SEC Warns Against Activities of Ponzi Operators

0
400

The general public is hereby once again advised to beware of illegal operators and promoters of ponzi and other fraudulent schemes. Furthermore, the general public is advised to exercise utmost caution and conduct adequate due diligence, e.g. seeking professional advice and checking the Commission’s website to confirm the registration status of company/individuals marketing any products to them before taking a decision to invest.

Please be further advised that while the Commission is under a duty to protect investors, a duty which it has continued to discharge, such duty does not include recovering funds for investors who against reason and public notices such as this, invest in products promoted by unregistered/unregulated entities. At best, the Commission will work with law enforcement agencies to bring promoters of such schemes to book and no more.

Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the Commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration or to patronize such person.

In view of the above, the general public is hereby WARNED that any person dealing with any such persons in any capital market/investment related business is doing so at his/her own risk.

SHARE
Previous articleCBN Notifies On Extension of The Regulatory Framework For The Use of USSD
Next articleNigeria’s Amcon Eyes Return to Profit as Losses Narrow
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.