The Securities and Exchange Commission (SEC) has opened investigations into 79 suspected Ponzi schemes in Nigeria, including FF Tiffany, warning that those found guilty will face prosecution under the newly signed Investment and Securities Act (ISA) 2025.
The SEC, in a statement on Tuesday, July 15, urged Nigerians to avoid investment platforms promising unrealistic returns, saying such schemes threaten financial stability and investor confidence.
“Preliminary findings suggest the scheme promised unusually high and unrealistic returns, leading to losses running into several billions of naira,” the SEC said.
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Director General Dr Emomotimi Agama, who has led awareness campaigns nationwide, warned that the danger is real and could ruin families and businesses.
“It is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC,” he said.
Agama noted that under the ISA 2025, those involved in Ponzi operations now risk ₦20 million in fines and up to 10 years in prison.
He added, “Ponzi schemes are a global problem, but together, we can fight them here.”