Financial literacy takes centre stage at Nairametrics Money Fair as SEC steps up enforcement and investor protection….
The Securities and Exchange Commission (SEC) has disclosed that it has shut down more than 400 fraudulent investment schemes across Nigeria over the past three years, part of an intensified drive to protect investors and ensure order in the capital market.
Emomotimi Agama, Director-General of SEC, made the announcement on Tuesday at the opening of the Nairametrics financial literacy forum, The Money Fair, in Lagos. Agama was represented at the event by Bola Ajomale, Executive Commissioner for Operations at the commission.
“Over the last three years, we have investigated and shut down at least 400 of these so-called schemes,” Agama said. “We saw a tremendous increase in them last year, and some perpetrators have been arrested and prosecuted. That is the direction we are heading as the SEC works to create a safe investment space for all Nigerians.”
The SEC has also launched public awareness campaigns such as “See It, Snap It” and the “SEC Scam Alert,” designed to enable Nigerians to report suspicious investment schemes promptly and assist regulators in acting swiftly.
Agama further stressed the importance of verifying registration status. According to him, the SEC currently oversees about 2,000 operators in the market, all of whom are required to clearly indicate whether they are registered with the commission. Investors are urged to confirm both the operator and the investment product are SEC-registered before committing funds.
“If the investment product or the operator is not registered with the SEC, they have no business asking you to put your money there,” he warned.
The Money Fair also emphasized financial literacy as a tool for navigating Nigeria’s economic realities. Ugodre Obichukwu, CEO of Nairametrics Financial Advocates Limited, said the initiative aims to move Nigerians from merely consuming financial information to making informed financial decisions.
“In times like this, financial literacy is not optional. It is essential for everyone,” Obichukwu said, citing rising prices, exchange rate volatility, and global geopolitical tensions as factors that make understanding personal finance more urgent than ever.
The forum’s WISE framework covering Wealth, Investment, Savings, and Endowments was highlighted as a practical approach to empower Nigerians with the knowledge and tools needed to make smarter financial choices.
By combining stronger enforcement with targeted financial education, the SEC and Nairametrics aim to reduce fraud in the capital market and equip Nigerians to safely navigate investment opportunities.
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