“SEC Declares War on Ponzi Operators, Vows Swift Action”
Nigeria’s Securities and Exchange Commission, SEC, has vowed to deal with Ponzi scheme operators as well as ‘bad operators’ from the country’s capital market.
This revelation was made by the Director General of SEC, Dr. Emomotimi Agama, in his New Year message to the capital market community.
According to him, the SEC would in 2025 reinforce its regulatory framework to take care of bad eggs in the system and protect investors.
He added that there would be efforts made in new years by the SEC to remind the investing public of the investment process engines available to them.
“For us, mainstreaming the Nigerian capital market into the economy is very important.
“Enforcement is the backbone of effective regulation. We are upgrading our investigation processes to ensure an enhanced efficiency in dealing with bad actors more decisively.
“Transparency is at the heart of investor confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” he said.
DAILY POST report indicates that except for the year 2023 to 2024, Nigerians have lost more than N92 billion to ponzi schemes and other fraudulent financial activities.
Naijaeyes Report
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