Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the commission has successfully secured the conviction of 12 individuals charged with running unlicensed pyramid businesses across Nigeria.
The announcement was made during a workshop organized by the Securities and Exchange Commission (SEC) for judicial officers, themed ‘Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution’.
Olukoyede emphasized that the EFCC remains committed to preserving integrity and investor confidence within Nigeria’s financial markets. He warned that the agency would not tolerate any actions capable of eroding trust or disrupting the fairness and transparency of the capital market.
According to him, while 12 convictions have been achieved, legal proceedings are still ongoing for 48 other individuals accused of engaging in similar fraudulent investment activities.
These developments stem from a sweeping enforcement action carried out by the EFCC in March 2025, during which 58 suspected Ponzi scheme operators were formally charged in various courts across the country.
Reaffirming the EFCC’s determination to cleanse the investment landscape of deceptive and unlawful practices, Olukoyede assured stakeholders that the commission is strengthening its collaboration with relevant agencies like the SEC to ensure more proactive surveillance and enforcement.
What You Should Know
The EFCC’s recent success in convicting 12 pyramid scheme operators is part of a larger crackdown that began in March 2025 when 58 individuals were charged. With 48 still facing trial, the agency aims to reinforce investor confidence and uphold the credibility of Nigeria’s capital market.
