SEC probes FF Tiffany over suspected Ponzi scheme that allegedly defrauded Nigerians of billions.
Commission warns public, investigates 79 similar outfits to restore trust in investment platforms.
The Securities and Exchange Commission (SEC) has launched an investigation into a company operating under the name ‘FF Tiffany’, suspected of running a fraudulent investment scheme that has cost Nigerians several billions of naira.
In a statement issued on Tuesday in Abuja, the commission said preliminary findings show that the scheme lured investors with promises of extremely high and unrealistic returns a red flag commonly associated with Ponzi operations.
The SEC described the development as a serious threat to investor confidence and the stability of Nigeria’s financial markets. It noted that it is collaborating with law enforcement agencies and other relevant institutions to uncover the full extent of the operation and bring those responsible to justice.
Anyone found guilty will face prosecution under the Investment and Securities Act, the statement added.
The commission again warned the public to steer clear of Ponzi schemes and unlicensed investment outfits that claim to offer guaranteed or unusually large profits. Such schemes, it emphasized, are not registered with the SEC and provide no legal protection for investors.
“At present, the commission is investigating 79 similar schemes and will release its findings once the investigations are concluded,” the SEC said.
To avoid falling victim, the commission urged Nigerians to carry out background checks before investing in any firm or product. Investors can confirm the registration status of any investment platform by visiting the SEC website or reaching out via its official channels.
The commission reaffirmed its commitment to safeguarding investors, promoting transparency, and building trust in Nigeria’s capital market.
