Securities and Exchange Commission warns Nigerians against Ponzi schemes

The Securities and Exchange Commission on Sunday warned Nigerians to desist from investing their money in investment schemes being operated by persons or organisations that were not registered to carry out fund management functions.

The acting Director General of SEC, Ms Mary Uduk, gave the warning in a statement made available to our correspondent in Abuja on Sunday. She spoke in response to reports of various unregistered schemes luring unsuspecting Nigerians with tempting returns.

Urging investors to be wary of any investment proposing a return level that was unreasonably high, Uduk advised members of the public to always ascertain whether such fund manager and the products being offered were registered with the SEC.

Uduk said that the capital market was properly positioned to provide benefits to Nigerians.
According to her, SEC has been doing a lot in terms of investor education to assist people understand issues surrounding the capital market. (Punch)

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