The Securities and Exchange Commission (SEC) has cautioned potential capital market investors against putting their monies in fraud schemes that promise unwarranted high returns.
Tunde Kamali, the Head, Investor Education of the Securities and Exchange Commission (SEC), gave the advice at a webinar meeting with title `The ABC of Savings and Investment in Abuja’.
Mr Kamali expressed regrets that fraudsters usually attracted their investors through offers of commissions, pressure tactics, and fictitious track records, among others.
He called on investors to always ask, check and confirm with the commission before investing in those companies.
“Our duty at SEC is to protect investors by ensuring only fit and proper professionals are allowed to provide financial services,” he said.
“Most times, because of the ways and strategies of the fraudsters, many people do not have enough time to consider before we part with our money.”
Bayo Rotimi, the Chief Executive Officer of Greenwich Merchant Bank Limited, called on investors to always seek professional advice to enhance their knowledge before any asset class.
Speaking on Protection of Savings, Ademilola Aluko, Stanbic IBTC Investor Services Relationship Officer, advised citizens to reduce debt, loans and ensure that their expenses were in line with their earnings.
NAN
