SEC pledges to end Ponzi schemes

The Director-General of Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has pledged to end Ponzi schemes and illegal fund managers.

Yuguda made said this at an enlightenment workshop and investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja on Wednesday.

According to Yuguda, “The Nigerian financial sector is experiencing a resurgence of Ponzi schemes and illegal fund managers.”

The commission is poised to continue to apply measures and seek the cooperation of relevant stakeholders to combat the activities of these unlawful schemes, which have undermined the reputation of our financial markets and dampened investors’ confidence, among other things.

“The SEC firmly believes that the Nigerian capital market can attain its potentials if market operators/participants contribute their respective quotas to the growth of the market.”

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