The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has said that the Commission will continuously collaborate and engage relevant agencies to eliminate completely all Ponzi schemes operations in the capital market.
Yuguda said the SEC has been fighting a serious war against Ponzi schemes, and been engaging and alerting Nigerians on the need to only deal with operators that are registered with the Commission.
According to him, “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 sensitizations in terms of seminars, webinars all in an effort to discourage people from going to Ponzi schemes.
“Unfortunately, a lot of people continue to patronize this 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.
Yuguda emphasized that it is not very difficult to identify a Ponzi scheme as they usually promise unreasonably high returns just to lure people.
He said, “I will like to use this opportunity to say that it is not very difficult to recognize 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…
