Nigerians Lose ₦300.2 Billion to Fraudulent Investment Schemes — SEC

By Diafa Doubra,

The Securities and Exchange Commission (SEC) has disclosed that Nigerians have collectively lost about ₦300.2 billion to fraudulent investment schemes over the years. The revelation came as part of the commission’s renewed campaign to combat unregistered and illegal financial operators across the country.

According to the SEC, the staggering figure was compiled from investigations into failed schemes such as MMM Nigeria and several other Ponzi platforms that promised investors unrealistic returns. The commission noted that the true amount could be significantly higher, as many victims never reported their losses.

SEC Director-General, Dr. Emomotimi Agama, urged Nigerians to be more vigilant and avoid patronising unlicensed investment platforms. He stressed that only operators registered with the SEC should be trusted, warning that most online investment schemes are designed to collapse once new subscriptions slow down.

The commission also reiterated its commitment to collaborating with security agencies and financial institutions to trace and prosecute the masterminds behind such scams, in order to safeguard the nation’s financial ecosystem.