The Securities and Exchange Commission (SEC) has disclosed that it is engaging the National Orientation Agency as well as regulators of public agencies to curb the activities of illegal operators.
Director General of the SEC, Mr. Lamido Yuguda, stated this in a goodwill message at the opening ceremony of a National Fact-Checking Course organised by the National Orientation Agency (NOA) in Abuja, Tuesday.
Yuguda who was represented by the Executive Commissioner Corporate Services of the SEC, Mr. Ibrahim Boyi, stated that Nigeria’s investment climate has continued to witness the proliferation of illegal Fund Managers, popularly referred to as Ponzi Schemes as the promoters of these Schemes continue to defraud millions of citizens, by promising them mind-boggling returns on investments.
According to him, “Such Schemes with all the illegality and promises of unrealistic returns have burnt the fortunes of many ambitious investors, from Yuan Dong Ponzi to Galaxy Transport, Famzhi Interbiz Limited, Cowlane and Durell, and the infamous Mavrodi Mundial Movement (MMM).
“The upsurge of these Schemes has undermined the reputation of the capital market and dampened investors’ confidence, among other things. This has created a considerable challenge to the growth of our market, and the Commission is striving to change the narrative by instilling a fair, transparent, and orderly market”.
Yuguda said while the SEC, in collaboration with other regulators in the…
