Full List: SEC Names 79 Suspected Ponzi Schemes in Nigeria, Issues Fresh Warning

• The Securities and Exchange Commission (SEC) has sounded the alarm on 79 suspected Ponzi and fraudulent investment schemes
• The SEC confirmed that it had launched investigations into the flagged platforms
• Among them is FF Tiffany, a prominent name in the list, which allegedly defrauded both local and diaspora investors of billions of naira

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Securities and Exchange Commission (SEC) has sounded the alarm on 79 suspected Ponzi and fraudulent investment schemes operating across Nigeria, warning of severe legal consequences for those involved.

This includes full criminal prosecution under the newly signed Investment and Securities Act (ISA) 2025, which introduces harsher penalties for financial crime.

FF Tiffany under separate full-scale investigation

In a statement released on Tuesday, July 15, 2025, the SEC confirmed that it had launched investigations into the flagged platforms, many of which have lured thousands of Nigerians with promises of “guaranteed” or “unrealistic” returns.

Among them is FF Tiffany, a prominent name in the list, which allegedly defrauded both local and diaspora investors of billions of naira.

The SEC said FF Tiffany’s activities were especially concerning due to the scale of financial loss and its misleading operations.

“Preliminary findings suggest the scheme promised unusually high and unrealistic returns, leading to losses running into several billions of naira,” the Commission disclosed.

Authorities say a dedicated team is now working closely with law enforcement and financial intelligence units to trace the perpetrators, freeze assets, and recover funds where possible.

The SEC added that findings from its investigations would be made public in due course.

‘If it’s too good, it’s fake’ - Regulator

The Commission urged Nigerians to remain vigilant and avoid unregistered investment schemes, stating that any venture offering “guaranteed returns” without proper licensing or transparency should be treated with suspicion.

Speaking at a recent grassroots awareness campaign in Lagos, SEC director general Dr. Emomotimi Agama noted that many schemes prey on low-income earners seeking financial freedom.

“The danger is real. You could lose all your money. That stress can destroy your business, your family—your entire life,” he warned.

New law imposes jail time, heavy fines

With the new ISA 2025 now in effect, individuals who promote or participate in Ponzi schemes—including influencers, bloggers, and digital marketers—face fines of up to ₦20 million and up to 10 years in prison.

“This law is tough—and rightly so,” said Agama. “We’re going to markets, churches, mosques, hospitals, even the navy—because everyone must hear this message.”

Nigerians encouraged to verify before investing

The SEC advised the public to always verify investment platforms via the Commission’s official website or local offices.

“It is never too late to learn. When you wake up, that is your morning. Now that you know better, help others know too,” Agama said.

He concluded by appealing for collective action: “The SEC of today is reaching out like never before. We’ll continue, but we need every Nigerian’s help. Together, we will stamp out Ponzi schemes from our markets and our lives.”

After CBEX, SEC alerts Nigerians to another Ponzi scheme

Legit.ng earlier reported that the SEC alerted Nigerians about a company parading itself as an Investment Adviser and Fund Manager.

The SEC warned Nigerians to beware of Sapphire Scents Limited and the unregistered investment scheme promoted on the platform.

According to the notice, Sapphire Scents Limited is not registered in any capacity to collect funds from Nigerians in the name of investments.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng