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SEC Partners Relevant Agencies To Curb Ponzi Schemes

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The Securities and Exchange Commission (SEC) 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 organised by the National Orientation Agency in Abuja, yesterday.

Yuguda, who was represented by the executive commissioner, Corporate Services of 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.

According to him, such schemes with all the illegality and promises of unrealistic returns have burnt the fortunes of many ambitious investors, from Yuan Dong Ponzi to Galaxy Transport, Famzhi Interbiz Limited, Cowlane and Durell, and the infamous Mavrodi Mundial Movement (MMM).

“The upsurge of these Schemes has undermined the reputation of the capital market and dampened investors’ confidence, among other things.

ed 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,” he stressed.

Yuguda said, while SEC, in collaboration with other regulators in the financial sector, strives to clamp down on merchants of fake news and Ponzi Schemes, investors also have a huge role to play.

The SEC DG described the course as a timely programme that would go a long way to check the scourge of fake news, misinformation and disinformation, saying “the SEC, as the apex regulator of the Nigerian capital market recognizes the effect fake news can have on the market, as it can significantly impact prices in the capital market.”

Yuguda assured of the commission’s continuous support, engagement, and collaboration towards bringing sustainable growth and development to markets and the nation at large.

The director-general 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.

Abari said: “the aim is to train 37,000 Nigerian fact checkers cutting across different spheres of national life; the military and security agencies, organized private sector, the public service at large, newspapers and online media practitioners, bloggers, and private citizens, that whatever knowledge applied within here is a knowledge that can be replicated at home through our family members and in our respective places of work.”

 

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