In the past few years, millions of Nigerians have fallen prey to Ponzi schemes, also known as pyramid investment, that lures investors with high promise of returns, but often end up giving no returns at all, leading to the loss of investor’s total capital.
Financial experts have disclosed that these schemes continue to pose a big threat to investment in the country’s capital market. The Securities and Exchange Commission (SEC), have described Ponzi schemes as “cancer” bedeviling effective operations of the capital market.
The director-general of SEC, Mr. Lamido Yuguda, while speaking at a post capital market committee (CMC) meeting press conference in Abuja, disclosed that the commission had been fighting tooth and nail against Ponzi schemes, where people without licenses extort money from unsuspected victims.
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He disclosed that the Securities and Exchange Commission has partnered with other agencies towards the reduction of access of Ponzi schemes to advertising platforms.
In his words;
“We have been saying that people should only deal with registered operators that have the registration of the commission. You must confirm that an operator is licensed with the commission before you patronize them. We have done a lot of sensitization to discourage people from patronizing Ponzi schemes, but unfortunately, a lot of…
