The Securities and Exchange Commission (SEC) has indicated its readiness to collaborate with journalists and other relevant stakeholders in its drive to ensure that illegal fund managers do not thrive in the country.
Mr Mohammed Waziri, the Deputy Director and Head, External Relations Department of the commission, gave the indication on Friday in Lagos during a meeting with the Crime Reporters Association of Nigeria (CRAN).
Waziri noted that the menace of Ponzi schemes had been prevalent in recent times, especially, with the advent of social media.
He said that SEC was committed to ensuring that Nigerians do not continue to lose money to these illegal operators.
“There has been an upsurge in the activities of these illegal fund managers and this has led to Nigerians losing their hard earned monies to these schemes.
“We will continue to educate and enlighten Nigerians on the need to patronise only operators that are registered by the commission.
“There are numerous products in the capital market that Nigerians can patronise and get the benefits from their investements,” he said.
Waziri disclosed that the list of all registered capital market operators could be found on the SEC website, urging members of the public to do business with them.
He advised that anyone coming to make promises of unreasonable high return on investment and not registered with the commission should be disregarded.
“Ensure that they are registered with the commission and also check that they are registered for that specific function they are marketing to you.
“On our part, the SEC will ensure that only fit and proper persons are allowed to operate in the capital market,” he said.
The deputy director also said that the Nigerian capital market was still evolving, hence, the need for all hands to be on deck to educate and guide investors which would in turn aid investor’s protection.
He said that the commission was trying to ensure that people play by the rules in a bid to make the market safe and fit for investment.
“We all know that it is only when investors trust our market that they will bring in their money, and this is one of the things we try to do at the SEC,” he said.
He commended CRAN on its efforts in educating and enlightening the investing public, especially, on the danger of Ponzi schemes and added that more still needed to be done.
Earlier, the President of CRAN, Mr Olalekan Olabulor, expressed the readiness of the association to partner the commission with a view to further developing the economy of the country.
“We are available to provide assistance where necessary to the commission in its quest to rid our financial space of Ponzi schemes.
“We are ready as well to educate Nigerians on the dangers of patronising such schemes” he said.
