Before you invest, check this list.

What SEC’s lists actually say

SEC’s investor-education page defines the problem in its own words: “Wonder Banks / Ponzi or Pyramid Schemes are investment scams carried out by unregistered and fraudulent 'investment Operators' who illegally collect money from the public.” (per SEC Nigeria, Understanding Wonder Banks or Ponzi/Pyramid Schemes).

When SEC names a specific operator, its definitive statement is about registration, and the formula recurs across the alert series. From the October 2025 alert: “The public is hereby informed that the promoters and/or issuers of Shalom Coin (SHLM) are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market.” (per SEC Nigeria). Where SEC discusses Ponzi characteristics it uses hedged, evidence-based wording — from the August 2025 GVEST alert: “Investigations have revealed that GVEST GLOBAL has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes.” — and warns that anyone who deals with an unregistered operator does so, in SEC’s words, “...as any person who does so is at his own risk.” (per SEC Nigeria).

SEC’s most recent blanket notice (signed MANAGEMENT, 8 May 2026) states: “Many of these investment schemes exhibit characteristics of Ponzi or Prohibited investment schemes...” and that “under the provisions of the Investments and Securities Act, 2025, only entities registered by the Commission are authorised to promote investment services, provide investment advisory services or solicit funds from the public in the Nigerian capital market.” (per SEC Nigeria, public notice on unregistered online investment schemes).

The older record: operators sealed up, 2013–2022

SEC’s “Known Investment Scams” page (SEC’s title, published 14 August 2023) carries a table headed “SCHEDULE OF ILLEGAL OPERATORS SEALED UP” listing 38 entities sealed up between 2013 and 2022. Sample entries, as SEC lists them:

• Women in Oil LtdKaduna State, 2013
• Loom Nigeria Money2019
• MBA Forex and Investment Ltd2019
• Oxford International GroupLagos/Portharcourt, 2022
• Farmforte Agro Allied SolutionsLagos/Abuja, 2022
• Ovaioza Farm Produce Storage BusinessAbuja, 2022

This schedule covers 2013–2022 only; the alert series above is the fresher record for 2024–2026.

Before you invest: the two-minute check

SEC’s alerts close with the same instruction, in SEC’s words: “The investing public is therefore reminded to VERIFY the registration status of companies and entities offering investment opportunities on the Commission's dedicated portal - www.sec.gov.ng/cmos, before transacting with them.” Here is that check, with the exact pages:

1. Verify registration. Search the operator’s name on sec.gov.ng/cmos (SEC’s Find a Registered Operator portal). For digital-asset and fintech operators, also check SEC’s registered fintech operators list. Not found means, per SEC’s May 2026 notice, the entity is not authorised to solicit funds from the public in the Nigerian capital market.
2. Check the warning lists. Search the name on SEC’s Enforcement Updates page (entity alerts) and its Circulars page (blanket notices) — new warnings appear on both. CBN also runs a Fraud and Scam Awareness page covering investment-scheme warnings; there is no standing joint CBN+SEC list.
3. Understand the difference. SEC publishes FAQs on differentiating Ponzi/pyramid schemes from registered fund and portfolio managers — its own guide to telling a registered fund or portfolio manager apart from the schemes its alerts cover.