The Securities and Alternate Fee (SEC) has opened investigations into 79 suspected Ponzi schemes in Nigeria, together with FF Tiffany, warning that these discovered responsible will face prosecution below the newly signed Funding and Securities Act (ISA) 2025.
The SEC, in a press release on Tuesday, July 15, urged Nigerians to keep away from funding platforms promising unrealistic returns, saying such schemes threaten {financial} stability and investor confidence.
“Preliminary findings recommend the scheme promised unusually excessive and unrealistic returns, resulting in losses operating into a number of billions of naira,” the SEC stated.
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Director Common Dr Emomotimi Agama, who has led consciousness campaigns nationwide, warned that the hazard is actual and will wreck households and companies.
“It’s essential that Nigerians perceive the hazards of placing their hard-earned cash into ventures that aren’t registered or regulated by the SEC,” he stated.
Agama famous that below the ISA 2025, these concerned in Ponzi operations now threat ₦20 million in fines and as much as 10 years in jail.
He added, “Ponzi schemes are a world downside, however collectively, we are able to struggle them right here.”
