The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has issued a stern warning to Nigerians, asserting that registration with the Corporate Affairs Commission (CAC) and possession of the Special Control Unit Against Money Laundering (SCUML) certificate from the Economic and Financial Crimes Commission (EFCC) do not confer legitimacy on any investment scheme.

Speaking during a sensitisation campaign against ponzi schemes at Garki Market in Abuja on Wednesday, Dr. Agama decried the rising tide of fraudulent investment operations masked under superficial corporate credentials.

He cautioned the public against falling prey to unregulated ventures that exploit regulatory grey areas to swindle unsuspecting investors.

“It is deeply troubling that certain individuals and foreign entities continue to exploit regulatory ignorance to defraud Nigerians through Ponzi schemes,”

“The government can no longer stand by while billions of naira are siphoned from hardworking citizens under the guise of investment,” Agama said.