In a bid to dissuade more Nigerians from falling victims to ponzi schemes, the Securities and Exchange Commission on Friday stormed the Wuse market in the heart of Abuja, to sensitize traders on the dangers of patronizing ponzi schemes.
The SEC team led by the Director General Emomotimi Agama Securities and Exchange Commission (SEC), took time to distribute flyers while educating the traders on the need to always consult the Commission before investing in any business.
Blueprint reports that traders in the market allegedly lost over N1 billion to the defunct CBEX scheme.
Answering questions from journalists after the exercise, the Director General of SEC, said the Commission took the decision to embark on the campaign as a way of protecting Nigerians from investing in ponzi schemes.
Nigerians from all walks of life lost over $1.3 trillion to the CBEX ponzi scheme.
The DG said it was important that Nigerians understand the dangers of investing their hard-earned money into businesses that are not registered with the SEC.
He said, “We are happy that we have come out here to inform them and more importantly, they are now being enlightened to the effect that if it is too good to be true then it is not good, certainly it is not true.
They encouraged us to come back again on this journey and we have also encouraged them to inform more people all around them about the dangers of ponzi schemes. We believe strongly that by this action, a lot of people would be free from ponzi scheme scams.
Chijioke Nnodim, a trader in the market, told this newspaper that people lost money to the scheme because they were greedy.
“Greedy people lost their money. Some people paid N20 million, some people paid N15 million, one-woman N10 million. She owes her workers now. People don’t even know where to find the operators again.
“Nigerians should open their eyes; they should learn lessons from other people. You should watch well before you put your money. Some put up N5 million, some N10 million. Let Nigerians learn a lesson from this,” he said.
