<< Back             Poser >> SEC warns Nigerians against rising Ponzi schemes on social media The Securities and Exchange Commission (SEC) has warned Nigerians against investing in unregistered online investment schemes being aggressively promoted on social media platforms, cautioning that many of them exhibit characteristics of Ponzi schemes. The warning was contained in a public notice dated May 8, 2026, and published on the Commission’s official communication channels. According to the apex capital market regulator, several of the online platforms promising guaranteed or unrealistic returns are neither registered nor authorised to operate within Nigeria’s capital market. The Commission said the schemes are being widely promoted on digital platforms, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other social media channels. “The attention of the Securities and Exchange Commission has been drawn to the increasing promotion of unregistered online investment schemes on social media applications and websites, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other digital platforms,” the SEC stated. It added that many of the schemes display features commonly associated with Ponzi or prohibited investment arrangements, while some operators also provide unauthorised investment services to unsuspecting members of the public. The SEC warned that investors who patronise such platforms risk losing their funds to fraudulent operators, stressing that promises of unusually high or guaranteed returns should be treated as red flags. The Commission urged Nigerians to avoid participating in unregistered online investment schemes and to refrain from relying on financial advice from unlicensed individuals or entities. According to the regulator, only operators registered with the SEC are legally permitted to provide investment and advisory services within Nigeria’s capital market. The Commission further advised prospective investors to verify the registration status of any investment company, platform or promoter before committing funds. “The investing public is advised to confirm the status of companies and entities offering investment opportunities through the Commission’s dedicated verification portal before transacting with them,” the SEC stated. Vanguard Business News	NEITI raises alarm over illicit financial flows in solid minerals sector By Obas Esiedesa The Nigeria Extractive Industries Transparency Initiative (NEITI) has raised concerns over rising illicit financial flows in Nigeria’s solid minerals sector, warning that weak regulation, illegal mining and opaque ownership structures are undermining the industry’s contribution to the economy. In a policy brief released on Thursday in Abuja titled, “Stemming the Scourge of Illicit […] ELECTRICITY: TCN records 276 tower vandalism in 3 years By Mariam Eko The Transmission Company of Nigeria, TCN, said it recorded about 276 vandalized infrastructure from 2022 to 2025 nationwide. Speaking at the public sensitization on the ills of vandalism of TCN infrastructure held at Itori, Ewekoro, Local government area, Ogun State, the General Manager, TCN, Lagos region, Engr. Adeshina Adeonipekun noted: “I can recall […] Equities market loses N1.23trn as profit-taking persists The equities market extended its bearish trend on Friday, shedding N1.226 trillion as investors recorded losses in major stocks. SEC warns Nigerians against rising Ponzi schemes on social media The Securities and Exchange Commission (SEC) has warned Nigerians against investing in unregistered online investment schemes being aggressively promoted on social media platforms, cautioning that many of them exhibit characteristics of Ponzi schemes. The warning was contained in a public notice dated May 8, 2026, and published on the Commission’s official communication channels. According to the […] CBN launches FX manual, grants extractive firms full proceeds access The Central Bank of Nigeria (CBN) has launched the 4th Edition of the Foreign Exchange Manual which grants foreign companies in the extractive industry 100 percent unfettered access to their export proceeds. IMF identifies Ghana’s key risks post-$3b loan-supported programme  Ghana on Friday, May 15, exited its $3 billion loan-supported programme with the International Monetary Fund (IMF), going through three-years of austerity to restore macroeconomic stability, but “the grass is still not green” for the country.