Fraudulent investment schemes have cost Nigerians over N18 billion, the Securities and Exchange Commission (SEC) has disclosed.
It’s director general, Lamido Yuguda, said over 3 million Nigerians were directly affected by such illegalities.
He said such schemes are inimical and threat to investors, negate orderly financial markets and Nigeria’s economy in general.
He noted that the operators capitalised on the harsh economic climate to offer unrealistic returns on investment to unsuspecting investors, noting that SEC with other stakeholders and regulators have developed mechanism to dealing with the situation.
