The Economic and Financial Crimes Commission (EFCC) has secured the conviction of 12 individuals involved in operating unlicensed pyramid and Ponzi schemes in Nigeria, Chairman Ola Olukoyede announced.
Speaking at a workshop organized by the Securities and Exchange Commission (SEC), Olukoyede revealed that an additional 48 suspects are currently facing prosecution as part of the agency’s ongoing clampdown on fraudulent investment schemes.
The EFCC boss emphasized the commission’s commitment to maintaining investor confidence and ensuring fairness in Nigeria’s capital market. “We will not tolerate any activities that undermine the integrity of our financial system,” he stated during the event, themed ‘Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution.’
The latest convictions follow the EFCC’s March 2025 legal action against 58 operators of illegal Ponzi schemes, marking a significant step in the agency’s efforts to curb fraudulent financial practices. The crackdown aims to protect citizens from exploitative schemes while reinforcing regulatory oversight in the investment sector.