SEC Storms Markets In Crackdown Against Ponzi Schemes

The Securities and Exchange Commission (SEC) has stepped up its offensive against ponzi schemes across Nigeria, delivering a strong message to illegal fund operators while intensifying public enlightenment campaigns in vulnerable communities.

At a high-impact outreach held at the bustling Dei-Dei Building Materials Market in Abuja, SEC officials fanned out across stalls and shopfronts, distributing flyers in multiple languages and engaging directly with traders—many of whom have been targeted by fraudulent schemes promising fast, unrealistic returns.

Executive Commissioner for Legal and Enforcement, Ms. Frana Chukwuogor, led the charge, warning that the Commission would no longer tolerate the spread of unregulated investment platforms.

“We want to saturate the public space with information— saturation is my favorite word. It means there will be no room left for deception,” she declared. According to Chukwuogor, SEC’s new strategy is as much about engagement as enforcement.

She daid: “We are not just a regulator that barks and does not bite. We believe in enlightening the Nigerian people before enforcing the law. But make no mistake—we will sensitise before barking, and we will bite.