The SEC made the threat during an awareness campaign at the Dei-Dei building materials market in Abuja, according to a statement on Thursday.
The Securities and Exchange Commission (SEC) has raised alarm over the rapid spread of Ponzi schemes in Nigeria and pledged to prosecute all those involved in such fraudulent operations.
The SEC made the threat during an awareness campaign at the Dei-Dei building materials market in Abuja, according to a statement on Thursday.
The commission reaffirmed its commitment to "saturate public spaces with information on illegal investment schemes as a first step before taking legal action against offenders".
Speaking at the event, Frana Chukwuogor, executive commissioner for legal and enforcement at the SEC, cautioned against engaging with illegal fund operators commonly referred to as Ponzi schemes.
"We want to saturate, saturation is my favorite word, it means that there will be no room to do anything more," Chukwuogor was quoted as saying.
"We are here to spend time with people having realised that the issue of Ponzi schemes menace is affecting and spreading all over the place and they are deceiving and collecting people's money, especially from traders in the market."
Chukwuogor said the SEC considers it necessary to visit the Dei-Dei market to educate traders and equip them with the knowledge to make informed choices when presented with investment offers.
According to the commissioner, the campaign is a proactive measure to address the spate of fraudulent investment schemes in the country.
This, Chukwuogor said, aligns with the commission's broader strategy of raising public awareness about the dangers of Ponzi schemes and unregistered platforms before taking enforcement action.
"Our approach is simple but firm," she said.
"We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitise before barking and biting."
The SEC official said many Nigerians - particularly at the grassroots level - become victims of Ponzi schemes because of limited access to reliable information or deceptive promises of fast, unrealistic profits.
She stressed that most of these schemes operate without SEC registration or oversight - rendering them both illegal and high-risk.
Also speaking, Abdusalam Sa'ad Khalid, SEC's head of enforcement department, warned that while education is the first step, the commission will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities.
He urged the public to verify all investment platforms through official channels and report suspicious activities using the SEC helpline.
According to the statement, the Dei-Dei campaign is the third in a series of market engagements in Abuja under SEC's nationwide investor awareness drive.
The agency said the campaign seeks to improve financial literacy, build public trust in the capital market, and strengthen Nigeria's investor protection framework.
On January 5, Emomotimi Agama, the director-general (DG) of SEC, said the regulator's top priority for 2025 is to revamp regulations on Ponzi schemes to enhance detection and accountability.
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