Abuja: The Securities and Exchange Commission (SEC) has initiated a campaign to educate citizens on the risks associated with ponzi schemes. Dr. Emomotimi Agama, the Director-General of SEC, highlighted the objective of the campaign during an event held at Wuse Market, stating that the initiative aims to inform people about the dangers of such schemes.
According to News Agency of Nigeria, Agama expressed concern that some traders had already fallen victim to these fraudulent schemes. He emphasized the importance of direct engagement with the public to enhance awareness. The commission plans to extend this campaign to markets, churches, mosques, hospitals, and barracks nationwide to reach a broader audience.
Agama explained that relying solely on digital platforms for information dissemination might not be effective, hence the need for physical outreach. “We needed to come out physically to let them know the dangers of ponzi schemes,” he stated. Positive feedback was received from traders, many of whom had previously been victims of such schemes, indicating that the campaign was enlightening.
He acknowledged that ponzi schemes are a global issue and assured that the SEC is committed to addressing this challenge. Agama also called on the media to assist in spreading awareness about the dangers of these fraudulent investments.
Several traders shared their experiences, advising others to be cautious of investment opportunities promising unrealistic returns. Mr. Abraham Onoja, a trader at Wuse Market, recounted his experience of losing seven million naira to a ponzi scheme. Despite initial returns on his investment, the scheme eventually collapsed, leaving him at a loss.
Mr. Chijioke Nnodim, another trader, urged citizens to thoroughly verify any investment opportunities before committing their money, highlighting the importance of due diligence.