Nigeria Seeks Regulatory Action Following Record Losses to Ponzi Schemes

Nigeria’s Securities and Exchange Commission (SEC) has confirmed a staggering loss of over $218 million, equivalent to N316 billion, to Ponzi schemes. The SEC attributes this to investors seduced by fraudulent promises and lacking awareness of the risks involved. Consequently, Nigeria’s SEC is calling for expedited regulatory measures within the cryptocurrency sector to prevent such scams and safeguard investors from future losses.