The Securities and Exchange Commission (SEC) has announced that it has launched an official investigation into a suspected Ponzi scheme operating under the name FF Tiffany, which is believed to have defrauded numerous Nigerians of billions of naira through fraudulent investment promises.
In a statement released on Tuesday in Abuja, the SEC disclosed that preliminary findings indicate the scheme offered investors unrealistic and unusually high returns, raising red flags about its legitimacy and compliance with regulatory standards.
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The Commission described the operation as a serious threat to investor confidence and the integrity of Nigeria’s financial system, stressing that it is working in collaboration with law enforcement agencies and other stakeholders to trace and prosecute everyone involved.
According to the SEC, those found guilty will face prosecution under the Investment and Securities Act (ISA) and other applicable regulations.
- “These schemes are not registered with the SEC and do not offer any legal investor protection,” the commission warned.
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It further urged the public to avoid unregistered investment platforms, especially those promising guaranteed or exaggerated profits, as they are often scams lacking proper oversight.
- The SEC also revealed that it is currently investigating 79 similar schemes and will release updates on its findings as investigations conclude.
Investors were advised to verify the registration status of any investment firm or product by visiting the official SEC website or reaching out through approved communication channels.
The commission reiterated its commitment to protecting investors, promoting transparent investment practices, and preserving confidence in Nigeria’s capital market.
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