Monday, Apr 19th 2021 2:38 PM

Market Digest Nigeria


SEC warns Nigerians against investing ponzi


SEC warns Nigerians against investing in ‘high returns’ schemes

The Securities and Exchange Commission (SEC) has cautioned potential capital market investors against putting their monies in fraud schemes that promise unwarranted high returns.

Mr Tunde Kamali, the Head, Investor Education of the Securities and Exchange Commission (SEC), gave the advice at a webinar meeting with title `The ABC of Savings and Investment in Abuja’ on Thursday, April 1.

Kamali expressed regrets that fraudsters usually attracted their investors through offer of commissions, pressure tactics and fictitious track records, among others.

He called on investors to always ask, check and confirm with the commission before investing in those companies.

Our duty at SEC is to protect investors by ensuring only fit and proper professionals are allowed to provide financial services.

“Most times, because of the ways and strategies of the fraudsters, many people do not have enough time to consider before we part with our money,’’ he explained.

Speaking on Protection of Savings, Ademilola Aluko, Stanbic IBTC Investor Services Relationship Officer, advised citizens to reduce debt, loans and ensure that their expenses were in line with their earnings.

Aluko called on citizens to setup personal emergency funds that would be aimed at meeting their unexpected needs.

The Market Development Manager of AFEX Commodities Exchange, Funto Olasemo, said that building wealth required consistency and patience.

She called on citizens to invest in equities/stocks, mutual funds, FGN savings fund, pension scheme and Exchange Traded Funds (ETFs).

The meeting was organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC).

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