In sanitizing Nigeria’s capital market, the country’s Securities and Exchange Commission (SEC) has said that it will go after Ponzi scheme operators this year.
The Director General of the Commission, Mr. Lamido Yuguda stated this in his new year address.
According to him, despite earlier efforts in tackling the proliferation of such schemes in the country, there still leaves more to be desired as more Nigerians continue to fall for such fraudulent schemes.
Yuguda noted that the SEC had carried out intense sensitization in the past year and has provided avenues for quick response and reportage to authorities.
“We have been alerting people. We have said that investors should only deal with registered operators that have the registration of the Commission. We have their list on SEC’s 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 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 trying to resolve the cases that have been reported to us.”