SEC Declares War On Fraudsters With New USSD Code To Save Nigerians’ Money

In a determined effort to clamp down on unregistered investment schemes and combat the rise of Ponzi operations in Nigeria, the Securities and Exchange Commission (SEC) has introduced a USSD code system.....KINDLY READ THE FULL STORY HERE▶

This innovation will enable Nigerians to easily verify the legitimacy of capital market operators directly from their mobile phones—without needing internet access.

This was revealed by SEC’s Director-General, Dr. Emomotimi Agama, during an interview in Abuja over the weekend. He explained that the USSD platform is part of broader reforms aimed at cleaning up the capital market and protecting investors from fraudulent entities.

“We are launching a USSD verification code so that Nigerians can instantly confirm the status of any supposed investment promoter. It will be unveiled at the upcoming Capital Market Committee meeting,” Agama stated.

Dr. Agama emphasized that public awareness and investor education are crucial to eliminating fake financial platforms. He warned that registration with the Corporate Affairs Commission (CAC) alone does not authorize anyone to operate as an investment advisor.

Only those registered with SEC—such as licensed stockbrokers, accountants, and financial advisers—are permitted to offer such services.

He also highlighted the new Investment and Securities Act (ISA) 2025, which enforces penalties of up to ₦1 billion and 10 years imprisonment for Ponzi scheme promoters, including celebrities and influencers who advertise them. Agama reaffirmed SEC’s commitment to investor protection and encouraged Nigerians to verify any investment platform on the Commission’s official website.

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