The Securities and Exchange Commission has assured the investing public that it will continue to deploy its enforcement mechanisms including collaboration with other relevant government agencies and stakeholders in its bid to curtail the activities of Ponzi schemes.
This assurance was given by the Executive Commissioner Operations, Securities and Exchange Commission, Mr. Dayo Obisan during an Investor Education Programme for staff of the Federal Road Safety Corps in Abuja, Wednesday.
Represented by Director Market Development Department Mr. Nestor Ikeagu, Obisan said these promoters of these unscrupulous schemes pose as operators in the capital market to defraud investors of their money with mouth-watering promises of return on investments.
According to Obisan, “This has made it difficult for investors to differentiate between genuine and false investment opportunities. The activities of these Ponzi schemes promoters have posed a huge challenge to the Commission. In combating them, we are working in collaboration with other agencies to nip their activities in the bud.
Represented by Corps Commander Anume Osuamkpe, Biu said Nigerians would only be able to avoid fraudulent investment schemes if they have the requisite knowledge.
He lamented that many Nigerians have lost huge sums of money to these Ponzi schemes as the operator’s approach victims with mouth-watering offers that are sometimes too difficult to resist.
