The Securities and Exchange Commission (SEC) has launched investigations into 79 suspected Ponzi operations currently active within Nigeria.
In a statement issued yesterday, the Commission disclosed that its probe is ongoing and that the findings will be shared with the public upon conclusion.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.
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Among those under scrutiny is FF Tiffany, a company widely accused of orchestrating a fraudulent investment operation.
The SEC noted that the firm has allegedly swindled thousands of Nigerians, including individuals living abroad.
Preliminary reports, according to the Commission, indicate that the scheme lured investors with unrealistic profit promises and has led to financial losses amounting to billions of naira.
The Commission expressed concern over the negative impact such schemes have on public trust in Nigeria’s financial sector.
It further assured Nigerians that it is collaborating with law enforcement and other regulatory bodies to ensure all those responsible are held accountable.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement added.
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In response to the growing threat of fraudulent investment offers, the SEC reiterated its previous warnings, urging the public to avoid participating in unregistered or deceptive schemes that offer guaranteed or excessive returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law,” it stated.
