To curb the rising tide of fraudulent investment schemes, the Securities and Exchange Commission (SEC) on Friday launched an aggressive anti-Ponzi campaign at Wuse Market, Abuja—one of Nigeria’s busiest commercial hubs.
Led by Director General Dr. Emomotimi Agama, the SEC team distributed flyers and held interactive sessions with traders, warning them of the dangers posed by unregulated schemes. The outreach is part of a nationwide sensitization drive to educate Nigerians about the importance of verifying investment opportunities through the Commission.
“Over ₦1.3 trillion has been lost to the CBEX Ponzi scheme alone,” Dr. Agama told journalists, highlighting the devastating toll such frauds have taken on Nigerians. “You could lose all your money. You could fall into ill health. You risk destroying your family, your business—even your nation.”
He stressed the importance of vigilance, urging traders to avoid investments promising unusually high returns. “If it’s too good to be true, it’s not good—and it’s certainly not true,” he said.
Dr. Agama noted that the passage of the new Investments and Securities Act (ISA) 2025 had bolstered SEC’s enforcement powers. “Now, anyone involved in Ponzi schemes—including influencers, bloggers, or accomplices—faces a ₦20 million fine and up to 10 years in prison,” he said.
The Commission plans to take the campaign nationwide, targeting not just markets, but also churches, mosques, hospitals, and even military establishments. “We are reaching out like never before. The SEC won’t stop until every Nigerian is informed,” Agama added.
Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, called on traders to reject any scheme offering unreasonably high returns. “Ponzi schemes are built on nothing but deception,” she said. “We want Nigerians to invest wisely—but they must verify with SEC first.”
Many traders shared their bitter experiences with the CBEX platform. Chijioke Nnodim lamented that greed led many into financial ruin. “Some people paid ₦20 million, others ₦10 million. One woman now owes her workers,” he said.
Another trader, Abraham Onojie, recalled how initial payouts lured him into bigger losses. “They gave me ₦2.45 million after I invested ₦2 million. I thought it was real. Then I put in ₦7 million—and they disappeared.”
The SEC has vowed to continue its outreach, emphasizing that informed investors are the best defense against financial scams. “Now that you are educated,” Agama said, “you can protect yourself and others.”
