The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has cautioned Nigerians to be wary of online platforms promising unrealistic financial returns.
Speaking on Channels Television’s Business Morning on Tuesday, Agama said registration with the SEC remains the only true marker of legitimacy for any investment scheme.
The SEC boss said many fraudulent schemes continue to lure unsuspecting Nigerians with outrageous profit claims. He disclosed that the Commission has already issued more than 85 advisories against illegal operators.
“If it is too good to be true, then it is not true. Nigerians must always verify whether an investment firm is licensed by the SEC, not just registered with the Corporate Affairs Commission.
“When people promise what is ordinarily impossible, that is fraud. Nigerians must ask questions and verify with us,” Agama stressed.
He reminded citizens that Section 3(a) of the Investment and Securities Act 2025 empowers SEC to regulate all businesses operating in Nigeria’s capital market.
Agama urged Nigerians to confirm the status of any investment firm by visiting SEC offices in Abuja, Lagos, Kano, and Port Harcourt, or by using the Commission’s upcoming digital verification platforms.
Naija News reports that his warning comes months after the Economic and Financial Crimes Commission (EFCC) released a list of 58 unregistered Ponzi scheme operators.
Among those listed were Wales Kingdom Capital, MBA Trading & Capital Investment Limited, Ovaioza Farm Produce Storage Limited, and Chinmark Homes.
The EFCC noted that while some operators have been convicted or pleaded guilty, several others are still facing trial.
“Verify Before You Invest”
Agama advised Nigerians to prioritise due diligence before putting money into any scheme.
“The SEC is here to protect investors, but Nigerians must play their part. Before you invest, verify. If it is not licensed by us, don’t touch it,” he added.
The post ‘If It’s Too Good To Be True, It’s Not True’ – SEC Warns Against Online Investments, Ponzi Schemes appeared first on Naija News.
