Mr. Lamido Yuguda, the Director-General, Securities and Exchange Commission (SEC) said identifying bogus investment schemes and illegal operators would be easy once prospective investors look out for telltale signs that indicate the scheme or operator may be a Ponzi. THE NATION reports.
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“We have their list on the SEC website and we have always said that if you go to an operator or when an operator approaches you, you must confirm that he is a licensed operator with the SEC. We have our numbers on how to reach our offices in the zones and we have done a lot of sensitisations in terms of seminars, webinars all in an effort to discourage people from going to Ponzi schemes. Information Guide Nigeria
“Unfortunately, a lot of people continue to patronise these Ponzi schemes, we have had cases that have been reported to us, our enforcement department and the police unit have been on many of these cases that have been reported to us trying to resolve them.
“I will like to use this opportunity to say that it is not very difficult to recognise a Ponzi scheme and the people that go to Ponzi scheme many of them are probably aware that there is a type of risk that they are taking, because when somebody tells you that I will pay you a 10 per cent per month on your investments, that means if you invest a million naira, every month you get 10 per cent of that which is N100,000. If you see something like this, it is probably too good to be true. Because when…
