SEC asks police to clamp down on cryptocurrency fraudsters

The Securities and Exchange Commission (SEC) has called on the Nigeria Police Force to intensify efforts against cryptocurrency fraudsters, Ponzi scheme operators and other investment scammers operating outside the regulated capital market.

The appeal was made on Wednesday by the SEC Director-General, Mr Emomotimi Agama, during a visit to the Inspector-General of Police, Kayode Egbetokun, at the Force Headquarters in Abuja.

Agama said stronger collaboration with the police had become imperative to protect investors and safeguard the nation’s financial system.

Describing the SEC as the apex capital market regulator, he noted that while the commission is mandated to protect investors and ensure fair and transparent markets, many fraudulent operators continue to operate beyond its regulatory reach.

He lamented that such criminals exploit public trust by promising unrealistic returns and disguising scams as cryptocurrency or forex investments, often leaving victims with depleted savings and shattered confidence.

He added that the need for collaboration had become more urgent following the recent milestone of the Nigerian capital market attaining N100 trillion in market capitalisation, which has encouraged more Nigerians to invest.

In his response, the Inspector-General of Police said the force would deploy its investigative and cybercrime capabilities to curb investment fraud, boost investor confidence and support economic growth.

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