The Securities and Exchange Commission (SEC) has intensified its campaign against Ponzi scheme promoters across Nigeria, pledging stronger enforcement actions while expanding public awareness to curb the spread of fraudulent investment operations.
At an awareness campaign held at the Dei-Dei Building Materials Market in Abuja, SEC officials warned traders about the rising threat of unregistered investment schemes and the devastating impact on unsuspecting investors.
Speaking at the event, SEC’s Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, said the outreach is a proactive effort to inform Nigerians, particularly market traders, about the dangers of Ponzi schemes before enforcing regulatory sanctions.
“We are here because Ponzi schemes are deceiving people and stealing their money, especially from traders. We want to ensure they’re informed and protected,” Chukwuogor stated. She emphasized that public education is the Commission’s first line of defense, as many fall victim to scams due to misleading promises and a lack of financial literacy.
The SEC warned that many of these illegal schemes operate without registration or regulation, making them highly risky. The campaign is part of a broader national strategy that includes engagement in markets, motor parks, and online platforms where financial decisions are often made.
Also speaking, the Head of Enforcement at the SEC, Mr. Abdusalam Sa’ad Khalid, stressed that while education is key, enforcement will follow. “Those who persist in these fraudulent activities will be prosecuted. Education is the first step, but not the last,” he warned.
With growing concern over the financial losses suffered by Nigerians in unregulated schemes, the SEC reiterated its commitment to protecting investors and restoring trust in the financial system through vigilance, education, and strict enforcement.
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