N300.2 Billion Lost: SEC Reveals Impact of Ponzi Schemes in Nigeria

The Securities and Exchange Commission (SEC) has confirmed that Nigerians have lost N300.2 billion to fraudulent investment schemes known as Ponzi schemes over the past years. This figure, excluding CBEX losses, reflects a devastating financial impact on individuals and households across the country. According to SEC Head of Fintech and Innovation Department, AbdulRasheed Dan-Abu, these Ponzi schemes promise unsustainable returns, leading to immense financial harm and social disruption.