Sunday, November 1, 2020

Nigeria: Beware of Ponzi Schemes, SEC Warns Nigerians

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Nigerians have again been advised to desist from investing their money in various investment schemes that are not registered to operate fund management functions.

The acting director-general of the Securities and Exchange Commission (SEC), Ms. Mary Uduk disclosed this in the face of various unregistered schemes luring unsuspecting Nigerians with unreasonable returns.

While enjoining investors to be wary of any investment that proposes return levels that are unreasonably high, Uduk also advised investors to always cross check that such fund managers and the products they are offering are registered with the SEC.

According to her, the capital market is properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein. She said the SEC has been doing a lot in terms of investor education, assist people understand whatever issues they have around the capital market.

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The acting DG said the SEC is presently undertaking various initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.

She said: “There is the added and all-important purpose of ensuring that the gains of your participation, be it dividends or proceeds from share sales/transfers accrue to you seamlessly, without sweat and in the shortest time possible.”

“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.”

Related: Uganda: Parliament Seeks to Ban Pyramid and Ponzi Schemes

Uduk advised the general public to distance themselves from such schemes, adding, “Please note that anyone that subscribes to these illegal activities does so at their own risk.” She also informed investors that the SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e-dividend regime.

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Other initiatives by the SEC to ensure that investors get the benefit from investing in the market, according to Uduk include: multiple subscription regularisation, direct cash settlement, dematerialisation, national investor protection fund, recapitalisation of capital market operators, corporate governance scorecard, new rules for products innovation, development of commodity exchange, collective investment schemes among others.

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