New Telegraph

February 29, 2024

Be wary of unscrupulous scheme – SEC

Securities and Exchange Commission (SEC)

Securities and Exchange Commission (SEC)

The Securities and Exchange Commission has warned Nigerians against investing in Ponzi schemes, adding that any investment schemes that promise unrealistic returns should be treated with caution.

 

The Director-General of SEC, Lamido Yuguda, gave the warning while addressing journalists shortly after the Second Capital Market Committee meeting.

 

Speaking on the development, Yuguda called on Nigerians to always check the website of the Commission for list of approved capital market operators before making such investment decisions.

 

He cautioned the investing public against making hasty investment decisions when the returns on such investment are too attractive.

 

The SEC DG assured that the Commission would continue to work with relevant agencies of government and other critical stakeholders in the capital market to tackle the issue of ponzi schemes. He urged every capital market operator to conduct their businesses within the market functions approved for it by the Commission.

 

The SEC boss said the Commission would not hesitate to deal decisively with any operator who carries out any activity outside the function approved for it by the Commission.

 

He said: “The Com  mission continues its campaign against illegal operators in the capital market, especially Ponzi schemes and has adopted multi-level engagements with media platforms and regulators of publicity agencies in order to curb the reach and activities of these illegal operators.

 

“While we continue our activities to resolve the complaints that have been forwarded to the Commission through the official channels, it is important to reiterate to the investing public to bewary of unscrupulous schemes that promise unrealistic returns on investment.

 

“We will like to use this opportunity to reiterate our commitment towards zero tolerance for market infractions.”

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