The Securities and Exchange Commission (SEC) has announced it is investigating a suspected fraudulent investment operation linked to an entity identified as FF Tiffany.
The scheme is alleged to have defrauded Nigerians of several billions of naira by promising unrealistic returns.
In a statement released Tuesday in Abuja, the regulatory body disclosed that preliminary findings suggest FF Tiffany operated an illegal investment scheme that offered “unusually high and unrealistic returns,” a pattern commonly associated with Ponzi operations.
The SEC described the alleged activity as a significant threat to investor confidence and the integrity of the country’s financial markets. It stressed that the commission, in collaboration with law enforcement and relevant agencies, is taking steps to bring those responsible to justice.
“All parties found culpable will be prosecuted under the Investment and Securities Act and other relevant regulatory frameworks,” the statement said.
The commission reiterated its warning to the public to avoid investing in unregistered or unregulated schemes that promise guaranteed or excessive profits. It clarified that such schemes do not fall under SEC protection, leaving investors exposed to potential losses.
“The commission is currently investigating 79 such schemes and will make a public statement on the findings upon completion of its investigations,” the statement added.
SEC urged Nigerians to carry out proper due diligence before investing, advising them to verify any firm’s registration status through the SEC website or by contacting the commission through official communication channels.
Reaffirming its regulatory mandate, the SEC said it remains committed to protecting investors, promoting fair and transparent practices, and sustaining trust in Nigeria’s capital market.
