SEC Raises Alarm Over Rising Ponzi Schemes in Nigeria

By Utebor Paul, Nigeria 

The Securities and Exchange Commission (SEC) has raised concerns over the continuous growth of Ponzi schemes in Nigeria, describing the trend as alarming.

Dr. Emomotimi Agama, Director-General of SEC, disclosed this on Monday during an interaction with journalists in Abuja.

He called on the media to assist the Commission by providing information on fraudulent schemes, assuring that such reports would be handled with strict confidentiality.

“The number of Ponzi schemes in the Nigerian market grows every day,” Agama lamented, adding: “You can help the SEC and the citizenry by letting us know about these schemes. We assure you that any information provided will be treated in strict confidence, and we will take action no matter whose ox is gored.”

Agama also highlighted the importance of public trust in the capital market, urging citizens to view market downturns as opportunities for investment rather than reasons to withdraw.

“When the market goes down or becomes bearish, it provides an opportunity for people to invest,” he said. “Low prices are not a negative trend but a chance to enter the market. This is the message journalists should convey to inspire hope instead of fear.”

The SEC boss emphasized the pivotal role of journalists in shaping public perception of the capital market. He called for accurate reporting and constructive criticism to build trust and confidence in the Nigerian financial ecosystem.

Journalists, he noted, are partners in the fight against financial crimes and in fostering a robust investment climate.