Lagos, Nigeria – The Securities and Exchange Commission (SEC) closed over 400 illegal investment schemes in recent years, with suspects now facing prosecution.
SEC Executive Commissioner Bola Ajomale shared this at the Nairametrics “Money Fair” forum on Tuesday. Nigeria, West Africa’s financial center, battles rising Ponzi threats amid economic pressures.
Ajomale represented SEC Director-General Dr. Emomotimi Agama. He highlighted arrests and education drives against unregistered platforms. The regulator launched “See It, Snap It” and “SEC Scam Alert” for quick reporting.
Okay News reports Ajomale’s warning. He said, “Over the last three years we have investigated and shut down at least 400 of these so-called schemes.” Ajomale added, “If the investment product or the operator is not registered with the SEC, they have no business asking you to put your money there.”
Recent Ponzi collapses cost billions in naira losses. SEC boosted oversight after leadership changes and committee reforms. It lists banned operators and partners with police for probes.
Nairametrics CEO Ugodre Obichukwu launched “The Money Fair” to teach wealth building. FCMB Group Chairman Bolaji Balogun stressed innovation for jobs. Forum speakers tied literacy to opportunity in volatile times.
Unregulated crypto and high-yield promises lure victims. Verification via SEC remains key protection. Enforcement aims to rebuild market trust.
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