Wisdom Engraced
Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us
The Securities and Exchange Commission (SEC) has stepped up its fight against Ponzi schemes in Nigeria, adopting a proactive approach that combines public education with strict enforcement. This move reflects the Commission’s growing concern over the significant financial losses Nigerians have suffered due to unregistered and fraudulent investment schemes.
For further information, read more details here
During a recent outreach programme at the Dei-Dei Building Materials Market in Abuja, SEC officials engaged directly with traders, emphasising the importance of informed financial decisions. The Executive Commissioner for Legal and Enforcement, Ms Frana Chukwuogor, highlighted the need for widespread awareness, stating, “We want to saturate the public with information, ensuring that every potential investor knows the risks. Our approach is simple but firm. We are not just a regulator that barks without biting. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitise before barking and biting.”
The SEC’s campaign aims to educate the public about the dangers of Ponzi schemes, which often promise unrealistic returns and target vulnerable individuals, including traders and small business owners. Chukwuogor noted that many Nigerians have lost their life savings, businesses, and financial stability to these schemes
At the event, the SEC distributed informational flyers, answered questions, and shared real-life stories of scam victims. Abdusalam Sa’ad Khalid, Head of the SEC’s Enforcement Department, emphasised the importance of public education and urged traders to verify investment opportunities through official channels. He also warned that the Commission would prosecute fraudulent operators who persist in their illegal activities.
The outreach programme is part of the SEC’s broader nationwide campaign to improve financial literacy, strengthen investor confidence, and protect Nigerian investors. The Commission’s efforts aim to build public trust in the capital market and reduce the impact of fraudulent schemes. As part of this initiative, the SEC has encouraged the public to report suspicious schemes through its helpline
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post
