The Securities and Exchange Commission (SEC) has announced a strategic partnership with the National Orientation Agency (NOA) to intensify public enlightenment campaigns against illegal investment schemes across Nigeria.
The development was disclosed by SEC Director-General, Dr. Emomotimi Agama, during a meeting with NOA Director-General, Mallam Lanre Issa-Onilu, in Abuja on Thursday.
The move comes amid growing concerns over the proliferation of fraudulent financial platforms exploiting Nigerians under mounting economic pressure.
The collaboration signals a strategic shift toward combining regulatory enforcement with nationwide education, as authorities seek to curb recurring Ponzi-style schemes and restore confidence in the regulated capital market.
The SEC said it is scaling efforts to combat illegal investment schemes by leveraging the NOA’s nationwide communication network to expand investor education.
The Commission noted that rising economic hardship and financial illiteracy have increased the vulnerability of Nigerians to fraudulent platforms.
“The capital market remains a critical vehicle for national development, but widespread misinformation and financial illiteracy continue to expose citizens to exploitative schemes,” Agama said.
“We are stepping beyond regulatory enforcement to embrace mass education as a preventive strategy.”
“Many Nigerians fall victim not by choice but due to economic pressure and limited awareness of legitimate investment channels.”
The SEC added that illegal schemes are evolving rapidly, making proactive communication and consistent public sensitisation essential to protecting investors.
Agama stressed that collaboration with the NOA is critical to ensuring investor protection messages reach communities nationwide. He described the agency’s grassroots presence as a strategic asset in delivering accessible and timely information to both urban and rural populations.
The SEC noted that new fraudulent investment platforms are emerging frequently, often disguised as digital wealth-building opportunities.
The Commission said enforcement actions alone cannot effectively address the challenge without behavioural change and improved financial literacy.
The NOA’s outreach infrastructure includes partnerships with 193 radio stations and five television stations nationwide.
Engagement channels will also include religious centres, motor parks, community town halls, and other local platforms to deepen awareness.
The SEC emphasized that stronger inter-agency collaboration will enhance the protection of citizens’ financial wellbeing while reinforcing trust in regulated financial markets.
Responding, Issa-Onilu commended the SEC’s role in strengthening the capital market but noted that its achievements are not widely recognized. He said ignorance remains a major driver of financial fraud and stressed the importance of civic education in discouraging participation in deceptive schemes.
He added that societal attitudes toward quick wealth accumulation often fuel demand for unregulated investments, making value reorientation a key component of the partnership.
Nigeria has experienced a surge in illegal investment and Ponzi schemes in recent years, with fraudsters targeting unsuspecting investors through promises of unrealistic returns. In March 2025, the Economic and Financial Crimes Commission (EFCC) identified 58 companies allegedly operating illegal Ponzi schemes, many of which were not registered with the SEC or the Central Bank of Nigeria.
Many of the identified firms operated outside regulatory oversight, highlighting persistent compliance gaps.
Authorities have linked the rise in fraudulent schemes to economic hardship and limited investor awareness.
The SEC-NOA partnership is therefore positioned as a preventive intervention aimed at strengthening financial literacy, promoting responsible investment behaviour, and reducing recurring financial losses among Nigerians.
