The Securities and Exchange Commission (SEC) has cautioned potential capital market investors against putting their monies in fraud schemes that promise unwarranted high returns.
Mr 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’ on Thursday, April 1.
Kamali expressed regrets that fraudsters usually attracted their investors through offer 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.
“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,’’ he explained.
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.
Aluko called on citizens to setup personal emergency funds that would be aimed at meeting their unexpected needs.
The Market Development Manager of AFEX Commodities Exchange, Funto Olasemo, said that building wealth required consistency and patience.
She called on citizens to invest in equities/stocks, mutual funds, FGN savings fund, pension scheme and Exchange Traded Funds (ETFs).
The meeting was organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC).
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....