The Securities and Exchange Commission (SEC) has launched investigations into 79 suspected Ponzi schemes across Nigeria, including a high-profile case involving FF Tiffany, accused of defrauding thousands with promises of unrealistic returns. The Commission warned that promoters of such schemes face severe legal consequences under the newly signed Investment and Securities Act (ISA) 2025, which prescribes fines up to ₦20 million and jail terms of up to 10 years.
SEC Director General, Dr. Emomotimi Agama, said the probes aim to restore investor confidence and protect the financial system. He noted that FF Tiffany’s alleged activities led to losses running into billions of naira.
The SEC urged the public to verify any investment with the Commission before committing funds, emphasizing that unregistered platforms offer no investor protection. The agency has intensified grassroots sensitisation campaigns across markets, religious centres, and public spaces, warning that Ponzi schemes can ruin families and businesses.
Agama stressed the need for collective awareness and vigilance, stating, “If it sounds too good to be true, it certainly is not true.”
