SEC laments resurgence of Ponzi schemes.
Written by News Room on November 25, 2021
The Securities and Exchange Commission (SEC) has frowned at the resurgence of Ponzi schemes and illegal fund managers in the country’s financial sector.
The Director-General of SEC, Mr Lamido Yuguda, frowned at the development at an enlightenment workshop with the staff of the Federal Ministry of Finance, Budget and National Planning on Wednesday in Abuja.
Yuguda said the unlawful schemes had continued to enjoy massive patronage of the populace and remained a source of concern for regulators in the financial sector.
According to him, the commission is poised to continue to apply measures and seek the cooperation of relevant stakeholders toward combating the activities of these Ponzi schemes.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, represented by Mr Stephen Okon, Director Home Finance, urged investors to take advantage of the various initiatives in the market.
Ahmed said the workshop was in line with the commission’s Capital Market Master Plan (CMMP).