The Securities and Exchange Commission (SEC) has intensified its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimization.
During an awareness campaign held at the Dei-Dei Building Materials Market in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law against perpetrators.
Speaking at the event, Executive Commissioner for Legal and Enforcement at the SEC, Ms. Frana Chukwuogor, warned of the dangers of patronizing illegal fund operators, commonly known as Ponzi schemes.
Chukwuogor stated, “We want to saturate—saturation is my favorite word—it means there will be no room to do anything more. We are here to spend time with people, having realized that the menace of Ponzi schemes is spreading and deceiving people, especially traders, by collecting their money.”
She added that the Commission found it crucial to visit the Dei-Dei Building Materials Market to sensitize traders and empower them to make informed decisions when approached with investment offers.
Chukwuogor explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes across Nigeria, aligning with the Commission’s broader strategy to educate the public about the risks associated with Ponzi schemes and unregistered investment platforms before taking regulatory action.
“Our approach is simple but firm,” Chukwuogor said. “We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering Nigerians before enforcing the law. We will sensitize before barking and biting.”
According to her, many Nigerians—especially those at the grassroots—fall victim to Ponzi schemes due to a lack of information or the lure of quick, unrealistic returns. She emphasized that most of these schemes are neither registered nor regulated by the SEC, making them illegal and dangerous.
“We have seen people lose their life savings, their businesses, and their peace of mind. That is why we are taking this message to markets, motor parks, online platforms—anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.
At Dei-Dei Market, the SEC team distributed flyers in multiple languages, engaged traders directly, and fielded questions from those who had either encountered or fallen victim to illegal investment operators.
The engagement was marked by honest conversations, personal stories, and curiosity about how to identify legitimate investment platforms.
Speaking during the event, the Head of the SEC’s Enforcement Department, Mr. Abdusalam Sa’ad Khalid, stressed that while education is the first step, the Commission will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities.
He urged the public to verify all investment opportunities through official channels and report suspicious activities via the SEC helpline.
The visit to Dei-Dei Market is the third in a series of outreach programs to markets in Abuja, as part of the SEC’s nationwide aggressive investor awareness campaign aimed at improving financial literacy, building public trust in the capital market, and strengthening Nigeria’s investor protection framework.
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