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The Securities and Exchange Commission (SEC) has revealed that it is investigating 79 suspected Ponzi schemes across the nation.
The commission made the disclosure on Tuesday while noting that the outcome of the investigation would be made public when it is concluded.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the commission stated.
Speaking further, the SEC said it plans to launch a probe into the operations of an entity it identified as FF Tiffany.
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The regulator disclosed that FF Tiffany is accused of operating a fraudulent investment scheme that has defrauded thousands of Nigerians both in the country and in the diaspora.
According to preliminary findings, the scheme promised investors high and unrealistic returns, but investments resulted in the loss of several billions of naira.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the statement added.
