The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has issued a strong warning to Nigerians: beware of online platforms offering unrealistic financial returns.
“If it sounds too good to be true, then it’s not true,” he said.
“Always verify if the investment company is licensed by the SEC.”
He revealed that many fraudulent platforms lure people with outrageous profit promises. So far, the SEC has released over 85 advisories warning the public about such scams.
Agama also referred to Section 3(a) of the Investment and Securities Act 2025, which gives the SEC the power to regulate capital market activities in Nigeria.
He urged citizens to visit SEC offices in Abuja, Lagos, Kano, or Port Harcourt—or use the soon-to-be-launched digital verification tools—to confirm the status of any investment company.
“When people promise what is ordinarily impossible, that is fraud. Nigerians must ask questions and verify with us,” he added.
This warning follows a March alert by the EFCC, which exposed 58 unregistered Ponzi schemes, including:
- Wales Kingdom Capital
- MBA Trading & Capital Investment Ltd
- Ovaioza Farm Produce Storage Ltd
- Chinmark Homes
While some of these operators have been convicted or pleaded guilty, many are still facing trial.
Stay smart. Stay safe. Always verify before you invest.
