{"id":71132,"date":"2025-07-21T12:45:11","date_gmt":"2025-07-21T12:45:11","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=71132"},"modified":"2025-07-21T12:45:11","modified_gmt":"2025-07-21T12:45:11","slug":"sec-launches-ussd-code-to-crush-ponzi-schemes","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/07\/21\/sec-launches-ussd-code-to-crush-ponzi-schemes\/","title":{"rendered":"SEC Launches USSD Code to Crush Ponzi Schemes"},"content":{"rendered":"<p><strong>By Anifowoshe Oladipupo<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>In a major crackdown on Ponzi schemes, the Securities and Exchange Commission (SEC) is set to unveil a new USSD code that will allow Nigerians to instantly verify the registration status of capital market operators\u2014without internet access.<\/p>\n<p>The tool, expected to be launched at this quarter\u2019s Capital Market Committee meeting, is designed to empower mobile phone users across the country to protect themselves from fraudulent investment schemes.<\/p>\n<p>\u201cWe are introducing the code system that will allow mobile phone users to verify a capital market operator using USSD codes,\u201d said SEC Director-General Emomotimi Agama in Abuja. \u201cThey do not require an internet connection to be able to do this.\u201d<\/p>\n<p>This initiative is part of SEC\u2019s broader strategy to eliminate unregistered investment operators and enhance public trust in legitimate wealth creation avenues.<\/p>\n<p>Beyond technology, the commission is strengthening its anti-fraud campaign through partnerships with the Nigerian Educational Research and Development Council to embed capital market education into school curricula, alongside plans to develop interactive financial literacy games.<\/p>\n<p>Agama stressed that registration with the Corporate Affairs Commission (CAC) is not a license to operate as an investment company. \u201cThe first thing you should ask anyone discussing money matters with you is whether they are registered with the SEC,\u201d he advised.<\/p>\n<p>The newly signed Investment and Securities Act 2025 further escalates the fight with tough penalties for &#8220;prohibited schemes&#8221;\u2014the legal classification for Ponzi operations. Offenders now face fines starting at N20 million, rising to N1 billion, and up to 10 years imprisonment.<\/p>\n<p>In a landmark move, the SEC is also empowered to prosecute celebrities and social media influencers who promote fraudulent investment schemes, marking a significant shift toward accountability for all enablers of financial deception.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Anifowoshe Oladipupo &nbsp; In a major crackdown on Ponzi schemes, the Securities and Exchange Commission (SEC) is set to unveil a new USSD code that will allow Nigerians to instantly verify the registration status of capital market operators\u2014without internet access. The tool, expected to be launched at this quarter\u2019s Capital Market Committee meeting, is [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":71134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-71132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/71132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=71132"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/71132\/revisions"}],"predecessor-version":[{"id":71135,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/71132\/revisions\/71135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/71134"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=71132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=71132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=71132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}