SEC moves to clamp down on illegal investment outfits, operators
The Securities and Exchange Commission (SEC) has stated that the commission is currently working with relevant law enforcement agencies to ensure that illegal investment outfits and their promoters face the full wrath of the law.
Ponzi scheme promoters to face the wrath of law – SEC
The Exchange Commission (SEC) has said those who initiate and promote Ponzi schemes in Nigeria will face the consequences by being brought to the book.
Fraud could cost Africa its blockchain opportunity, says Rugunda
Africa has increased efforts to tackle rising levels of fraud perpetrated using blockchain technology. This is according to Kwame Rugunda, chairman of the Blockchain Association of Uganda
Tackling prevalence of fraudulent investment outfits in Nigeria
In the last five years, Nigeria has made progress in the area of capital market development, though much is still desired.
5 Vital Lessons To Learn From The Glory Osei And Muyiwa Folohunso Scandal
A few days ago, the social media space began buzzing with allegations of scam business ventures and poor treatment of former staff as well as maintenance of a toxic work environment against the founders of Divergent Enterprises, Glory Osei and Muyiwa Folohunso. Osei, in a series of tweets and a separate statement she published on her…
EFCC arrests operators of Ponzi scheme in Rivers
The Economic and Financial Crimes Commission (EFCC) said it has arrested 19 staff of a fake investment company floating an alleged Ponzi scheme that has defrauded the public to the tune of over N2bn.
Undeterred by losses, Nigerians still embrace Ponzy schemes
Olusola Deji earns very little as a civil servant working in Lagos State. Indeed, he is quick to remind you of the age-long refrain, “my take home pay cannot take me home.”
Activist petitions EFCC over new ponzi scheme
Nigerian human rights activist, Comrade Deji Adeyanju has petitioned the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, over a new Ponzi scheme called Loom. The scheme, which recently started in Nigeria, promises a return of N8,000 for N1,000 and N104,000 for N13,000 in 48 hours. Loom was first reported in…
Ponzi scheme firm bosses in Benin jailed for 10 years
Two senior directors of an investment firm in Benin were jailed for 10 years each on Thursday following their conviction for defrauding more than 150,000 people in a Ponzi scheme.
Police arrest Ponzi scheme referrer in Ibadan
Thousands of Nigerians are suspected to have been swindled in a new Ponzi scheme, ‘D9 Club, which has recently infiltrated Nigeria. Presently, the police said that at least 200 victims are known and have come forward to make complaints.