The Securities and Exchange Commission (SEC) is currently investigating 79 suspected Ponzi schemes operating across Nigeria.
In a statement on Tuesday, the commission disclosed that it will release its findings upon conclusion of the ongoing probes.
One of the schemes under scrutiny is “FF Tiffany,” which has reportedly defrauded thousands of Nigerians at home and abroad through promises of unrealistic high returns.
The SEC warned that such fraudulent schemes pose a major threat to investor confidence and the stability of the financial system. It assured the public that it is working closely with law enforcement to bring all perpetrators to justice.
Culprits will face prosecution under the Investment and Securities Act.
