2 weeks Ago By Abdulwahab Isa
In a renewed effort to curb the proliferation of Ponzi schemes and protect Nigerians from falling victim to fraudulent investment platforms, the Securities and Exchange Commission (SEC) on Friday launched a grassroots sensitization campaign at Wuse Market, Abuja. Led by the Director General of the SEC, Emomotimi Agama, the team distributed educational flyers and engaged directly with traders, warning them about the dangers of investing in schemes not registered with the Commission. The outreach follows widespread losses suffered by Nigerians in recent months, including the high-profile CBEX Ponzi scheme, in which citizens lost over ₦1.
3 trillion. The Commission said the campaign is part of its broader strategy to promote investor education and deter further patronage of unregulated financial schemes. “We are here today because too many Nigerians are losing their hard-earned money to Ponzi schemes,” said Agama while addressing journalists after the sensitization.
“If an offer looks too good to be true, then it likely isn’t true. We want people to know that before investing, they must confirm with the SEC whether the business is registered and safe.” He described the emotional and financial toll Ponzi schemes can exact on individuals and families.
“The danger is real. You could lose all your money. You could fall into ill health from the stress.
When that happens, you risk destroying your family, your foundation, your business—even your nation,” the SEC boss warned. The traders, many of whom have witnessed or experienced losses, shared personal stories of deception and regret. Chijioke Nnodim, a trader in Wuse Market, said greed was a major driver of people’s vulnerability.
“Greedy people lost their money. Some paid N20 million, some N15 million. One woman paid N10 million and now she owes her workers.
Nigerians should learn and think before they put their money into these things,” he said. Another trader, Abraham Onojie, recounted how he was lured by initial returns before suffering a significant loss. “When I first tried it, I invested N2 million and got N2.
45 million in one week. My neighbor invested N20 million and received N27 million. They were even bringing crates of eggs and live chickens to make it look real.
But then I invested N7 million — and that was the end. I was in my hometown when I got a call that they had vanished.” Agama assured the traders that the Commission would continue its nationwide campaign, urging citizens to report any suspicious investment schemes and to verify company registration through official SEC channels.
“We will be back,” he said. “This is a journey to protect the future of Nigerians from financial predators, and we are committed to it.” The SEC urged Nigerians to always seek professional guidance before making investment decisions and warned that perpetrators of fraudulent schemes would be prosecuted to the fullest extent of the law.
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