The Securities and Exchange Commission (SEC) has again warned against investment in ponzi schemes and assured Nigerians that it would strengthen the capital market towards an enhanced investors’ value.
Acting director-general of SEC, Ms Mary Uduk, made the assertion while delivering a keynote address at a Town Hall meeting organised by the commission to sensitise investors on shares, investments and ponzi schemes in Port Harcourt, recently.
The meeting with the theme, “Current Initiatives by the Securities and Exchange Commission (SEC) Nigeria to Enhance Investors Value”, is basically to provide financial literacy to investors who have their funds or wishes to invest with fund managers. Uduk said that there was need to properly sensitise investors to guide against money loss.
She said that Nigerian investors had in the past suffered huge losses due to involvements in various ponzi schemes, wonder banks and other overblown profit oriented businesses. According to her, these ponzi schemes were being exploited by fraudsters to dupe ignorant investors. Uduk urged Nigerians to invest in shares and collective investment schemes to avoid the risks of money loss.
The investment expert explained that the commission, through its robust operations, was making the capital market more user friendly as dividends, sales/transfer of proceeds on shares were being handled efficiently within the shortest possible time. She also said that dividends on shares were being dematerialised making it possible for investors to save proceeds directly in their respective bank accounts rather than in share certificates as was the case in the past.
In his contribution, Mr Obi Adindu, a Deputy Director in the commission, also warned Nigerians against investing in cripto currencies. “It is also risky investing in cripto currencies as its regulatory frameworks have yet to be ascertained by the Securities and Exchange Commission,” he said.
“As we all know, MMM has crashed with many Nigerians losing their funds, the same could happen to the cripto currencies, so I advise investors to stay away.”
In the same vein, Mr Dum Ntouwe, an investor in the money market, applauded SEC for educating investors on the status and privileges of shareholders. “As an investor, I have been in the money market and I believe this lecture has further exposed me to ascertain credibility of any given investment before participation,” he said.
“This town hall meeting has also armed me with the necessary information on my rights and privileges as it relates to claims on proceeds and dividends in the money market.”
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