The Securities and Exchange Commission (SEC) has admonished investors to patronise only registered operators when engaging in capital market transactions.
The Director-General of the commission, Lamido Yuguda, who bemoaned the activities of fraudulent operators and investment outfits, stressed the need for investors to confirm the status of operators and confirm they are duly registered with the SEC.
“The SEC has been fighting a serious war against Ponzi schemes, we have been alerting people on the proliferation of Ponzi schemes. We have said that investors should only deal with operators that are registered with the Commission.
“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 it is licensed with the SEC.
“We have our numbers on how to reach our offices in the zones and we have done a lot of sensitisation in terms of seminars, webinars all to discourage people from going to Ponzi schemes,” he said.
Yuguda assured that the commission would intensify efforts to clamp down promoters of illegal investment outfits in the capital market.
According to him, the SEC is working with regulators of public agencies to curb the activities of illegal operators and protect investors.
He also pointed out that the commission is currently partnering with agencies of the government in terms of reducing the access of Ponzi schemes to the…
