Capital market without youth doomed participation—SEC

By Aduragbemi Omiyale

The Securities and Exchange Commission (SEC) is working with other agencies to cleanse the Nigerian capital market of Ponzi schemes.

SEC Managing Director Mr. Lamido Yugudu has expressed his displeasure with the proliferation of illegal fund managers in Nigeria’s investment climate.

He lamented that the promoters of these schemes continue to defraud millions of citizens by promising them staggering returns on investment.

Speaking at a national fact-checking course organized by the National Guidance Agency (NOA) in Abuja on Tuesday, Mr Yuguda said the agency would engage other organizations to curb the activities of illegal operators. .

The SEC chief, who was represented by the SEC’s executive commissioner for corporate services, Mr. Ibrahim Boyi, said that “such schemes with all the illegality and promises of unrealistic returns have burned the fortunes of many investors. ambitious, from Yuan Dong Ponzi to Galaxy Transport, Famzhi Interbiz Limited, Cowlane and Durell, and the infamous Mavrodi Mundial Movement (MMM).

“The resurgence of these Schemes has undermined the reputation of the capital market and undermined investor confidence, among others. This has created a significant challenge for the growth of our market, and the Commission is working to change the narrative by creating a fair, transparent and orderly market,” he said.

Yuguda said that while the SEC, along with other financial industry regulators, is working to crack down on fake news dealers and Ponzi schemes, investors also have a huge role to play.

“Investors are advised to always confirm whether the investment product, program or company is registered with the SEC before investing. This can be done through our website: www.sec.gov.ng or by email to [email protected] or other regulatory authorities.

“Investments enable wealth growth, so while encouraging more retail investment, we urge you to invest in SEC-approved investment classes and products, which can be confirmed through the channels listed below. above,” he said.

The SEC CEO described the course as a timely program that would go a long way in controlling the scourge of fake news, misinformation and disinformation.

He said that misinformation, disinformation and fake news are often meant to incite hatred, anger and acrimony, thus causing disaffection, division, violence and even war.

“Disinformation in the media has existed for a long time in different forms. However, modern fake news has garnered considerable attention due to its prevalence and impact in the age of social media.

“The SEC, as the supreme regulator of the Nigerian capital market, recognizes the effect that fake news can have on the market, as it can have a significant impact on prices in the capital market.

“NOA’s desire to build detectors is therefore commendable. The capital market demands such fact checkers to mitigate the actions of fraudsters in the area of ​​information-based securities fraud,” he said.

Mr. Yuguda has therefore ensured the commission’s continued support, commitment and collaboration to bring sustainable growth and development to our markets and the nation as a whole.

In his remarks, the CEO of NOA, Mr. Garba Abari, expressed the need to expand the boundaries of the conversation around the issue of fake news which has become a matter of concern both in Nigeria and around the world.

He said it has become more imperative now, especially as elections approach, which makes training more compelling.

Mr Abari said the aim was to train 37,000 Nigerian fact checkers covering different spheres of national life; military and security agencies, the organized private sector, the public service as a whole, newspapers and online media practitioners, bloggers and private citizens, that any knowledge applied here is knowledge that can be reproduced at home by our family members and in our respective workplaces.

“The idea is first to help the country before enjoying all the freedom we need. Social, mainstream and orthodox media have become an agent for spreading hatred, malice and creating an atmosphere that shouldn’t be happening, thereby intensifying our diversity, religious preferences and different partisan preferences,” did he declare.

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