The Securities and Exchange Commission (SEC) has announced plans to introduce a USSD code system that will enable Nigerians to easily verify the authenticity of capital market operators, in a renewed crackdown on unregistered investment firms and Ponzi scheme activities.
The initiative, which will be officially launched at the upcoming Capital Market Committee meeting this quarter, is part of the Commission’s drive to protect investors and boost transparency in Nigeria’s capital market.
Disclosing this in Abuja over the weekend, SEC’s Director-General, Emomotimi Agama, said the code is designed to work on any mobile phone, with no need for internet access.
“We are introducing the code system that will allow mobile phone users to verify a capital market operator using USSD codes,” Agama said. “If anyone comes to you claiming what they are not, all you need to do is check with the code to know the status of their registration.”
Agama added that the Commission is stepping up its efforts to curb the proliferation of illegal investment operators, many of whom prey on vulnerable Nigerians through fraudulent schemes.
With this innovation, SEC hopes to significantly enhance public awareness, simplify due diligence, and prevent unsuspecting individuals from falling victim to fake investment schemes.
