•Securities and Exchange Commission DG Adama
The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has warned Nigerians to stay alert and be wary of patronising online platforms that promise too-good-to-be-true financial returns.
Agama, who was a guest on Channels Television today, listed some qualities to watch out for to spot an illegal financial scheme.
The SEC DG’s warning comes against the backdrop of illegal financial schemes that have recently scammed Nigerians of their hard-earned money across the country.
“The federal government does not want anybody to lose money, and so we are saying that people should be wary.
“First and foremost, if it is too good to be true, certainly it is not true. We must be very cautious. We must read and understand what kind of investment people are talking about.
“But beyond all of that, registration is a hallmark of regulation. So, for any Nigerians who want to be involved in any form of investment, first find out from the firms if they have registered with the SEC. Ask if they have the licence of the SEC, and not that of the Corporate Affairs Corporation.
“The CAC will register your business, but does not register your functionality in the Nigerian capital market. So, the Nigerian capital market licences are issued by the Securities and Exchange Commission and not anyone else.
“You have a lot of schemes that provide unreasonable returns. It is certainly impossible to provide the kind of returns being brandished everywhere, and those are the things that should catch your attention,” Agama said.
“When people promise to give you what ordinarily is not possible, know that such is fraud.
“And it is important that we interrogate people. We should reach out to the SEC. We have most recently issued over 85 notices and advisories to people regarding fraudulent schemes in whatever form. Is it from the real estate angle, from unusual investment schemes…we are saying that if you are engaged in a business that has to do with investment and securities, you are expected to register with the Securities and Exchange Commission,” he added.
Quoting the SEC Act that spoke to the matter, the DG stated, “Section 3(a) of the Investment and Security Act, No.2 2025, strictly speaks to it that the SEC regulates businesses in Nigeria, and so, it is our responsibility as a representative of the federal government to monitor and moderate the business environment.
“Anyone who is involved in such activity and is not registered with the Commission violates the law. And it is important. If you do not understand, please ask questions, and asking questions means reaching out to the SEC.
“The SEC has offices in Lagos, Kano, Port Harcourt, and the head office in Abuja. We are ready 247 to provide this information.”
He said the SEC was currently undergoing digitisation that will enable Nigerians to ask questions regarding the Nigerian business environment.
“And as we drive towards this, the SEC is undergoing serious digitisation that will culminate in having a soft code where people can ask questions, and also an SEC app that will enable people to make enquiries online to move the nation forward,” Agama stated.
In March, the Economic and Financial Crimes Commission (EFCC) alerted the public to 58 illegal Ponzi scheme operators.
The EFCC said the companies were neither registered with the Central Bank of Nigeria nor the SEC.
The Commission said it had charged many of the companies to court, with five of them convicted, another five pleaded guilty but are awaiting review of facts, while the rest are pending arraignment.
It said both the SEC and CBN, in separate correspondence, denied they were registered with them.
LIST OF PONZI SCHEMES
The illegally operating companies identified by EFCC include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, and Green Eagles Agricbusiness Solution Limited.
Others were Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Also included were Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group, Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU. Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, and Adamakin Investment & Works Limited.
The EFCC also listed Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
