SEC, NYSC Partner To Tackle Ponzi Schemes Through CDS

The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have signed a Memorandum of Understanding (MoU) to establish a Community Development Service (CDS) group focused on investment education for corps members.

The initiative is aimed at sensitising young Nigerians to the dangers of fraudulent investment schemes while promoting sound and legitimate investment practices. It is also expected to enhance financial literacy and instill responsible investment habits among corps members.

According to a statement issued by SEC on Sunday, the MoU was signed by the Commission’s director-general, Dr. Emomotimi Agama, and his NYSC counterpart, Brig.-Gen. Olakunle Nafiu.

Under the partnership, corps members will be equipped with the knowledge and skills needed to identify and avoid Ponzi schemes and other illegal investment practices. The collaboration will also support nationwide awareness campaigns across local government areas, leveraging corps members as key agents of financial education in their host communities.

As part of its responsibilities, SEC will develop and provide up-to-date educational materials, training modules, and resources on capital market operations, safe investment practices, and fraud detection. The commission will also fund and facilitate training sessions for selected corps members and NYSC supervisors, who will serve as trainers and facilitators.

On its part, the NYSC will integrate anti-Ponzi scheme education into its Education and Enlightenment CDS programme through workshops, orientation camp sessions, and community outreach initiatives. Both organisations will also collaborate on public awareness campaigns using social media, traditional media, and grassroots engagement to expose fraudulent schemes and promote safe investment practices.

Speaking at the signing ceremony, Agama noted that the SEC has consistently supported the NYSC scheme by engaging between 160 and 180 corps members at a time, demonstrating its commitment to youth development. He added that the commission views corps members as future ambassadors of the capital market.

“We believe we can train them for the market, for the nation, and for themselves. Corps members who have served at the SEC leave better equipped and more informed,” he said.

In his remarks, NYSC director-general Nafiu described the partnership as a significant milestone and a key performance achievement for both institutions. He emphasised the importance of educating young Nigerians early to prevent them from falling victim to Ponzi schemes.

“This is the beginning of greater things to come. We are committed to fully implementing this agreement for the benefit of the larger Nigerian society,” he said.