The Securities and Exchange Commission (SEC) has launched investigations into 79 suspected Ponzi schemes operating across Nigeria.
The Body has raised fresh concerns over the safety of investors’ funds and the growing menace of fraudulent investment platforms.
In a statement released on Tuesday, the regulatory agency said it will disclose the outcome of the investigations once they are completed.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.
Among the entities under scrutiny is FF Tiffany, a company the SEC says has defrauded thousands of Nigerians, both at home and in the diaspora.
Preliminary findings, according to the commission, show the entity lured investors with the promise of high and unrealistic returns, resulting in the loss of several billions of naira.
Describing the FF Tiffany case as a serious threat to investor confidence and the overall integrity of Nigeria’s financial markets, the SEC said it is working in collaboration with law enforcement agencies and other regulatory bodies to trace the operators and bring them to justice.
