SEC Investigates 77 Unregistered Schemes

The Securities and Exchange Commission (SEC) has begun a sweeping investigation into 77 unregistered investment schemes operating in the country, with a particular focus on one entity: FF Tiffany, which authorities said is linked to a fraudulent Ponzi scheme that has cost Nigerians at home and abroad several billions of naira.
Preliminary findings suggest that FF Tiffany lured investors with the promise of unusually high and unrealistic returns, leaving thousands of victims across the country and the diaspora.
Describing the situation as a “serious threat to investor confidence and the overall integrity of the financial system,” the SEC assured the public that it is “working closely with law enforcement agencies and other relevant bodies to bring everyone involved in this unlawful operation to justice.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the commission stated.
In the midst of these developments, the SEC reiterated its warnings about the dangers of unregistered investment platforms and Ponzi schemes, emphasising that such outfits do not offer investor protection. “The commission is currently investigating 77 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.
The Commission urged Nigerians to conduct due diligence before investing, verifying any firm or product’s status on the SEC’s 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,” the director general of SEC, Dr. Emomotimi Agama, stressed.
The SEC has launched extensive sensitisation campaigns nationwide, distributing flyers and engaging directly with traders about the risks of unregulated investments.
Explaining the motive behind these actions, Dr. Agama noted, “We are happy that we have come out here to inform them and more importantly, they are now being enlightened to the effect that if it is too good to be true then it is not good, certainly it is not true. They encouraged us to come back again on this journey and we have also encouraged them to inform more people all around them about the dangers of Ponzi schemes. We believe strongly that by this action, a lot of people would be free from ponzi scheme scams.”
He clarified that the Commission moved outreach efforts to the markets because, “Sitting in our offices and requiring them to go to our websites and getting to us through the telephone may not be the best way; we needed to come out to let them know the dangers of a Ponzi scheme.”
Dr. Agama warned: “The danger is real. You could lose all your money. You could fall into ill health from the stress. When that happens, you risk destroying your family, your foundation, your business, even your nation.”
He expressed the Commission’s determination to eradicate such illegal platforms from Nigeria’s financial landscape.
“President Bola Ahmed Tinubu has signed into law the new ISA 2025. Now, anyone involved in Ponzi schemes—whether influencers, bloggers, accomplices, or anyone else—faces a 20 million naira fine and up to 10 years in jail.
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, even the navy. We want everyone to hear this message.
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.”
He said, “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.”
The SEC’s renewed crackdown and aggressive awareness drive aim to ensure perpetrators are brought to justice, restore faith in the financial system, and prevent more Nigerians from falling victim to fraudulent schemes.