A company’s Corporate Affairs Commission (CAC) certificate does not give it the right to collect or manage people’s money. That was the strong warning from Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), as Nigeria battles a surge in Ponzi schemes disguised as legal businesses. “Being registered by CAC doesn’t mean you’re …
As Ponzi schemes evolve in Nigeria, many are no longer led by faceless scammers. Instead, they now wear the familiar faces of celebrities, social media influencers, and online content creators. From actors to comedians and even musicians, these public figures are lending legitimacy to illegal investment platforms, often unknowingly, but sometimes for a fee. When …
The Securities and Exchange Commission (SEC) has declared the rising wave of Ponzi schemes in Nigeria a national emergency, warning that the proliferation of unregulated investment platforms is not only wiping out life savings but threatening the country’s economic and social stability. “Ponzi schemes have become a dangerous epidemic,” says Dr Emomotimi Agama, Director-General of …
Sunday Michael Ogwu A new directive from the Securities and Exchange Commission (SEC) has triggered anxiety across Nigeria’s capital markets, as operators scramble to understand the scope and implications of newly imposed tenure limits for directors of Capital Market Operators (CMOs). In a circular released last Friday, the SEC announced that directors of CMOs …
