SEC Urges Nigerians to Report Illegal Investment Schemes

The Securities and Exchange Commission (SEC) has called on the public to report suspected illegal investment schemes for prompt investigation and enforcement action.

In a notice issued Thursday, the commission warned against Ponzi schemes and unregistered digital platforms, describing them as threats to the capital market and investor safety. It cautioned against investment opportunities promising guaranteed or unusually high returns with minimal risk.

SEC advised Nigerians to verify the registration status of any investment operator via its website and stressed that promoting or operating unregistered schemes is a criminal offense punishable by up to 10 years imprisonment or a fine of at least N20 million.

“The public must remain vigilant and help protect Nigeria’s investment space by reporting suspicious schemes,” the statement added.