The Securities and Exchange Commission (SEC) has announced that it is currently investigating seventy-nine Ponzi schemes operating across Nigeria.
In a statement on Tuesday, the Commission said it would make its findings known soon after concluding it’s investigation.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation”, the SEC stated.
The Commission stated that it will make its findings public soon, after concluding its investigation.
Among the schemes being investigated is FF Tiffany, which has been widely reported for allegedly running a fraudulent investment scheme that has defrauded thousands of Nigerians.
According to the SEC, preliminary information suggests that the scheme, which promised investors unusually high and unrealistic returns, has resulted in the loss of several billions of naira.
The SEC views this as a serious threat to investor confidence and the overall integrity of the financial system.
The Commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
The SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promise guaranteed or exaggerated returns.
The Commission emphasised that these schemes were not registered with the SEC and do not offer investor protection under the law.
The SEC’s investigation and subsequent actions aimed to protect investors and maintain the integrity of the financial system.
