Despite repeated warnings by the Securities and Exchange Commission about the dangers of Ponzi schemes, many Nigerians keep patronizing the illegal fund managers thereby losing huge funds in the process.
Under the infamous Mavrodi Mundial Movement (MMM) that operated between 2015 and 2016, three million investors lost N18bn. Nospecto investors also lost over N106bn within the same period.
Similarly, speculators lost N900m to Yuan Dong Ponzi while Galaxy Transport Ponzi schemes defrauded victims of N7bn with N2bn also lost to Famzhi Interbiz Limited. Nigerians who invested in Cowlane and Dureil also lost N100m to each of the outfits.
In this chat with Ifeanyi Onuba and Kasarachi Aniagolu, shortly after the Capital Market Committee Meeting, the Director-General of SEC, Lamido Yuguda, spoke on the negative impact of Ponzi Schemes on the capital market and steps being taken by the Commission to check the menace among other issues in the capital market. EXCERPTS…
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