The Securities and Exchange Commission has launched investigations into 79 suspected Ponzi schemes operating across the country.

In a statement issued on Tuesday, the commission said details of the findings will be made public upon the conclusion of the investigations.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation” the SEC said.

The commission also announced plans to investigate the operations of a firm identified as FF Tiffany.

It said the entity is widely accused of running a fraudulent investment scheme that has defrauded thousands of Nigerians at home and abroad.

Preliminary findings, according to the SEC, show that the scheme promised investors high and unrealistic returns, leading to losses amounting to several billions of naira.

Describing the situation as a serious threat to investor confidence and the integrity of the financial system, the SEC said it is working closely with law enforcement agencies and other regulators to ensure those responsible are brought to justice.

“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement said.

The SEC meanwhile urged Nigerians to avoid Ponzi schemes and unregistered investment platforms that promise guaranteed or exaggerated returns.

The SEC warned that such schemes are not registered and do not provide any form of legal protection for investors.

It further advised the public to verify the registration status of any investment firm or product by visiting the commission’s website or reaching out through its official communication channels.