SEC, Orientation Agency Sign Agreement To Combat Illegal Schemes

The Securities and Exchange Commission and the National Orientation Agency have agreed to collaborate to carry out enlighten campaigns with the signing of a memorandum of understanding. The agreement was signed in Abuja, according to a statement from SEC.

Director General of the SEC, Emomotimi Agama, stressed the importance of educating and enlightening Nigerians on the dangers of investing in unregistered schemes popularly referred to as Ponzi schemes.

Agama who was represented by the Executive Commissioner Operations, Mr. Bola Ajomale, urged Nigerians to avoid Ponzi schemes, highlighting that guaranteed high returns are major red flags.

He warned that these fraudulent operations are not legitimate investments and advised verifying company registration with the SEC.

According to him, ‘We have in the last couple of months been concerned about the way Nigerians have been losing their hard earned money to illegal operators. We have taken some steps and one of which is to launch campaigns to enlighten Nigerians on the dangers of patronizing these operators. We have also gone ahead to enlighten our operators so that they too can join in these campaigns.

“But we have seen that these are not enough. We have realized that the NOA has the spread and we believe this collaboration will have a major impact all over the country.

Agama commended various government agencies that are collaborating with the SEC in its avowed commitment to combat Ponzi schemes, adding that it is for the benefit of the entire citizenry.

“For us at the SEC, it is an honor to host you. It is an honour for us to be able to sign this, and I believe it is the beginning of some wonderful things to come to this country. Thank you very much” he added.

In his remarks, the Director General of NOA, Mallam Lanre Issa-Onilu expressed his excitement at the collaboration adding that he has directed his team to work with the SEC to achieve results within the shortest possible time.

Represented by Mr. David Akoji Director Special Duties and Zonal Cordination, Issa-Onilu said victims of Ponzi schemes have suffered tremendously adding that the NOA is willing to support any initiative that is aimed at checking the activities of such schemes.

“Nigerians are very vulnerable, and it is important we enlighten them on the dangers of patronising these schemes. The NOA is committed to this partnership, and we therefore expect that after signing this MoU, we will commence work immediately,” he stated.