spread the information. Together, we will be better off.”
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