Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC) in Nigeria, has highlighted a concerning trend where a significant number of Ponzi scheme victims are civil servants. During a strategic meeting with the Head of Service of the Federation and other civil service officials, he urged public sector workers to shun investments in unregistered entities that promise high returns without regulatory oversight. This warning comes in light of the widespread financial losses that millions of Nigerians, including those in government jobs, have encountered due to fraudulent investment schemes operating under deceptive names.

The SEC recently reinforced its commitment to combating Ponzi schemes by emphasizing the legal consequences established in the Investment and Securities Act 2025, which criminalizes such operations and sets forth penalties for those who manage them. The Act aims to empower regulatory bodies in Nigeria to clamp down on illegal investment practices that exploit unsuspecting individuals, particularly those with limited financial literacy. The SEC's proactive stance signals its determination to protect consumers in the finance and investment sectors, particularly within the civil service, where more awareness is needed.

In addition to the regulatory framework, Agama advocates for capital market education to be integrated into the training programs of institutions such as the Administrative Staff College of Nigeria. He believes that educating civil servants about investment risks is essential to preventing future losses and fostering an informed public that can make sound financial decisions. The initiative aims to equip public sector employees with the knowledge necessary to recognize valid investment opportunities while avoiding scams that promise unrealistic returns under false pretenses.