The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the commission has secured the conviction of 12 individuals involved in the unlicensed operation of pyramid schemes across Nigeria.
Speaking at a judicial workshop hosted by the Securities and Exchange Commission (SEC) under the theme “Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution”, Olukoyede also disclosed that 48 more individuals are currently undergoing trial in relation to similar offences.
He emphasised that the EFCC would not tolerate any actions capable of eroding investor trust or disrupting the integrity of the country’s capital market.
In March 2025, the commission formally arraigned 58 alleged Ponzi scheme operators, signalling an intensified crackdown on financial fraud and illegal investment platforms.