The Securities and Exchange Commission (SEC) has revealed it is currently investigating 79 suspected Ponzi schemes operating across Nigeria, warning the public to stay away from fraudulent and unregistered investment platforms.
In a statement released on Tuesday, the Commission stated that its findings would be made public at the conclusion of the investigations.
“The Commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC noted.
Among those under investigation is FF Tiffany, a platform reportedly involved in a fraudulent investment scheme that has allegedly defrauded thousands of Nigerians both within the country and in the diaspora.
The SEC stated that preliminary information shows the scheme offered investors unrealistic and unusually high returns, which resulted in the loss of billions of naira.
“This is a serious threat to investor confidence and the overall integrity of the financial system,” the statement added.
The regulatory body assured the public that it is working closely with law enforcement agencies and relevant stakeholders to bring all perpetrators to justice.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and other regulatory provisions,” the SEC said.
Reiterating its long-standing warnings, the SEC urged Nigerians to avoid Ponzi schemes and investment platforms not registered with the Commission.
“These schemes are not registered with the SEC and do not offer investor protection under the law,” the statement concluded.
