SEC Urges FRSC Officers to Shun Ponzi Schemes

Kayode Tokede

Officers of the Federal Road Safety Corps (FRSC) have been urged to avoid Ponzi schemes and only invest in entities registered with the regulatory body.

The Securities and Exchange Commission (SEC) gave the advise during an investor enlightenment programme tagged “Investor Safety” for officers of the Federal Road Safety Corps in its zonal offices across the Federation.

While enjoining the officers to be wary of any investment that is proposing return levels that are unreasonably high, the SEC also advised investors to always cross check that such fund managers and the products they are offering are registered with the Commission.

According to the SEC, the capital market is properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein.

The Officers were taught the red flags of Ponzi schemes and how to expose them. Other topics include the functions of the SEC, the availability of Non-Interest Finance, and complaints management mechanisms in the capital market among others.

The events which were held in Lagos, Port-Harcourt, Enugu, Edo and Osun States is the third in the series of sensitizing the officers of the FRSC with the first being November 2022, and the second being May, 2023

According to the SEC, “This enlightenment programme is part of a commitment to developing the capital market, creating knowledge of available products in the market as well as increasing investors’ confidence”

“The programme was held in collaboration with the Fund Managers Association of Nigeria (FMAN) to also expose the Officers to legitimate channels of investments and the Association of Dealing Houses of Nigeria (ASHON) to address issues that bother on investments, unclaimed dividends and related matters.