In the attempt to prevent more Nigerians from being victims of the schemes of Ponzi, the Bag and Securities Commission (SEC) on Friday made a awareness campaign in Wuse Market in the heart of Abuja.
Directed by its general director, Dr. Emomotimi Agama, the SEC team distributed informative and merchants committed to the risks associated with the investment in unregulated schemes.
The team also emphasized the importance of verifying any investment opportunity with the commission before committing funds.
Speaking to journalists after the event, Dr. Agama explained that the initiative was part of the continuous efforts of the SEC to protect Nigerians from fraudulent investment platforms.
He pointed out that Nigerians have collectively lost more than $ 1.3 billion due to the Cbex Ponzi scheme, underlining the urgent need for greater consciousness.
“It is crucial that Nigerians understand the dangers of putting their money earned with so much effort in companies that are not regulated or regulated by the SEC,” said Dr. Agama.
He said: “We are happy to have come here to inform them, and what is more important, now they are being illuminated in the sense that if it is too good to be true, then it is not good, it is certainly not true. They encouraged us to return back to this trip and we have also encouraged more people about them about the dangers of the schemes of the Ponzi.
“We decided to do this awareness to the market because we discover that it is difficult for people to obtain the information that will protect them. Sit in our offices and demand that they go to our websites and reach us through the phone, it may not be the best way; we needed to leave to let them know the dangers of a Ponzi scheme.”
Painting a marked image of the dangers of Ponzi's schemes, Agama said: “The danger is real. I could lose all his money. He could fall into the poor health of stress. When that happens, he runs the risk of destroying his family, his base, his business, even his nation.”
He expressed the determination of the commission to eliminate Ponzi schemes and all the other illegal investment platforms of Nigeria.
“President Bola Ahmed Tinubu has signed the new ISA 2025. Now, any person involved in Ponzi's schemes, either influential, bloggers, accomplices or any other person, enters a fine of 20 million naira and up to 10 years in jail.
“We will not stop here. We will go to all the markets we can reach, all corners and cracks of this country. We will visit churches, mosques, hospitals and even the Navy. We want everyone to listen to this message.
“It's never too late. When you wake up, that's your morning. Now that you are educated, you can protect yourself and others. Ponzi's schemes are a global problem, but together, we can fight against them.”
He also said; “Today's SEC is coming as never before. We will continue doing this, but we need your help to spread the information. Together, we will be better.”
Also commenting, the Legal Executive Commissioner and the application of the SEC, Mrs. Frana Chukwuogor, urged merchants to reject schemes that offer unreasonably high returns, since they are only up to the Nigerians of fleece.
“Ponzi schemes are illegal investment behaviors that are based on anything. We need to illuminate Nigerians about Ponzi's dangers and believe that going out to illuminate women will facilitate our work,” he said.
He added that the commission was in the Wuse market to help investors to initiate the resources available in the commission to be better protected. “We want to strengthen investors in their knowledge and understanding of the capital market, we want people to invest, but they must verify with SEC first”
Speaking during the awareness campaign, merchants turned to narrate their experiences with the illegal CBEX platform.
Chijioke Nnodim, a merchant in the market, declared that people lost money in the scheme because they were greedy.
“The greedy people lost their money. Some people paid ₦ 20 million, some people paid ₦ 15 million, a woman ₦ 10 million. Now owe their workers. People do not even know where to find the operators again.
“The Nigerians must open their eyes, they must learn other people lessons. They should see long before putting their money. Some put ₦ 5 million, some ₦ 10 million. Let the Nigerians learn a lesson of this,” he said.
For his part, Abraham Onojie said: “When they came to me, I said that I attempt and invest ₦ 2 million, after a week, they paid me ₦ 2,450,000. I felt that I was real. My neighbor was and invested ₦ 20 million. And after 7 days, they paid him ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ 7 million.
“The Nigerians must be careful with the type of people who come to them to say that you should invest. Do not listen to them to avoid what happens to them.”