The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Orientation Agency (NOA) in a renewed effort to combat the rising wave of illegal investment schemes across Nigeria. The move aims to strengthen public awareness and reduce the number of Nigerians falling victim to fraudulent ventures that promise unrealistic returns.
Speaking during a meeting in Abuja, SEC Director-General, Emomotimi Agama, emphasized the urgent need for mass sensitization. He noted that many Nigerians continue to lose money due to limited financial knowledge and the desperation to earn a living. According to him, fraudulent schemes are emerging daily, exploiting citizens’ economic vulnerabilities. Agama stressed that the Commission cannot assume people understand the risks and must actively take financial education to communities nationwide.
Agama appealed to the NOA to leverage its wide communication network to ensure that awareness messages reach every corner of the country. He described the collaboration as essential to protecting citizens from financial predators, adding that cooperation between government institutions remains the most effective way to fulfill their mandates. The SEC believes that stronger grassroots engagement will significantly reduce the influence of Ponzi operators and other illegal investment promoters.
Responding, NOA Director-General, Lanre Issa-Onilu, commended the SEC for its recent strides in strengthening Nigeria’s capital market. However, he observed that many Nigerians are still unaware of legitimate investment opportunities within the regulated market. He warned that ignorance often leaves citizens exposed to avoidable financial traps and pledged the Agency’s support in amplifying the Commission’s initiatives.
Issa-Onilu further revealed that the NOA conducts civic education across religious centers, motor parks, and town halls, working with 193 radio stations and five television stations nationwide. He highlighted the need to promote positive values and responsible financial behavior, noting that both fraudsters and their victims often operate from misguided attitudes. Through this partnership, both agencies hope to foster a more informed society where Nigerians can make smarter investment decisions and avoid falling prey to illegal schemes.
source: punch