SEC engaging other agencies to curb ponzi schemes – Yuguda

The Securities and Exchange Commission has disclosed that it is engaging the National Orientation Agency as well as regulators of public agencies to curb the activities of illegal operators.

Director General of the SEC, Mr. Lamido Yuguda stated this in a goodwill message at the opening ceremony of a National Fact-Checking Course organized by the National Orientation Agency in Abuja, Tuesday.

Yuguda who was represented by the Executive Commissioner Corporate Services of the SEC, Mr. Ibrahim Boyi, stated that Nigeria’s investment climate has continued to witness the proliferation of illegal Fund Managers, popularly referred to as Ponzi Schemes as the promoters of these Schemes continue to defraud millions of citizens, by promising them mind-boggling returns on investments.

“The upsurge of these Schemes has undermined the reputation of the capital market and dampened investors’ confidence, among other things. This has created a considerable challenge to the growth of our market, and the Commission is striving to change the narrative by instilling a fair, transparent, and orderly market”.

“Investors are advised to always confirm if the investment product, scheme, or company is registered with the SEC before investing.

In his remarks, DG of NOA, Dr. Garba Abari expressed the need to expand the frontiers of the conversation around the issue of fake news which has become a matter of concern both in Nigeria and the world over.