• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Ponzi Schemes beware, SEC is coming for you 

Emmanuel Abara Benson by Emmanuel Abara Benson
January 27, 2020
in Business News
SEC plans to develop derivatives trading market this year, Ponzi Schemes beware, SEC is coming for you 
Share on FacebookShare on TwitterShare on Linkedin

As more Nigerians continue to fall prey to the activities of illegal fund managers across the country, the Securities and Exchange Commission (SEC) said it is prepared to go harder on those behind these illegal schemes.

Ms Mary Uduk, who acts as SEC’s Director-General, stated this over the weekend according to a statement signed by SEC’s Head of Corporate Communications as seen on Daily Trust.

Loom Money NIgeria, MMM, Ponzi Scheme

RelatedStories

SEC warns Nigerians against investing in Risevest and Stecs  

SEC warns Nigerians against Value Growth Platform, flags it as potential Ponzi scheme 

June 27, 2025
SEC warns Nigerians against investing in Risevest and Stecs  

SEC warns against Zugacoin and Samzuga GPT, says they are not licensed in Nigeria 

June 18, 2025

According to Uduk, SEC believes that it’s high time it did more than merely educate people on the risks of “investing” in these illegal financial schemes. The capital market regulator will now take a more drastic action towards ensuring that those promoting these Ponzi schemes are brought to justice.

She went further to disclose that some people have already been arrested in regards to this and are currently being prosecuted.

“We are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many.

“We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money.”

[READ MORE: SEC outlines derivatives market as major plan for 2020)

Some backstories: Recall that in February 2019, SEC shut down Dantata Success & Profitable Company in Kano metropolis, after confirming that the outfit was nothing but an elaborate Ponzi scheme. That same month, the capital market regulator sealed off another company whose activities contravened the Investment and Securities Act (ISA) 2007.

SEC then ended 2019 by shutting down five more Ponzi scheme outfits namely: MGB Global, Bitcoin Company, Money Rite, No Failure Development, and X-World.

In the meantime, Mary Uduk has advised Nigerians to desist from rushing after get-rich-quick-schemes, especially if the products offered by the promoters are not registered with SEC. She also stressed that no legitimate investment plan can guarantee a 50% return, at least not within two hours as it is often promised by these fraudsters promoting these Ponzi schemes.

“When people come to you and say that you can invest 50,000 naira today and in 2 hours you will get 200,000 naira tomorrow or get 50% in 2 hours know that it is a lie. No legal investment that pays investment that way.

“So what they must likely be doing is using your money to pay someone else and using someone’s money to pay you. It is important that we don’t engage in such investments.”

To find out more about why Nigerians keep falling prey to ponzi schemes, click here.


Follow us for Breaking News and Market Intelligence.
Tags: Bitcoin CompanyMGB GlobalMoney RiteNo Failure DevelopmentPonzi SchemesSecurities and Exchange CommissionX-World
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

Related Posts

SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

SEC warns Nigerians against Value Growth Platform, flags it as potential Ponzi scheme 

June 27, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

SEC warns against Zugacoin and Samzuga GPT, says they are not licensed in Nigeria 

June 18, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Cryptos

SEC to launch ‘Crypto Smart, Nigeria Strong’ initiative for stablecoin regulation 

June 16, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

SEC directs companies to pay dividends older than 12 years, clarifies Finance Act 2020 provisions 

June 10, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Legal & Regulations

SEC warns Nigerians against investing in meme coin ‘$PUN’ 

June 7, 2025
Why young Nigerians must consider investing in local and foreign stock markets
Dividends

Fastest way to reclaim lost dividends in Nigeria

June 1, 2025
Next Post
Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits, Seplat to acquire more oil & gas assets after Eland's acquisition

Seplat to acquire more oil & gas assets after Eland's acquisition

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics