On Tuesday, July 15, 2025, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), announced that the commission is investigating 79 suspected Ponzi schemes operating across Nigeria, with findings to be disclosed upon completion. Among the entities under scrutiny is FF Tiffany, accused of defrauding thousands of Nigerians, both domestically and in the diaspora, by promising unrealistically high returns, resulting in losses of several billion naira. The SEC, viewing these activities as a severe threat to investor confidence and financial system integrity, is collaborating with law enforcement to prosecute those found culpable under the newly amended Investment and Securities Act (ISA) 2025, which imposes penalties of up to ₦20 million and 10 years in prison for perpetrators, including influencers and accomplices.
To curb such schemes, the SEC has launched a nationwide investor education campaign, targeting markets, churches, mosques, and other community spaces to raise awareness about the dangers of unregistered investment platforms. Dr. Agama emphasized the importance of grassroots outreach, noting that relying solely on digital channels like the SEC website is insufficient. He urged Nigerians to verify the legitimacy of investment firms through official SEC channels and stressed that unregistered schemes offer no legal protection. Highlighting the global nature of Ponzi schemes, Agama called for collective action to protect investors, affirming the SEC’s commitment to visiting every corner of Nigeria to educate the public and restore trust in the capital market.
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