The Securities and Exchange Commission (SEC) has launched a nationwide campaign to educate citizens on the dangers of investing in Ponzi schemes.
Speaking during a sensitisation exercise at Wuse Market in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama, said the initiative aims to directly engage Nigerians and warn them against fraudulent investment platforms.
Agama lamented that many traders had already fallen victim to such schemes, highlighting the need for physical outreach rather than relying solely on online communication.
“We discovered that it is difficult for people to access the information they need. Sitting in our offices and expecting them to visit our website is not enough. We needed to come out physically and let them know the dangers of Ponzi schemes,” he said.
He added that the commission plans to take the campaign to markets, churches, mosques, hospitals, and military barracks across the country in order to reach a wider audience.
“The SEC of today is reaching out directly to the people. This has never happened before,” Agama said, expressing satisfaction with the positive response from traders at the event.
He also appealed to the media to support the commission’s efforts by amplifying messages on the risks associated with Ponzi schemes.
Several traders at Wuse Market who had fallen prey to such fraudulent activities shared their experiences.
One of them, Mr. Abraham Onoja, revealed he lost N7 million to a Ponzi scheme after initially making a profit from a smaller investment.
“I invested N2 million and after one week, I was paid N2.45 million. Encouraged by this, I invested N7 million, but the next day, the operators disappeared,” Onoja recounted.
Similarly, Mr. Chijioke Nnodim, another trader at the market, advised Nigerians to exercise caution and thoroughly verify investment opportunities before committing their money.
Ponzi schemes, which promise unrealistic returns, continue to pose a significant threat to unsuspecting investors worldwide. The SEC’s campaign seeks to curb their spread by raising awareness at the grassroots level.
