The Securities and Exchange Commission (SEC) has sounded a stern warning against “shadow” financial predators who deceive citizens with promises of 200% returns within 30 days.
This alert came as the Commission secured a strategic partnership with the Nigeria Police Force (NPF) to safeguard the nation’s capital market, which recently hit a historic ₦100 trillion capitalization milestone.
During a high-level meeting in Abuja on Wednesday, the Director General of the SEC, Dr. Emomotimi Agama, met with the Inspector General of Police (IGP), Kayode Egbetokun, to address the rising tide of sophisticated investment scams. Dr. Agama pointed out that these bad actors often hide their fraudulent intentions behind complex financial jargon.
“They cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading. They target the vulnerable, the optimistic, and the simply unsuspecting, leaving behind a trail of shattered lives, depleted pensions, and broken trust. This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system,” Dr. Agama said.
The Director General described the SEC as the “sentinel at the gate” of the formal markets but noted that regulatory oversight alone is insufficient to stop criminals who operate outside legal boundaries. He indicated that a gap exists between identifying these scammers and bringing them to justice, a space that the new partnership aims to eliminate.
“This is where our authority, as the SEC, meets its necessary complement: your power, your reach, and your mandate. The Nigeria Police Force is the primary law enforcement agency with the national presence, the investigative muscle, and the constitutional authority to track, apprehend, and bring these criminals to justice. Where we identify the illegality and the regulatory breach, you possess the apparatus for criminal investigation, arrest, and prosecution,” he told the IGP.
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To modernize the fight against these syndicates, the SEC proposed a collaborative framework built on joint intelligence, capacity building, and a national public awareness campaign. Dr. Agama specifically called for a dedicated SEC-NPF task force to act as a “rapid-response unit” against emerging frauds. He also requested a formal Memorandum of Understanding with the Police Cyber Security Unit to monitor digital threats.
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“Mr. Inspector General, the fight against financial crime is a fight for the soul of our economy. It is a fight for the widow who has lost her savings, the youth lured by fake crypto promises, and the retiree seeking a safe return. The SEC cannot win this fight alone. The Police should not have to decipher these complex schemes without specialist support. Together, however, we form an impenetrable shield,” the SEC DG added.
Responding to the proposal, IGP Kayode Egbetokun expressed the full readiness of the Force to back the Commission’s enforcement drive. He acknowledged that the SEC’s success is a pillar of the broader national economic recovery strategy.
“Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our supervision and support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make so much impact in your enforcement drive,” the IGP stated.
The Police Chief also took the opportunity to celebrate the capital market’s recent performance, noting that the crossing of the ₦100 trillion market capitalization mark is a monumental achievement for the country.
“That is a very huge one, and on behalf of the entire police force, I congratulate you on this great achievement. I am happy to also hear from you that you are ready to strengthen the police enforcement unit that are attached to the SEC. On this note, I approve the collaboration with the Cyber Security Centre of the NPF,” Egbetokun concluded.
The meeting ended with a mutual pledge to send a clear message to scammers that Nigeria’s investors are now under a unified shield of protection.
