SEC Warns Nigerians Against Fake Investment Platforms, Ponzi Schemes

The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has cautioned Nigerians to be wary of online platforms that promise unrealistic returns on investments.

Speaking on Channels TV’s Business Morning on Tuesday, Agama said registration with the SEC — not just the Corporate Affairs Commission — is the true marker of legitimacy.

> “If it is too good to be true, then it is not true,” he warned.

He noted that many fraudulent operators lure unsuspecting people with outrageous profit promises, revealing that the SEC has already issued over 85 advisories against such schemes.

Agama also cited the Investment and Securities Act 2025, which empowers SEC to regulate businesses in Nigeria’s capital market. He advised Nigerians to verify investment firms through SEC’s offices in Abuja, Lagos, Kano, and Port Harcourt, or via its soon-to-be-launched digital platforms.

The warning comes months after the EFCC listed 58 unregistered Ponzi operators, including Wales Kingdom Capital, MBA Trading & Capital Investment Limited, Ovaioza Farm Produce Storage Limited, and Chinmark Homes.