Investigate, Don't Rush To Invest In Any Funds, SEC Advises Nigerians - THE DAILY CRUCIBLE

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Friday, August 13, 2021

Investigate, Don't Rush To Invest In Any Funds, SEC Advises Nigerians



By Our Reporter 

The Director-General, Mr Lamido Yuguda
 Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has warned Nigerians against investing in investment  funds without carrying out due diligence first through the capital market operators portal on its website.

Yuguda said Ponzi schemes were on the increase, advising that to effectively curtail the menace of fraud perpetrated through shady schemes, investors had to engage in personal research to ascertain the credibility of investment funds. 

He explained that the SEC has a list of registered and legitimate operators on its website.

He spoke while addressing newsmen on Friday during Webinar. 

The SEC Director-General noted that the commission had engagements with the National Insurance Commission towards de-risking and insuring certain commodity assets as part of measures to deepen the nation's commodities ecosystem. 

He also noted that a technical committee  comprising representatives of the SEC, Standards Organisation of Nigeria, AFEX, Lagos Commodities and Futures Exchange and the Nigerian Commodities Exchange had been constituted to deliver agro-based standards within three months

“Ponzi schemes are truly a big problem for our economy. It is very common to the extent that many of our citizens lose substantial sums to these schemes.

“The commission has adopted a variety of measures such as putting up the list of authorised capital market operators on our website so any interested investor will check there to confirm if the fund they want to invest in is duly registered.

“Unfortunately, many of these Ponzi operators, once they give these mouthwatering promises, gullible investors put their money there and they unfortunately lose it. Then they now come to us to lay their complaint, but just two minutes on the SEC capital market operator portal will help you confirm if they’re genuine.

“The commission has equally solicited the support of the National Bureau of Statistics to develop an effective price discovery system mechanism for the commodities ecosystem . A technical committee has been constituted for this purpose with the mandate of developing modalities for this exercise,” Yuguda  said. 

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