The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have signed a Memorandum of Understanding (MoU) to embark on massive enlightenment against Ponzi schemes.
Signing the MoU in Abuja Wednesday, the Director-General of SEC, Dr Emomotimi Agama, warned that fraudulent operations are not legitimate investments.
Agama, represented by the Commission’s Executive Commissioner Operations, Mr Bola Ajomale, advised the public to verify company’s registration with SEC before investment.
He said the enlightenment would guarantee citizens including those at the rural areas to know where to invest and when to detect a ‘red flag’.
”We have in the last couple of months been concerned about the way Nigerians have been losing their hard earned money to illegal operators.
”We have taken some steps and one of which is to launch campaigns to enlighten Nigerians on the dangers of patronising these operators.
”We have also gone ahead to enlighten our operators so that they too can join in these campaigns.
“But we have seen that these are not enough. We have realised that the NOA has the spread and we believe this collaboration will have a major impact all over the country,” he said.
Agama commended various government agencies that were collaborating with the commission to combat Ponzi schemes, adding that it is for the benefit of the entire citizenry.
In his remarks, the Director-General of NOA, Malam Lanre Issa-Onilu, expressed his excitement at the collaboration, saying the agency would work with SEC to achieve desired results.
Issa-Onilu, represented by Mr David Akoji, the Director Special Duties and Zonal Coordination, regretted that victims of Ponzi schemes had suffered tremendously.
He added that the NOA would support any initiative aimed at checking the activities of such schemes.
“Nigerians are very vulnerable and it is important we enlighten them on the dangers of patronising these schemes.
”The NOA is committed to this partnership and we therefore expect that after signing this MoU, we will commence work immediately,” he said.
