The Securities and Exchange Commission (SEC) has announced an investigation into FF Tiffany, an unregistered entity allegedly running a fraudulent investment scheme that has defrauded Nigerians of billions of naira.

In a statement issued Tuesday in Abuja, the SEC revealed that preliminary findings showed the scheme promised investors unrealistically high returns, typical of Ponzi operations.

The commission described the activities of FF Tiffany as a threat to investor confidence and the integrity of Nigeria’s financial system. It said it was working closely with law enforcement agencies and other regulatory bodies to identify and prosecute all parties involved.

“Anyone found culpable will be prosecuted in accordance with the Investment and Securities Act (ISA) and other regulatory provisions,” the SEC stated.

It reiterated previous warnings to the public to avoid engaging in Ponzi or unlicensed investment schemes that offer guaranteed or exaggerated returns, noting that such platforms are not registered with the commission and offer no investor protection under Nigerian law.

“The commission is currently investigating 79 schemes and will make its findings public upon conclusion,” the statement added.

The SEC urged investors to carry out due diligence and verify the registration status of any investment firm or product by visiting its website or contacting its official channels.

The commission reaffirmed its commitment to protecting investors, promoting fair market practices, and sustaining confidence in Nigeria’s capital market.