The Securities and Exchange Commission (SEC) has disclosed that Nigerians have lost an estimated N300.2 billion to Ponzi and illegal investment schemes in recent years, sparking intensified enforcement and heightened investor-protection efforts.
AbdulRasheed Dan-Abu, Head of Fintech and Innovation at the SEC, revealed the figure during the Commission’s 2025 Journalists Academy in Abuja on Thursday.
He said the losses, compiled from major fraud cases investigated in recent years, highlight the deep financial and emotional toll on households and small investors nationwide.
According to SEC data, MMM Nigeria alone accounted for about N18 billion, while Nospecto Oil and Gas defrauded investors of N45 billion.
READ ALSO: SEC Charges Stockbrokers on Capital Market Sustainability
The MBA Forex and Capital Investment Ltd scandal wiped out N213 billion, while Chinmark Group, Ovaioza Farm Produce Storage, and Famzhi Interbiz jointly cost victims over N24 billion.
The Commission stressed that the estimate does not reflect the total scale of losses, noting that many victims, especially in rural areas, never report their cases. Analysts believe the real figure could be far higher given the surge in online investment scams.
To combat the growing threat, the SEC said it has strengthened enforcement and surveillance, working with the EFCC, NFIU, and the Central Bank of Nigeria to freeze accounts linked to illegal schemes.
READ ALSO: SEC, SMEDAN Sign MoU to Improve Funding for SMEs
The Commission has also intensified investor-education campaigns, secured court orders against unregistered operators, and boosted monitoring of digital platforms used to lure unsuspecting Nigerians with fake high-return promises.
The regulator urged the public to verify investment firms and be wary of platforms offering unrealistically high returns.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
