The National Orientation Agency (NOA) and the Securities and Exchange Commission (SEC) have signed a Memorandum of Understanding (MoU) to enlighten Nigerians on safe investment practices and prevent the spread of Ponzi schemes.
The Director General of NOA, Mallam Lanre Issa-Onilu, represented by the Director of Special Duties and State Operations, David Akoji, affirmed the agency’s readiness to work with SEC to achieve the set objectives.
He noted that there have been several reports in the past of financial crimes disguised as investment opportunities, stressing that the collaboration will provide Nigerians with the necessary information to make informed financial decisions.
He applauded the SEC for initiating the partnership and emphasised that the NOA remains committed to achieving the objectives of the collaboration. He disclosed that capacity-building programs for the agency’s staff will commence soon to ensure that accurate information is disseminated across the length and breadth of the nation on safe investment practices.
Director General of the SEC, Emomotimi Agama, 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 the Executive Commissioner of Operations, Mr. Bola Ajomale, 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, 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.
“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.
Packaged by Dare Raji
