SEC, NYSC Sign MoU On Community Development Service Group

The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have signed a Memorandum of Understanding (MoU) on a Community Development Service Group in the NYSC scheme to educate corps members on the risks of fraudulent investment schemes and nurture in them good habits for legitimate investment deals globally.

Specifically, the MoU, which was recently signed by the director-general, Dr Emomotimi Agama; and the director-general of the NYSC, Brigadier General Olakunle Nafiu, in Abuja, aims to integrate anti-Ponzi scheme campaigns into NYSC’s existing Education and Enlightenment Community Development Service (CDS) programme; and promote financial literacy and sound investment habits among young Nigerians.

In addition, the collaboration will help equip corps members with essential knowledge and skills to identify and avoid Ponzi schemes and other illegal investment practices, and to enhance public awareness campaigns against illegal financial schemes across all Local Government Areas in the country, among other objectives.

Based on the scope of the collaboration, the SEC shall develop and provide relevant and up-to-date educational content, materials, and training modules on capital market operations, safe investment practices, and the identification and avoidance of Ponzi schemes as well as be responsible for the content, resources and funding of training sessions for selected corps members and NYSC supervisors who will serve as trainers and facilitators in their respective communities.

On its part, the NYSC shall facilitate the integration of anti-Ponzi scheme education into its Education and Enlightenment CDS programme, and this may involve dedicated sessions, workshops, or awareness campaigns during orientation camps and throughout the service year.

Speaking during the signing of the MoU, the SEC DG recalled that the commission had been supporting the NYSC scheme by providing opportunities for hundreds of corps members to serve in the commission, demonstrating the commission’s commitment to the scheme’s success.

Agama clarified, “We have NYSC members at the SEC in the range of 160-180 and there is no other institution in this country that can actually boast of that. It shows our commitment to the NYSC scheme.”

“We believe that we can train them. We can train them for the market, for the nation, for themselves, and there is no corps member who has gone through the NYSC scheme at the SEC who has regretted it.

“For all of them, we consider them as staff of the SEC and not just anybody. They are not just individuals, they are people we believe in, they are people we trust in, and we know that if we train and mould them well, they will be better ambassadors of the SEC in the outside world”, Agama added.

The NYSC DG commended the SEC boss for making the MoU signing a reality, saying the deal represents a Key Performance Indicator (KPI) for both organisations.

Nafiu also acknowledged the sundry initiatives undertaken by the commission’s leadership to instil confidence in the capital market.

He assured, “We believe it is the beginning of great things to come. After signing the MoU, in the execution phase, we remain committed to every process to execute to the letter the terms to the betterment of the larger Nigerian society.”