By Samuel Adeola
The Securities and Exchange Commission SEC has launched an investigation into 79 suspected Ponzi schemes across Nigeria, warning that promoters will face stiff penalties under the Investment and Securities Act ISA.
Among those under probe is FF Tiffany, accused of running a fake investment scheme that allegedly defrauded thousands of Nigerians by promising unusually high returns.
“This is a serious threat to investor confidence and to the entire financial system,” the SEC said in a statement issued Tuesday in Abuja.
The Commission said it is working with security agencies to track and prosecute those involved.
It urged Nigerians to avoid investment platforms that offer guaranteed or inflated returns and to verify any firm through its official website.
SEC Director General, Dr Emomotimi Agama, said the Commission is taking its awareness campaign to markets, churches, mosques, and public spaces.
He warned that under the new ISA 2025 law, promoters and influencers of Ponzi schemes face up to 10 years in jail and a fine of 20 million naira.
“If it is too good to be true, then it is not true,” Agama said.
