SEC Shuts Down 400 Illegal Investment Platforms Nationwide

The Securities and Exchange Commission (SEC) has successfully shut down 400 illegal investment platforms across Nigeria in the last three years, with a notable surge in fraudulent activities observed in the past year. Bola Ajomale, representing the SEC, disclosed this during the Financial Literacy Forum at the Money Fair held in Lagos on Tuesday.

The commission, led by Dr. Emomotimi Agama, is taking decisive enforcement actions in response to the growing number of unregistered investment platforms operating in the country.

Several individuals linked to these schemes have been arrested and are facing prosecution. The SEC has introduced initiatives such as the "SEC Scam Alert" platform to enable the public to report suspicious investment activities promptly.

The commission emphasizes the importance of financial literacy to help Nigerians make informed investment decisions and avoid scams, particularly in a challenging economic environment characterized by rising prices and exchange rate volatility. The forum also featured discussions on improving financial literacy to identify legitimate investment opportunities.