The Securities and Exchange Commission (SEC) has disclosed that it is currently investigating 79 suspected Ponzi schemes operating within Nigeria.

In a statement released on Tuesday, the Commission noted that findings from these investigations will be made public once concluded.

“The Commission is currently investigating 79 schemes and will issue a statement upon completion of the investigations,” the SEC stated.

Among the companies under scrutiny is FF Tiffany, which has faced widespread allegations of operating a fraudulent investment platform that has reportedly defrauded thousands of Nigerians both locally and abroad.

Preliminary investigations indicate that FF Tiffany enticed investors with promises of unrealistic and excessively high returns, resulting in the loss of billions of naira.

The SEC described the situation as a serious threat to public trust in the financial system and a significant blow to investor confidence.

To ensure accountability, the Commission confirmed it is collaborating with law enforcement agencies and other regulatory bodies to track and prosecute those responsible.

“Anyone found guilty will be prosecuted in accordance with the Investment and Securities Act and other relevant regulations,” the SEC said.

The Commission reiterated its longstanding warnings against unregistered and fraudulent investment schemes, especially those offering suspiciously high returns. It urged the public to verify the legitimacy of any investment platform via the SEC's official website or approved communication channels.

As part of its preventive measures, the SEC has launched a nationwide investor education campaign, targeting major markets across the country.

Speaking during one of the outreach events, SEC Director-General Emomotimi Agama explained the need to engage directly with communities.

“We realized that many people lack access to credible information that could protect them,” Agama said. “Staying in our offices and expecting the public to search for us online or call in isn't effective. We needed to go out and raise awareness about the dangers of Ponzi schemes.”

Agama reaffirmed the Commission’s commitment to stamping out illegal investment operations. He also highlighted the new legal framework introduced under the Investment and Securities Act (ISA) 2025, recently signed into law by President Bola Ahmed Tinubu.

“Under the new ISA, anyone involved in Ponzi schemes—including influencers, bloggers, or accomplices—faces penalties of up to ₦20 million and a jail term of up to 10 years,” he stated.

He emphasized the SEC’s determination to take the campaign nationwide, reaching every possible group—from traders to religious institutions and even the military.

“It’s never too late to learn. Once you are informed, you can protect yourself and others,” Agama added.

He concluded by noting that while Ponzi schemes are a global issue, Nigeria can tackle the menace through sustained public education and collective vigilance.