…Prosecutes suspects to boost investor confidence
The Securities and Exchange Commission (SEC) has shut down more than 400 fraudulent investment schemes across Nigeria, with several suspects currently facing prosecution, as part of intensified efforts to safeguard investors and restore confidence in the capital market.
This was disclosed by Bola Ajomale during the opening of the Nairametrics financial literacy forum, “The Money Fair,” held in Lagos on Tuesday.
The crackdown comes amid a surge in unregulated investment activities and growing concerns over investor protection.
According to Ajomale, who represented SEC Director-General Emomotimi Agama, the commission has significantly strengthened enforcement actions alongside investor education initiatives.
“Over the last three years, we have investigated and shut down at least 400 of these so-called schemes. We saw a tremendous increase in them last year, and a number of those involved have been arrested and prosecuted,” Ajomale said.
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He warned Nigerians to verify the legitimacy of any investment platform before committing funds, stressing that any operator not registered with the SEC has no legal backing to solicit investments.
To further combat fraudulent schemes, the commission has introduced initiatives such as the “See It, Snap It” campaign and the “SEC Scam Alert,” designed to help the public report suspicious activities promptly and enable swift regulatory action.
Stakeholders at the forum underscored the critical role of financial literacy in navigating Nigeria’s evolving economic environment.
They noted that access to accurate financial information is essential for individuals seeking to build wealth while avoiding scams.
Chief Executive Officer of Nairametrics Financial Advocates Limited, Ugodre Obichukwu, said the “Money Fair: 1.0” initiative was created to bridge knowledge gaps in wealth creation and equip Nigerians with practical financial insights.
He pointed to prevailing economic challenges such as rising inflation, exchange rate volatility, and global geopolitical tensions as factors increasing the urgency for financial education.
Also speaking, Chairman of FCMB Group Plc, Bolaji Balogun, emphasised the importance of innovation and entrepreneurship in driving economic growth and reducing poverty, highlighting the role of leading companies and industrialists in job creation.
The SEC’s ongoing enforcement drive signals a tougher stance against illegal investment operators, while reinforcing the need for investor vigilance and financial awareness in Nigeria’s capital market.