The Securities and Exchange Commission (SEC) says it has shut down more than 400 fraudulent investment platforms across Nigeria in three years, as it intensifies efforts to protect investors and restore confidence in the market.
The disclosure was made by the SEC Executive Commissioner for Operations, Bola Ajomale, at the Nairametrics financial literacy forum tagged “The Money Fair,” held in Lagos on Tuesday.
Ajomale, who represented the Director-General, Dr Emomotimi Agama, said the commission has scaled up enforcement in response to the rise in unregulated investment schemes.
He said: “Over the last three years we have investigated and shut down at least 400 of these so-called schemes.
“We saw a tremendous increase in them last year, and a number of those involved have been arrested and prosecuted.”
According to him, several suspects linked to the schemes are already facing prosecution.
Ajomale warned Nigerians to verify investment platforms before committing funds, stressing that only SEC-registered operators are authorised to collect money from the public.
He added: “If the investment product or the operator is not registered with the SEC, they have no business asking you to put your money there.”
To strengthen enforcement, the commission introduced initiatives such as the “See It, Snap It” campaign and the “SEC Scam Alert” platform to help Nigerians report suspicious schemes quickly.
The crackdown comes amid growing concerns over fraudulent platforms promising high returns to unsuspecting investors.
Stakeholders at the forum stressed that financial literacy remains key to reducing exposure to scams.
Chief Executive Officer of Nairametrics Financial Advocates Limited, Ugodre Obichukwu, said the “Money Fair” was designed to bridge knowledge gaps in wealth creation and equip Nigerians with practical financial insights.
He pointed to rising prices and exchange rate volatility as factors increasing the need for financial education.
Also speaking, Chairman of FCMB Group Plc, Bolaji Balogun, highlighted the role of innovation and entrepreneurship in driving economic growth and reducing poverty.
Participants agreed that improved financial literacy is critical to helping Nigerians identify legitimate investment opportunities and avoid fraudulent schemes in a difficult economic environment.
