SEC Shuts Down 400 Fraudulent Investment Schemes in Nigeria, Intensifies Investor Protection Efforts
Nigeria’s Securities and Exchange Commission (SEC) has shut down more than 400 fraudulent investment schemes over the past three years, as part of a sweeping effort to protect investors and restore confidence in the country’s capital market. The disclosure highlights the growing scale of financial scams and the regulator’s intensified crackdown to curb them.
Speaking at the Nairametrics Money Fair in Lagos, SEC Director-General Emomotimi Agama—represented by Executive Commissioner for Operations Bola Ajomale—said the commission has stepped up enforcement and awareness campaigns. According to him, the rise in fraudulent schemes peaked significantly in the past year, with several operators already arrested and prosecuted.
Agama emphasized that the SEC is determined to create a safer investment environment, noting that new initiatives such as the “See It, Snap It” campaign and the “SEC Scam Alert” platform have been introduced. These tools are designed to help Nigerians quickly report suspicious activities, enabling regulators to act faster and prevent more people from falling victim.
The SEC boss also revealed that the commission oversees about 2,000 operators in the market and has mandated them to clearly state their registration status. He urged Nigerians to verify both the investment platform and the product before committing funds, stressing that any unregistered entity has no legal right to solicit investments from the public.
Meanwhile, Ugodre Obichukwu, CEO of Nairametrics Financial Advocates Limited, underscored the importance of financial literacy in today’s economic climate. Citing rising inflation, exchange rate volatility, and global uncertainties, he noted that financial knowledge is no longer optional but essential, adding that initiatives like the Money Fair aim to empower Nigerians to make smarter financial decisions around wealth, investment, savings, and long-term security.
source: The cable