The Securities and Exchange Commission (SEC) is upscaling its fight against Ponzi schemes in Nigeria.
It vowed to take decisive action against illegal fund operatorswhile educating the public to prevent further victimization.
At an awareness campaign held at the Dei-Dei Building Materials Market in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.
Executive Commissioner Legal and Enforcement, Securities and Exchange Commission, Ms Frana Chukwuogor, warned of the dangers of patronising illegal fund operators known as Ponzi schemes.
She added: “We want to saturate, saturation is my favorite word, it means that there will be no room to do anything more”, we are here to spend time with people having realised that the issue of Ponzi schemes menace is affecting and spreading all over the place and they are deceiving and collecting peoples money especially from traders in the market”
She explained that the Commission deemed it crucial to visit Dei-Dei building material market to sensitize traders, empowering them to make informed decisions when approached with investment requests.
She said that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.
“Our approach is simple but firm,” Chukwuogor said. “We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting.”
She said too many Nigerians—especially those at the grassroots—fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.
“We have seen people lose their life savings, their businesses, and their peace of mind. That is why we are taking this message to the markets, motor parks, online platforms—anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.
At Dei Dei Market, the SEC team distributed flyers in multiple languages, engaged traders directly, and fielded questions from those who had either encountered or fallen victim to illegal investment operators. The engagement was marked by honesty, personal stories, and curiosity about how to identify legitimate platforms.
Speaking, the Head of Enforcement Department, Securities and Exchange Commission, Mr Abdusalam Sa’ad Khalid warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities.
He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.
