Business
SEC Frowns At Resurgence Of Ponzi Schemes

The Securities and Exchange Commission has frowned upon the resurgence of Ponzi schemes and illegal fund managers in the country’s financial sector.
The Director-General of SEC, Mr Lamido Yuguda, made the observation of the development at an enlightenment workshop with the staff of the Federal Ministry of Finance, Budget and National Planning on in Abuja over the week.
Yuguda said that the unlawful schemes had continued to enjoy massive patronage of the populace and remained a source of concern for regulators in the financial sector.
According to him, the commission was poised to continue to apply measures and seek the cooperation of relevant stakeholders toward combating the activities of these Ponzi schemes.
He expressed regrets that the upsurge of the schemes had undermined the reputation of the financial markets and dampened investors’ confidence, among other things.
“SEC firmly believes that the country’s capital market can attain its potential if market operators and participants contribute their respective quotas to the growth”, he said.
He also explained that SEC was committed to always ensure and maintain an environment that was enabled by the appropriate regulatory framework, timely and affordable access to market.
“The commission is also committed to zero tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practice”, he said
“There is the need to restore investor confidence and improve the participation of retail investors in the market.
He further pointed out that the demography of investors in the country’s capital market showed that the young population do not participate in the capital market, and only a few Nigerians invested in the capital market.
The situation, he said, created a huge challenge to the market growth and the commission and added that it was striving to change the narratives by instilling a fair, transparent and orderly market.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, represented by Mr Stephen Okon, Director Home Finance, urged investors to take advantage of the various initiatives in the market.
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