SEC Joins Forces with Nigeria Police to Tackle Ponzi Schemes and Crypto Fraud
In a decisive move to protect Nigerian investors, the Securities and Exchange Commission (SEC) has officially partnered with the Nigeria Police Force (NPF) to combat Ponzi schemes, illegal investment operations, and cryptocurrency-related frauds across the country. The announcement was made in Abuja during a strategic meeting between SEC Director General, Dr. Emomotimi Agama, and the Inspector General of Police, Kayode Egbetokun. The alliance signals a new era of collaborative enforcement against financial crimes outside the formal capital market.
Dr. Agama explained that while the SEC monitors and identifies fraudulent investment activities, prosecuting offenders requires the investigative power and nationwide reach of the police. He highlighted that many Ponzi operators and digital asset promoters lure unsuspecting Nigerians with promises of “miraculous returns” of up to 200%, leaving victims with lost savings and shattered confidence in the financial system. “These schemes operate in the shadows, exploiting trust and financial desperation,” Agama said, calling the threat both a financial crime and a social menace.
Central to the collaboration is the establishment of a dedicated SEC–NPF joint task force, combining market intelligence, forensic accounting expertise, and police investigative powers. The partnership will also include a Memorandum of Understanding with the NPF Cyber Security Unit to monitor digital platforms increasingly used for fraudulent schemes. Through joint intelligence sharing, coordinated enforcement, and nationwide public awareness campaigns, the initiative aims to close enforcement gaps and act swiftly against emerging threats.
The Nigeria Police have pledged full backing for the initiative. IGP Egbetokun noted that reinforcing police presence within the SEC’s enforcement framework would significantly strengthen efforts to curb illegal capital market activities, with positive implications for broader economic growth. The police chief also welcomed collaboration on cyber enforcement, signaling a tougher stance against online Ponzi schemes and digital investment frauds.
The renewed partnership echoes a 2010 initiative when a dedicated Nigerian Police Unit was integrated into the SEC to handle criminal cases linked to the capital market. With Dr. Agama’s push, the collaboration aims to institutionalize this strategy, ensuring a sustained, nationwide crackdown on financial fraud. Investors are now being reassured that the SEC and NPF are working in unison to protect public trust and safeguard Nigeria’s financial system.
source: nairametrics