- He explained that the losses were compiled from investigations into major Ponzi
- Nospecto Oil and Gas defrauded investors of roughly N45 billion
- SEC has intensified its crackdown on illegal investment operators
The Securities and Exchange Commission (SEC) has revealed that Nigerians have lost an estimated N300.2 billion to fraudulent and unregistered investment schemes in recent years.
Eko Hot Blog reports that this revelation has prompted the Commission to intensify its enforcement actions and strengthen investor protection across the country’s financial sector.
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The Head of Fintech and Innovation at the SEC, AbdulRasheed Dan-Abu, disclosed this during the 2025 Journalists Academy organized by the Commission in Abuja on Thursday.
He explained that the losses were compiled from investigations into major Ponzi and illegal investment operations that have devastated households and small investors nationwide.
A breakdown of the figures shows that MMM Nigeria accounted for about N18 billion, while Nospecto Oil and Gas defrauded investors of roughly N45 billion.
The MBA Forex and Capital Investment Ltd scheme wiped out nearly N213 billion, while Chinmark Group, Ovaioza Farm Produce Storage Business, and Famzhi Interbiz Ltd collectively caused losses exceeding N24 billion.
Dan-Abu added that the actual losses may be much higher, as many victims — especially in rural communities — fail to report their experiences.
In response, the SEC has intensified its crackdown on illegal investment operators, collaborating with the EFCC, CBN, and NFIU.
The Commission is also deploying technology-driven surveillance systems to track suspicious online investment advertisements and has begun issuing public alerts to warn investors against unregistered, high-return schemes.
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