November 29, 2022

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SEC to accentuate struggle in opposition to ponzi schemes – Yuguda


Director Normal of the Securities and Change Fee, Mr. Lamido Yuguda stated that the Fee will repeatedly collaborate and have interaction related businesses to eradicate utterly all Ponzi schemes operations within the capital market.

Yuguda who spoke in Abuja weekend, stated the SEC has been preventing a critical struggle in opposition to Ponzi schemes, and been partaking and alerting Nigerians on the necessity to solely take care of operators which might be registered with the Fee.

“Sadly, lots of people proceed to patronize this Ponzi schemes, now we have had instances that have been reported to us, our Enforcement Division and the police unit have been on many of those instances which were reported to us attempting to resolve them.

Yuguda emphasised that it isn’t very tough to determine a Ponzi scheme as they often promise unreasonably excessive returns simply to lure individuals.

He stated, “I’ll like to make use of this chance to say that it isn’t very tough to acknowledge a Ponzi scheme and the those who go to Ponzi scheme a lot of them are in all probability conscious that there’s a kind of danger that they’re taking, as a result of when any individual tells you that I’ll pay you a ten% monthly in your investments, which means should you make investments 1,000,000 naira, each month you get 10% of that which is N100,000.00. When you see one thing like this, it’s in all probability too good to be true. As a result of once you compound the annual charge of return, you discover out that it’s method increased than any first rate investments can provide you.

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The SEC DG disclosed that the Fee has been working with different businesses of the federal government by way of decreasing the entry of Ponzi schemes to the promoting platforms, the print media or digital media i.e. the radio and tv. 

Yuguda said that the Fee has stepped up enlightenment on Ponzi schemes to make sure the message will get to the road whereas additionally working with varied state authorities, native authorities and completely different businesses of presidency together with non-governmental organizations to make it possible for the message will get to the nooks and crannies of our nation

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