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SEC vows to fight against ponzi scheme in Nigeria



The Securities and Exchange Commission (SEC) has informed the investing public that it would continue to use its enforcement procedures, including coordination with other relevant government agencies and stakeholders, to combat Ponzi scheme activity.

This promise was provided by Mr. Dayo Obisan, Executive Commissioner Operations, Securities and Exchange Commission, on Wednesday at an Investor Education Programme for Federal Road Safety Corps workers in Abuja.

Represented by Director Market Development Department, Nestor Ikeagu, Obisan said the promoters of these unscrupulous schemes pose as operators in the capital market to defraud investors of their money with mouth-watering promises of return on investments.

READ ALSO:Nigeria’s Securities And Exchange Commission Details How Wale Tinubu, Alake of Egbaland And Other Directors Ruined OANDO

According to Obisan, “This has made it difficult for investors to differentiate between genuine and false investment opportunities.

“The activities of these Ponzi schemes promoters have posed a huge challenge to the Commission. In combating them, we are working in collaboration with other agencies to nip their activities in the bud”.

Represented by Corps Commander Anume Osuamkpe, Biu said Nigerians would only be able to avoid fraudulent investment schemes if they have the requisite knowledge.

He lamented that many Nigerians have lost huge sums of money to these Ponzi schemes as the operator’s approach victims with mouth-watering offers that are sometimes too difficult to resist.

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