SEC Launches Investigation into Alleged Fraud by FF Tiffany and 79 Ponzi Schemes in Nigeria
The Securities and Exchange Commission (SEC) has initiated a comprehensive investigation into 79 suspected Ponzi schemes operating across Nigeria. The agency has warned that those found guilty of involvement in these fraudulent activities will face severe legal consequences, including prosecution under the Investment and Securities Act (ISA). As part of its ongoing efforts to safeguard investor interests, the SEC is expected to announce the results of its probes once they are completed.
Among the schemes under scrutiny is FF Tiffany, an entity that has drawn significant public attention due to allegations of orchestrating a large-scale investment fraud. The company has been accused of luring thousands of Nigerians, both within the country and abroad, with promises of unusually high returns. According to preliminary findings, the scheme has resulted in losses amounting to several billions of naira, posing a serious threat to investor confidence and the stability of the financial system.
The SEC has emphasized its commitment to working closely with law enforcement agencies and other relevant stakeholders to trace and hold accountable those responsible for the fraudulent activities. The Commission has reiterated its advisory to the public to avoid unregulated investment platforms that promise guaranteed or exaggerated returns. These ventures, which are not registered with the SEC, offer no legal protection to investors.
To ensure transparency and protect potential investors, the SEC encourages individuals to verify the registration status of any investment firm or product by checking the official SEC website or contacting its offices directly. The Commission remains dedicated to upholding fair practices and maintaining trust in Nigeria’s capital market.
Awareness Campaigns Target Grassroots to Combat Fraud
As part of its broader strategy to combat fraudulent schemes, the SEC has launched nationwide awareness campaigns aimed at educating the public on the dangers of investing in unregistered platforms. These initiatives, led by SEC Director General Dr. Emomotimi Agama, have taken the message directly to markets, churches, mosques, hospitals, and even the navy.
Agama explained that the decision to engage directly with the public was driven by the need to reach those who may not be easily accessible through traditional channels. “It is crucial that Nigerians understand the risks of investing in unregistered ventures,” he said. “If it is too good to be true, then it is not good—it is certainly not true.”
During these campaigns, many participants expressed appreciation for the information and encouraged the SEC to return regularly. Agama urged them to share the knowledge with friends, family, and colleagues, emphasizing that grassroots education can help prevent millions from falling victim to Ponzi schemes.
Real Risks and Severe Consequences
Agama highlighted the real dangers associated with Ponzi schemes, noting that individuals could lose all their money, suffer from stress-related health issues, and even face the collapse of their families, businesses, and communities. He stressed that the consequences extend beyond personal loss and impact the broader society.
With the recent signing of the new ISA 2025 by President Bola Ahmed Tinubu, penalties for promoting or participating in such schemes have become more stringent. Those involved, including influencers, bloggers, and accomplices, now face fines of up to N20 million and potential imprisonment for up to 10 years.
“We will not stop here,” Agama stated. “We will go to every market we can reach—every nook and cranny of this country. We will visit churches, mosques, hospitals, and even the navy. We want everyone to hear this message.”
Call for Collective Action
Stressing the importance of collective action, Agama appealed to the public to help spread awareness about the dangers of Ponzi schemes. “The SEC of today is reaching out like never before. We will continue to do this, but we need your help to spread the information. Together, we will be better off.”
He concluded by reinforcing the SEC’s determination to eradicate fraudulent operations and protect investors. “It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others.”
