“Executive Commissioner Legal and Enforcement, SEC Ms Frana Chukwuogor distributing flyers to business owners during the Commission’s enlightenment campaign on the operations of illegal schemes to Dei-Dei Market, Abuja.
When most people think of financial regulation, they picture boardrooms, press briefings, and legal jargon. But on a bright day in Abuja earlier this year, something different happened: the Securities and Exchange Commission (SEC) took the fight against illegal investment schemes directly to the people — and not just through posters or public statements.
Leading the charge was Ms. Frana Chukwuogor, SEC’s Executive Commissioner for Legal and Enforcement, who personally visited Dei-Dei Market, one of the busiest commercial hubs in Nigeria’s capital. There, among the vibrant energy of traders and market stalls, she distributed flyers, held one-on-one conversations, and sounded the alarm about the growing threat of fraudulent investment platforms.
“When you meet someone who lost their life savings to a Ponzi scheme, you realize this isn’t just a legal issue — it’s personal,” Ms. Chukwuogor reflected. “We needed to speak their language, stand in their shoes, and let them know we are on their side.”
The market was selected following an uptick in complaints and reports about illegal financial operators targeting traders with promises of fast returns. Many of these schemes bypass regulatory checks, using word-of-mouth and community trust to lure unsuspecting victims.
The SEC’s response was direct: meet the people where they are.
With flyers printed in multiple Nigerian languages, the outreach focused on raising awareness about common signs of fraud — including unrealistic profit guarantees, pressure to recruit others, and lack of SEC registration. Ms. Chukwuogor and her team moved from shop to shop, urging business owners to verify any investment opportunity with the Commission before getting involved.
The impact of that single campaign was significant. Not only did it lead to several local reports that helped SEC identify unregistered operators, but it also sparked conversations within the market community about financial safety and smart investing.
“The message was simple: if it sounds too good to be true, it probably is,” Ms. Chukwuogor noted.
This isn’t just a one-off. The SEC plans to expand this boots-on-the-ground approach to other markets and informal trade centres across Nigeria. It’s part of a broader push to ensure that financial inclusion doesn’t come with increased exposure to fraud.
For Ms. Chukwuogor, Dei-Dei was a reminder of why enforcement must go beyond legal files and into real-world dialogue.
“People don’t just need rules — they need relationships. They need to know someone is watching their back.”
As more Nigerians explore investment opportunities, especially through digital platforms and community networks, education remains the first line of defence. The SEC’s visit to Dei-Dei stands out as a vivid example of what effective investor protection can look like in action.
Because sometimes, regulation wears a suit — and sometimes, it wears sneakers in the market.
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