The Securities and Exchange Commission (SEC) has warned Nigerians against investing in illegal online investment schemes being promoted across social media platforms, saying many of them exhibit characteristics of Ponzi and prohibited investment operations.
In a public notice issued on Thursday, the Commission said its attention had been drawn to “the increasing promotion of unregistered online investment schemes on social media applications and websites, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other digital platforms.”
According to the SEC, “many of these investment schemes exhibit characteristics of Ponzi or Prohibited investment schemes, while some operators of such schemes also provide unauthorized investment services to members of the public.”
The Commission advised Nigerians to refrain from investing in platforms promising unrealistic returns.
It stated: “Accordingly, the Commission hereby advises the public to refrain from investing or participating in any unregistered online investment platform or scheme promising unrealistic or guaranteed returns.
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