For many Nigerians, the promise of quick returns has ended the same way: empty accounts, lost pensions, and silence from platforms that once felt trustworthy. From WhatsApp investment groups to polished crypto trading websites, scams have become harder to spot and easier to fall for.
As more people turn to alternative investments under economic pressure, regulators say fraudsters are exploiting that desperation. That growing threat is now pushing Nigeria’s Securities and Exchange Commission (SEC) to seek stronger backing from law enforcement.
Why the SEC is asking for police support
That urgency was on display this week when SEC Director General Emomotimi Agama met with Inspector General of Police Kayode Egbetokun in Abuja. Agama called for deeper collaboration to tackle Ponzi schemes, unregulated crypto platforms, and other investment fraud operating outside Nigeria’s formal capital market.
According to Agama, many modern scams deliberately disguise old tactics as financial innovation, borrowing the language of cryptocurrency and forex trading to appear legitimate. “They promise absurd returns such as 200% in 30 days,” he said, adding that these schemes often target “the vulnerable, the optimistic and the unsuspecting,” leaving behind “shattered lives, depleted pensions and broken trust.”
While the SEC can identify regulatory breaches and issue sanctions, Agama stressed that criminal enforcement requires the investigative power and nationwide reach of the police. “This is where our authority as the SEC meets its necessary complement, your power as the Nigerian Police Force,” he said.
David Adubiina
The proposed partnership goes beyond symbolic cooperation. Agama said the SEC wants to strengthen the police enforcement unit already attached to the commission, improve intelligence sharing, and create faster pathways for referring clear cases of fraud for criminal prosecution rather than relying solely on administrative penalties.
He also highlighted the need to better equip police officers to understand complex financial products, Ponzi structures, and crypto-related scams, noting that fraud tactics continue to evolve alongside technology.
Inspector General Egbetokun welcomed the collaboration, congratulating the SEC on Nigeria’s capital market crossing the ₦100 trillion market capitalisation mark. He assured the commission of the police’s full support, saying the Nigeria Police Force would deploy its investigative and cybercrime capabilities to help tackle financial crime and restore investor confidence.
Why this matters for investors
The renewed push comes as Nigeria continues to see a steady rise in unlicensed investment platforms, many operating online and outside traditional oversight. Regulators say these schemes thrive on gaps in enforcement and low public awareness, often disappearing once funds have been collected.
As crypto adoption grows and financial products become more complex, the SEC’s message is increasingly clear. Protecting investors will require coordinated action, not just regulation on paper, but real consequences for those who exploit trust in the digital age.
Oluwajeminipe Fasheun-Motesho
