Crypto: SEC Warns Against Suspected TOFRO Ponzi Scheme The Securities and Exchange Commission (SEC) has issued a public warning about TOFRO.COM (Tofro), an unregistered cryptocurrency trading platform. SEC said the platform exhibited characteristics of a fraudulent Ponzi scheme. The notice cautioned Nigerians against falling for deceptive investment...

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged investment fraud perpetrated on Crypto Bridge Exchange (CBEX), a trading platform.

On April 15, CBEX—another in the long, dreadful line of Ponzi schemes—folded, sending shockwaves through Nigeria’s fragile financial landscape.

EFCC, SEC Partner to Shut Down Ponzi Schemes  The Economic and Financial Crimes Commission and the Securities and Exchange Commission have vowed to hunt down operators of Ponzi schemes nationwide. The Federal Government agencies declared this on Wednesday following the collapse of the digital assets platform,...

CBEX: SEC to Gag Unlicensed Exchanges as Nigerians Fall to N1.3tn Ponzi Scheme The Securities and Exchange Commission has issued a fresh warning to Nigerians, declaring that all investment and digital asset platforms not registered with the Commission are operating illegally. The warning came to light...

The Securities Exchange Commission (SEC) has outlawed unregistered operations of digital asset exchanges and online foreign exchange (FX) trading platforms under the new Investments and Securities Act (ISA) 2025.