The director-general of the Securities and Exchange Commission (SEC), Emomotimi Agama, says the regulator has shut down more than 400 fraudulent investment schemes across Nigeria in the past three years as part of efforts to protect investors in the capital market.
Agama spoke on Tuesday at the opening of the Nairametrics financial literacy forum tagged ‘The Money Fair,’ held in Lagos.
Represented by Bola Ajomale, executive commissioner for operations at the SEC, the DG said the commission has intensified enforcement actions and investor awareness campaigns in response to the increasing number of fraudulent investment schemes.
“Over the last three years, we have investigated and shut down at least 400 of these so-called schemes,” the SEC boss said.
“We saw a tremendous increase in them last year, and a couple of them involved have been arrested and prosecuted.
“That is the direction we are heading as the SEC works to bring order and create a safe investment space for all of us.”
He said the commission has introduced initiatives such as the “See It, Snap It” campaign and the “SEC Scam Alert” to help Nigerians report suspicious schemes and enable regulators to respond quickly.
Agama added that the commission has also instructed market operators to clearly state their registration status.
According to him, the SEC has about 2,000 operators in the market and has directed them to indicate whether they are registered with the commission.
He advised Nigerians to always confirm whether an operator offering an investment opportunity is registered before committing funds, adding that the investment product itself should also be registered with the SEC.
“If the investment product or the operator is not registered with the SEC, they have no business asking you to put your money there,” the DG said.
Also speaking, Ugodre Obichukwu, chief executive officer of Nairametrics Financial Advocates Limited, said the Money Fair was created to help Nigerians move from simply consuming financial information to taking informed financial decisions.
He highlighted current economic realities, including rising prices, exchange rate volatility, and global geopolitical tensions, as factors making financial education more urgent.
“In times like this, financial literacy is not optional. It is essential for everyone,” Obichukwu said.
“So, the whole idea of WISE for us is essentially built on four key fields — wealth, investment, savings, and endowments.”
He added that the Money Fair was designed as a platform to promote these principles and empower Nigerians to make better financial decisions.