The Digest:
Nigeria's Securities and Exchange Commission (SEC) announced it's cracking down on fraud, actively investigating 79 suspected Ponzi schemes nationwide. The regulator specifically revealed a probe into an entity named FF Tiffany, accused of defrauding thousands of Nigerians through a fraudulent investment scheme promising unrealistic high returns.
Key Points:
- The SEC stated it's currently investigating 79 schemes and will disclose findings upon conclusion.
- Preliminary findings suggest FF Tiffany has defrauded Nigerians of billions of naira, operating an unregistered scheme. The SEC views this as a "serious threat to investor confidence."
- The agency is working with law enforcement and other regulators to prosecute culprits under the Investment and Securities Act and relevant provisions. Influencers and accomplices face N20 million fines and up to 10 years in jail under the new ISA 2025.
- To prevent future occurrences, the SEC has launched nationwide sensitization campaigns in markets, churches, mosques, and other public spaces to educate Nigerians on the dangers of Ponzi schemes.
- Emomotimi Agama, SEC Director-General, reaffirmed the commission's determination to eliminate all illegal investment operations, urging the public to verify investment companies' registration status via official channels.
Source: Daily Post
