The Securities and Exchange Commission (SEC) has announced it is currently investigating 79 suspected Ponzi schemes operating across Nigeria.
In a statement released yesterday, the commission revealed that findings from the ongoing probes would be made public upon completion.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.
Among the entities under scrutiny is a firm identified as FF Tiffany, which the regulator says has come under widespread accusations of running a fraudulent investment operation that has allegedly duped thousands of Nigerians, both at home and abroad.
According to the SEC, early investigations suggest that the company lured investors with promises of unrealistic and extremely high returns, leading to the loss of several billions of naira.
The commission described the situation as a grave threat to public trust in the financial system and a blow to investor confidence.
To ensure accountability, the SEC said it is working in collaboration with law enforcement agencies and other regulatory institutions to track down and prosecute those behind the schemes
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement said.
The commission also urged members of the public to confirm the legitimacy of any investment firm or product through its official website or verified communication channels.