Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has reaffirmed the agency’s determination to sanitise Nigeria’s investment landscape by tackling fraudulent schemes undermining public trust and economic growth.
Speaking in Abuja at a capacity-building workshop organised by the Securities and Exchange Commission (SEC) for judges, themed “Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution,” Olukoyede disclosed that the EFCC has successfully secured convictions against 12 individuals prosecuted for running unlicensed pyramid operations within the country.
He explained that these convictions were part of a broader crackdown on Ponzi scheme operators exploiting vulnerable citizens in their quest for quick returns on investment. According to him, beyond these concluded cases, an additional 48 suspects are currently facing prosecution across various courts in Nigeria, as the commission continues to intensify its enforcement activities to deter other fraudulent promoters from preying on unsuspecting investors.
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The EFCC boss emphasised that pyramid schemes remain a grave threat to economic stability, eroding investor confidence and undermining the fairness and credibility of the nation’s capital market. He stressed that the anti-graft agency would not tolerate any activity that compromises Nigeria’s economic integrity or diminishes the faith of both domestic and foreign investors.
Olukoyede further revealed that in March 2025 alone, the commission charged a total of 58 individuals linked to Ponzi operations to court, reiterating that the agency’s resolve is rooted in its mandate to protect citizens from exploitative practices and restore sanity to Nigeria’s financial ecosystem.
He called on the judiciary to continue supporting the EFCC’s efforts through timely and decisive rulings that reinforce justice and deter others with fraudulent intentions. According to him, fostering a secure, transparent, and credible capital market remains critical to repositioning Nigeria’s economy for sustainable growth and development.