Ponzi schemes, SEC promises to take action

The Securities and Exchange Commission (SEC) says Ponzi schemes in the country’s market is continuously growing on a daily basis.

Dr Emomotimi Agama, the Director-General of SEC said this at an engagement with newsmen in Abuja on Monday.

Agama who appealed to journalists to help the Commission with information on the schemes, vowed to take regulatory actions on any Ponzi scheme discovered.

”The other thing I will also encourage you to do, because its time I mentioned it is that the number of Ponzi schemes in the Nigerian market grows every day.

”You can do one thing to help the SEC and to help the citizenry of this country by letting us know.

”We can assure you that every information you give to us will be treated in strict confidence.

”But that is not even what is important. What is important is that we will take action no matter whose ox is gored,” he said.

Agama said that losses in the capital market was an opportunity for people to come in and invest and not a time to fear or exit the market.

”I dare say here that when the market goes down, when the market makes a loss, or becomes bearish, there is one thing that it does, which I would encourage you to report.

”Every loss that is made in the market is an encouragement for people to come in. Because when the prices are down, it is the time to come in.

”To think that when the prices are down is a negative trend, I beg to differ.

”It only provides an opportunity more than you can imagine. When the prices are down, it means more people should come and invest.

”And if we see it that way as journalists, the information to be conveyed to people will be that of hope rather than that of fear,” he said.

He said that the journalists were invaluable in shaping public perception and understanding the market.

According to him, through accurate reporting and constructive critiques, you are partners in building trust and confidence in the country’s capital market.