The Securities and Exchange Commission (SEC) has shut down over 400 fraudulent investment schemes in Nigeria, with several suspects currently under prosecution, as part of efforts to protect investors and strengthen market confidence.
The disclosure was made by the Executive Commissioner for Operations. SEC, Bola Ajomale, during the opening of the Nairametrics financial literacy forum tagged “The Money Fair” held in Lagos on Tuesday, March 17, 2026.
The development highlights the regulator’s intensified enforcement actions amid a surge in unregulated investment activities and growing concerns about investor protection.
The SEC says it has significantly scaled up enforcement and investor awareness initiatives in response to the rise in fraudulent schemes.
Ajomale, who represented the SEC DG, Dr. Emomotimi Agama, noted that the commission has combined investigations, arrests, and public education campaigns to curb the spread of illegal investment platforms.
“Over the last three years we have investigated and shut down at least 400 of these so-called schemes. We saw a tremendous increase in them last year, and a number of those involved have been arrested and prosecuted.”
“If the investment product or the operator is not registered with the SEC, they have no business asking you to put your money there.”
Ajomale added that the commission introduced initiatives such as the “See It, Snap It” campaign and the “SEC Scam Alert” to enable Nigerians to easily report suspicious schemes and help regulators act swiftly before such schemes expand.
