SEC, NOA deepen collaboration to combat illegal schemes

The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have agreed to collaborate to carry out massive enlightenment campaigns with the signing of a Memorandum of Understanding (MoU).

During the signing ceremony in Abuja Wednesday, Emomotimi Agama, Director General of the SEC stressed the importance of educating and enlightening Nigerians on the dangers of investing in unregistered schemes popularly referred to as Ponzi schemes.

Agama who was represented by Bola Ajomale, Executive Commissioner Operations, SEC urged Nigerians to avoid Ponzi schemes, highlighting that guaranteed high returns are major red flags.

He warned that these fraudulent operations are not legitimate investments and advised verifying company registration with the SEC.

According to him, ‘We have in the last couple of months been concerned about the way Nigerians have been losing their hard earned money to illegal operators. We have taken some steps and one of which is to launch campaigns to enlighten Nigerians on the dangers of patronizing these operators. We have also gone ahead to enlighten our operators so that they too can join in these campaigns.

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“But we have seen that these are not enough. We have realized that the NOA has the spread and we believe this collaboration will have a major impact all over the country.

Agama commended various government agencies that are collaborating with the SEC in its avowed commitment to combat Ponzi schemes, adding that it is for the benefit of the entire citizenry.

“For us at the SEC, it is an honor to host you. It is an honor for us to be able to sign this and I believe it is the beginning of some wonderful things to come to this country. Thank you very much,” he added.

In his remarks, Lanre Issa-Onilu, Director General of NOA expressed his excitement at the collaboration adding that he has directed his team to work with the SEC to achieve results within the shortest possible time.

Represented by David Akoji, Director Special Duties and Zonal Cordination, Issa-Onilu said victims of Ponzi schemes have suffered tremendously adding that the NOA is willing to support any initiative that is aimed at checking the activities of such schemes.

“Nigerians are very vulnerable and it is important we enlighten them on the dangers of patronizing these schemes. The NOA is committed to this partnership and we therefore expect that after signing this MoU, we will commence work immediately,” he stated.