The Securities and Exchange Commission (SEC) has called on the Nigeria Police Force to intensify efforts against cryptocurrency fraudsters, Ponzi scheme operators, and other unregulated investment scammers.
SEC Director-General, Emomotimi Agama, made the appeal during a courtesy visit to Inspector-General of Police Kayode Egbetokun at Force Headquarters in Abuja on Wednesday. He stressed the need for stronger collaboration to protect investors and safeguard the financial system.
Agama noted that while the SEC regulates the capital market, many fraudsters operate outside its jurisdiction, luring Nigerians with promises of unrealistic returns disguised as crypto or forex investments. “They cloak their deceit in the glamorous but often misunderstood language of cryptocurrency and forex trading, leaving behind shattered lives, depleted pensions and broken trust,” he said.
He described Ponzi schemes and investment fraud as both financial crimes and social menaces that erode confidence in the financial system. He emphasised that effective enforcement requires the police’s nationwide reach and investigative powers.
The SEC boss highlighted the urgency of collaboration following the Nigerian capital market’s recent milestone of ₦100 trillion in market capitalisation, warning that investor confidence could be undermined without strong protection.
Plans for partnership include:
- Strengthening the Police Enforcement Unit attached to SEC
- Creating a Joint Intelligence and Operations Task Force
- Capacity building for police officers on capital market instruments and crypto-related fraud
- Streamlined enforcement channels for rapid
police action against blatant fraud
In response, Inspector-General Egbetokun congratulated SEC on the market milestone and pledged full support. He assured that the police would deploy its cybercrime expertise and investigative capacity to help curb financial crimes, saying effective enforcement would boost investor confidence and economic growth.
Nigeria has seen a surge in Ponzi schemes and unregulated crypto platforms promising extraordinary returns, which have led to widespread financial losses. The SEC–Police partnership aims to close enforcement gaps and protect citizens from predatory investment scams.
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