The Securities and Exchange Commission (SEC) has announced a full-scale investigation into a suspected fraudulent investment scheme operated under the name FF Tiffany. The scheme is alleged to have defrauded thousands of Nigerians both at home and abroad, with victims reportedly losing several billions of naira.
Initial findings indicate that FF Tiffany lured investors by promising abnormally high and unrealistic returns—a hallmark of Ponzi schemes. The SEC has described the situation as a serious threat to investor confidence and the credibility of Nigeria’s financial system.
In response, the Commission is collaborating with law enforcement agencies and other relevant institutions to ensure all parties involved are brought to justice. According to the SEC, those found guilty will face prosecution under the Investment and Securities Act and other regulatory frameworks.
As investigations continue, the Commission reminded the public of its repeated warnings against engaging with unregistered investment schemes. It stressed that such schemes, which often promise guaranteed or exaggerated returns, are not regulated by the SEC and do not offer any legal investor protection.
The Commission also disclosed that it is currently investigating 79 other similar schemes across the country. A comprehensive update on those cases will be provided upon conclusion of the investigations.
To prevent further public exposure to fraudulent platforms, the SEC urged investors to always verify the registration status of any investment company or offering by visiting the SEC website or reaching out through official communication channels.
The SEC, under the leadership of Director General Dr. Emomotimi Agama, has ramped up investor education campaigns nationwide. These efforts have included community outreach, flyer distribution, and direct engagements with market traders to highlight the dangers of unregulated schemes.
Speaking during one of the sensitization exercises, Agama warned of the devastating consequences of falling for Ponzi operations. “The danger is real,” he said. “You could lose all your money. You could fall into ill health from the stress. When that happens, you risk destroying your family, your foundation, your business, even your nation.”
Agama reaffirmed the Commission’s commitment to protecting investors and eliminating illegal financial schemes from Nigeria’s investment landscape.
