The Securities and Exchange Commission (SEC) is investigating a suspected fraudulent investment operation linked to FF Tiffany, which allegedly defrauded Nigerians of billions of naira by promising unrealistic returns.
In a statement released in Abuja, the SEC reported that FF Tiffany appears to have operated an illegal investment scheme typical of Ponzi operations, posing a significant threat to investor confidence. The commission is working with law enforcement to bring those responsible to justice, stating that all culpable parties will be prosecuted under the Investment and Securities Act.
The SEC warned the public against investing in unregistered or unregulated schemes that promise guaranteed profits, as these do not have SEC protection, leaving investors at risk of losses.
It is currently investigating 79 similar schemes and will provide updates when the investigations are complete.
The SEC emphasised the importance of verifying a firm’s registration status before investing and reaffirmed its commitment to protecting investors and maintaining trust in Nigeria’s capital market.
