Mrs Efe Ebelo, Head, Corporate Communication of SEC, in a statement, said the commission’s Acting Director-General, Ms Mary Uduk, gave the warning in Abuja on Sunday.

Uduk said the commission was stepping up its regulatory oversight to ensure that such illegal entities were sealed off quickly.

 According to her, ponzi schemes are illegal and that is the reason the commission keeps warning the public about the dangers of these outfits.

”Once we have information of anyone engaging in illegal fund management business, our enforcement department working with our police unit, will shut them down.

”The promoters are handed over to the relevant law enforcement agencies for further actions,” she explained.

Uduk noted that the capital market had been properly positioned to attract Nigerians and other investors to provide benefits to those who invest in it.