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,…
Operators of another Ponzi scheme, FF Tiffany, have pulled a fast one on unsuspecting Nigerian investors, fleecing them of hundreds of billions of naira. The number of Nigerians who lost money to the scheme, as well as the total amount they lost, could, however, not be immediately ascertained as of the time of filing this…
Operators of Ponzi schemes in Nigeria have come under the Senate’s spotlight following the passage of a resolution on Wednesday to investigate their activities and other similar online transactions that defraud investors of their hard-earned money. Of particular concern to the Senate is the recent collapse of the Crypto Bullion Exchange (CBEX), which resulted in…
The Oba of Lagos, His Majesty, Oba Rilwan Akiolu, has condemned what he described as the growing “get-rich-quick” mentality among Nigerian youths, saying that both the Bible and the Quran discourage such practices. “The get-rich-quick syndrome is wrong and should be discouraged. Even the two holy books, the Bible and the Holy Quran, frown at…
The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro). The Commission raised the alarm in a notice issued yesterday and made available to newsmen. The Commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns. SEC said…
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money. The agency issued the advice in a terse post on its X handle on Sunday. “Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read. This…