Ponzi schemes

S.E.C joins forces with N.O.A and others to Eliminate Ponzi schemes

The Securities and Exchange Commission (SEC), declares that it is working with the National Orientation Agency (NOA) and various government agencies to combat the operations of Ponzi schemes, illegitimate fund managers and operators.

The Director-General of SEC revealed this in a goodwill message at the opening ceremony of the NOA’s National Fact-Checking Course in the federal capital Abuja.

The D.G stated that Nigeria’s investment climate has consistently witnessed the emergence of illegal Fund Managers, also known as Ponzi schemes, as their promoters continue to defraud millions of citizens by promising them unrealistic returns on investments.

SEC stated that the Ponzi schemes have brought down the reputation of the capital market and reduced potential investors’ confidence.

Due to this Investors are advised to always confirm if the investment product, scheme, or company is registered with the SEC before investing.

This could be done through our website: www.sec.gov.ng or via email to sec@sec.gov.ng; or from other regulatory authorities.

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