The Securities and Exchange Commission (SEC) has launched investigations into 79 investment platforms suspected of running fraudulent operations. Among them is a company operating under the name FF Tiffany, which has been flagged for allegedly luring Nigerians with fake promises of high returns.
According to a statement released by the Commission, early findings show that FF Tiffany promised investors unrealistic profits, leading to the loss of several billions of naira. Reports suggest that the scheme affected victims both within Nigeria and in the diaspora.
The SEC described the situation as a major threat to investor trust and the credibility of the financial system. It confirmed that it is working closely with law enforcement and other relevant agencies to track and prosecute everyone involved. The Commission stressed that anyone found guilty will face legal action under the Investment and Securities Act.
Ongoing investigations cover a total of 79 suspected schemes. The Commission assured the public that updates would be shared once the process is complete.
To avoid falling victim to similar scams, the SEC urged Nigerians to confirm the registration status of any investment company or product on its website or through official communication lines. It also restated its commitment to investor protection, fair market practices, and building trust in the capital market.
As part of its public awareness drive, the SEC has held several sensitization campaigns across Nigeria. The outreach was led by Director General Dr. Emomotimi Agama, which involved distributing flyers and engaging directly with traders about the dangers of investing in unregulated schemes.
