The Securities and Exchange Commission (SEC) announced on Tuesday that it is currently investigating 79 investment schemes across Nigeria, with findings to be made public once these probes conclude.
The Commission issued a renewed, stern warning to Nigerians against participating in unregistered and fraudulent investment opportunities, particularly Ponzi schemes.
Among the numerous schemes under investigation are the widely reported activities of FF Tiffany.
The SEC noted that this particular entity has been extensively implicated in allegedly running a fraudulent investment scheme that has defrauded thousands of Nigerians both within the country and in the diaspora.
Preliminary information gathered by the SEC indicates that FF Tiffany, which lured investors with promises of “unusually high and unrealistic returns,” has already resulted in the loss of several billions of naira.
The SEC views such illicit schemes as a grave threat to investor confidence and the overall integrity of Nigeria’s financial system.
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The Commission assured the public that it is working closely with law enforcement agencies and other relevant bodies to bring all individuals involved in these unlawful operations to justice.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the statement added, signaling the seriousness with which the SEC is pursuing these cases.
In light of these ongoing investigations and the pervasive nature of investment fraud, the SEC reiterated its earlier warnings to the general public.
The Commission strongly advised individuals to desist from engaging in Ponzi or any unregistered investment schemes that promise guaranteed or exaggerated returns.
The SEC emphasized that “These schemes are not registered with the SEC and do not offer investor protection under the law,” leaving participants vulnerable to significant and often irrecoverable financial losses.
This serves as a crucial reminder that legitimate investments are regulated and do not typically offer returns that appear too good to be true.
