The Securities and Exchange Commission (SEC) has again expressed concern and warned Nigerians over the resurgence of Ponzi schemes and illegal fund managers in the country’s financial sector.
This is as more members of the investing public continue to fall prey to the activities of these illegal fund managers who daily fleece them of billions of hard-earned money.
Director-General of SEC, Lamido Yuguda, in an address at an enlightenment workshop with the staff of the Federal Ministry of Finance, Budget and National Planning in Abuja, lamented that the unlawful schemes had continued to enjoy massive patronage of the populace and remained a source of concern for regulators in the financial sector.
He said the commission was ready to continue to apply measures and seek the cooperation of relevant stakeholders towards preventing the activities of these Ponzi schemes.
According to him, the reputation of the financial markets and investors’ confidence, among others, had been negatively affected by the upsurge of these illegal schemes.
Yuguda said SEC was of the firm belief that the country’s capital market can attain its potential if market operators and participants contribute their respective quotas to its growth.
“The demography of investors in the country’s capital market shows that our young population do not participate in the capital market, and only a few Nigerians invest in the capital market. This situation creates a huge challenge to the growth of our market and the commission is striving to change the narrative by instilling a fair, transparent and orderly market,” he added.
