The Securities and Exchange Commission (SEC) has intensified its efforts to curb the spread of Ponzi schemes in Nigeria, adopting a more proactive approach that combines public education with strict enforcement.

This initiative reflects the Commission?s growing concern over the widespread financial losses suffered by Nigerians who fall prey to unregistered and fraudulent investment schemes.

During a recent market outreach at the Dei-Dei Building Materials Market in Abuja, SEC officials sought to engage directly with traders, emphasizing the importance of making informed financial decisions.

The Executive Commissioner for Legal and Enforcement at the SEC, Ms. Frana Chukwuogor, underscored the need for widespread awareness, describing the Commission?s mission as one of complete saturation.

She noted that the goal is to leave no room for ignorance about the dangers of Ponzi schemes, which often lure unsuspecting investors with promises of quick, unrealistic returns.

Chukwuogor stressed that too many Nigerians, particularly those at the grassroots, have lost their life savings, businesses, and financial stability to these unregistered schemes.

?We want to saturate the public with information, ensuring that every potential investor knows the risks. Our approach is simple but firm. We are not just a regulator that barks without biting.

We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting,? she said.

Highlighting the urgency of this campaign, she explained that many Ponzi schemes deliberately target traders, market women, and other small business owners, exploiting their desire for quick financial gains.

This makes markets like Dei-Dei crucial battlegrounds in the fight against financial fraud. At the event, the SEC distributed flyers in multiple languages, answered traders? questions, and shared real-life stories of individuals who had fallen victim to these scams, making the engagement both personal and impactful.

Abdusalam Sa?ad Khalid, Head of the SEC?s Enforcement Department, also addressed the traders, emphasizing that while public education is a critical first step, the Commission remains fully prepared to prosecute fraudulent operators who persist in their illegal activities.

He urged the public to verify all investment opportunities through official SEC channels and report any suspicious schemes through the Commission?s helpline.

This visit to Dei-Dei Market marks the third in a series of outreach efforts in Abuja, reflecting the SEC?s broader nationwide campaign to improve financial literacy, strengthen investor confidence, and fortify the regulatory framework protecting Nigerian investors.

These ongoing efforts are part of a strategic push to build public trust in the capital market while reducing the devastating impact of fraudulent investment schemes. (The Guardian)

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