The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has urged Nigerians to remain vigilant and avoid online platforms offering unrealistic financial returns.
Speaking on Channels Television’s Business Morning on Tuesday, Agama outlined warning signs of fraudulent investment schemes. He cautioned that the Federal Government does not want citizens to lose money to scams, stressing that “if it sounds too good to be true, then it is not true.”
He advised Nigerians to confirm whether any firm is licensed by the SEC before investing. “The Corporate Affairs Commission registers businesses, but only the SEC issues licences for firms operating in the Nigerian capital market,” he explained.
Agama warned that schemes promising “unreasonable returns” were fraudulent, urging investors to seek clarification from the SEC. He noted the Commission had issued more than 85 advisories against such schemes, ranging from real estate scams to bogus investment platforms.
Citing Section 3(a) of the Investment and Securities Act, 2025, Agama stressed that any unregistered investment operator was acting illegally. He added that the SEC has offices in Abuja, Lagos, Kano, and Port Harcourt, and is digitising its services to allow the public to make online enquiries, including through a planned SEC app.
In March, the Economic and Financial Crimes Commission (EFCC) identified 58 illegal Ponzi operators not registered with either the SEC or the Central Bank of Nigeria. Five firms have been convicted, while several others face prosecution.
Among the companies listed by the EFCC are Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Oxford International Group, Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, MBA Trading & Capital Investment Limited, and Crowdyvest Limited.
Agama emphasised that Nigerians must interrogate investment offers thoroughly. “When people promise what is ordinarily impossible, it is fraud,” he said.