Illustration for ponzi scheme
The Securities and Exchange Commission (SEC) has described ponzi scheme as “cancer” bedeviling effective operations of the capital market.
The Director-General of SEC, Mr Lamido Yuguda, said this at a post Capital Market Committee (CMC) meeting press conference in Abuja on Friday.
Yuguda said the commission had been fighting a serious war against Ponzi schemes where people without licenses extort money from unsuspected victims.
He said that the Commission had been working with other agencies to reduce access of ponzi schemes to advertising platforms.
”We have been saying that people should only deal with registered operators that have the registration of the Commission.
”You must confirm that an operator is licensed with the Commission before you patronise them.
”We have done a lot of sensitisation to discourage people from patronising ponzi schemes but unfortunately, a lot of people still patronise them.
”We have cases reported to us and our enforcement and police unit have been working on many of these cases trying to resolve issues of investment that have been lost.
”It is not really difficult to recognise a ponzi scheme. When a return is too good to be true, desist from it,” he said.
He said that the Commission was collaborating with the Economic and Financial Crimes Commission (EFCC) to fight money laundering and ponzi schemes.
Yuguda said the Commission would continue to enlighten the public to desist from patronising ponzi schemes.
The director-general said that the 2021-2025 revised Capital Market Master Plan (CMMP) would be launched at the next CMC meeting in November.
He said the revised CMMP would help the market to meet up with current and relevant trends. (NAN)
more recommended stories
Naira Gains Marginally, Exchanges at 436.33 to Dollar
Dollar and Naira for illustration The.
Wadada Tasks Keffi Indigenes, Residents on Economic Development
A former member of the House.
Abuja Building Material Traders Lament High cost, Low Patronage
Building materials traders in Abuja have.
AfCFTA: LCCI Urges FG to Provide One-stop Shop for Export
Stakeholders at the LCCI Export Group.
CBN Makes Strong Case for Economic Diversification
The Director of Trade and Exchange.
Leveraging Investment Potential in Federal Government Securities
Mrs Patience Oniha, Director-General, DMO As.
NGX Maintains Bullish Trend with 2.03% Growth
Trading activities on the Nigerian Exchange.
CBN And The Imperative Of Taming Inflation
“Americans are fed up practically.
Nigeria Exports Non-oil Products Worth $2.6bn First Half of 2022 — NEPC
Nigerian Export Promotion Council (NEPC), popularly.
FCT-IRS Leveraging on Technology, Others to Exceed N200bn Revenue Target- Acting Chairman
From Left Mr Haruna Abdullahi, Acting.