The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Orientation Agency (NOA) to intensify public awareness campaigns against illegal investment schemes across the country.
Director-General of the SEC, Emomotimi Agama, made this known during a meeting with his NOA counterpart, Lanre Issa-Onilu, in Abuja.
Agama noted that fraudulent investment schemes continue to emerge daily, exploiting unsuspecting Nigerians who often fall victim due to limited knowledge and economic pressures. He stressed that the commission could no longer assume that the public is adequately informed about the dangers of Ponzi schemes and other illegal investment platforms.
According to him, there is a pressing need for widespread and coordinated public education to protect citizens from financial exploitation. He emphasized that collaboration between the SEC and NOA would enhance outreach efforts and ensure that accurate information reaches communities across the country.
The SEC boss highlighted the NOA’s extensive grassroots communication network as a vital tool in spreading awareness to every part of Nigeria. He added that strengthening public knowledge about legitimate investment opportunities and the risks associated with fraudulent schemes would significantly reduce the number of victims.
In response, Issa-Onilu commended the SEC for its recent strides in strengthening Nigeria’s capital market and promoting investor confidence. He observed that many Nigerians remain unaware of the legitimate opportunities available within the regulated capital market, making them vulnerable to deceptive schemes promising unrealistic returns.
He underscored the importance of civic education in shaping responsible financial behaviour and encouraging citizens to make informed decisions. According to him, public enlightenment is essential in addressing both the activities of Ponzi scheme operators and the attitudes of individuals who patronize them.
Issa-Onilu further explained that the NOA operates a wide communication network, engaging with communities through religious institutions, motor parks, town hall meetings, radio, and television platforms. He assured that the agency would support efforts to disseminate accurate and timely information about safe investment practices.
Both agencies agreed that sustained collaboration, strategic messaging, and grassroots engagement are critical to combating illegal investment schemes and promoting financial literacy nationwide.
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