SEC Partners with National Orientation Agency to Fight Ponzi Schemes in Nigeria

The Securities and Exchange Commission (SEC) has signed a memorandum of understanding (MoU) with the National Orientation Agency (NOA) to collaborate on nationwide campaigns aimed at combating illegal investment schemes, commonly known as Ponzi schemes. The agreement, signed in Abuja, marks a significant step in raising public awareness and protecting Nigerians from financial fraud.

Speaking at the event, SEC Director General Emomotimi Agama emphasized the importance of educating citizens on the risks of unregistered investment schemes. Represented by Executive Commissioner Operations Bola Ajomale, Agama urged Nigerians to exercise caution, noting that promises of guaranteed high returns are often major warning signs of fraud.

Agama highlighted the growing concern over the financial losses Nigerians have suffered in recent months due to illegal operators. He explained that while SEC has been running awareness campaigns, the agency recognized that partnering with NOA, which has a wider national reach, would significantly amplify these efforts across the country.

On his part, NOA Director General Mallam Lanre Issa-Onilu expressed excitement over the collaboration, pledging immediate action to support SEC’s initiative. Represented by David Akoji, Issa-Onilu noted the severe impact of Ponzi schemes on victims and reaffirmed NOA’s commitment to protect citizens by spreading timely and accurate information about investment fraud.

Agama further commended other government agencies cooperating with SEC to tackle financial scams, calling the MoU a “beginning of wonderful things to come” for Nigeria. The partnership aims to combine SEC’s regulatory expertise with NOA’s outreach capacity to ensure that Nigerians are better informed and less vulnerable to fraudulent schemes.

source: Leadership