SEC begins campaign against ponzi schemes in markets, churches
The Securities and
Exchange Commission (SEC) has begun campaign to sensitise citizens against
investing in ponzi schemes.
Speaking during the
exercise in Wuse Market, Abuja, Dr Emomotimi Agama, the Director-General of
SEC, said the move was to educate people on the dangers of ponzi scheme.
Agama, who regretted that
some traders had fallen victims to the schemes, said the sensitisation was to
engage the people physically.
He said the commission
would take the sensitisation to markets across the country, churches, mosques,
hospital and barracks to reach all citizens.
“We decided to do this
because we discovered that it is difficult for people to get the information
that they require and we sitting in our offices and requiring them to get
information from our website, this might be difficult.
“So, we needed to come out
physically to let them know the dangers of ponzi scheme.
“The traders were happy
and a lot of them have fallen victims of ponzi schemes and they are now being
enlightened.
“Ponzi scheme is a global
event; we will deal with it.
“The SEC of today is
coming out to reach out to the people, this has never happened before,” he
said.
Agama appealed to the
media to help the commission disseminate the information on the dangers of
ponzi schemes.
Some of the traders who
had fallen victim of ponzi schemes advised citizens to be careful of
investments which promised double returns.
Mr Abraham Onoja, a victim
and a trader at Wuse Market, said he lost his seven million naira to the
scheme.
“I invested N2 million and
after one week, I was paid N2.45 million.
“I felt like it is the
real one and my neighbour invested N20 million and after seven days, they paid
him N27 million.
“I now invested N7 million
and the next day, I heard that the people are no where to be found.
“I don’t so much believe
in money doubling until someone convinced me to do it,” he said.
Mr Chijioke Nnodim, also a trader at Wuse
Market, advised citizens to verify and watch well before investing in any
company.
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