Nigeria’s Securities and Exchange Commission (SEC) has pledged to take decisive action against Ponzi scheme operators and other “bad actors” in the country’s capital market.
SEC Director General, Dr. Emomotimi Agama, made this commitment in his New Year message to the capital market community. He emphasized that in 2025, the SEC will strengthen its regulatory framework to protect investors and eliminate fraudulent practices.
For us, mainstreaming the Nigerian capital market into the economy is very vital, Agama stated. Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.
Agama highlighted the importance of transparency in building investor confidence. He revealed that the SEC plans to implement measures to ensure greater visibility and trust in securities transactions in the new year.
This comes after reports revealed that Nigerians lost over ₦92 billion to Ponzi schemes and other fraudulent activities between 2023 and 2024. The SEC is determined to tackle this alarming trend and restore trust in the financial system.
The commission’s renewed focus on enforcement and transparency marks a critical step toward creating a safer and more reliable capital market for investors in Nigeria.