The Securities and Exchange Commission has expressed readiness to collaborate with the National Orientation Agency to educate Nigerians on the dangers of illegal investment schemes.
Director-General of the SEC, Emomotimi Agama, made this known during a meeting with the Director-General of the NOA, Lanre Issa-Onilu, in Abuja on Thursday.
Agama said many Nigerians continue to fall victim to fraudulent investment schemes due to a lack of awareness.
“These are not supposed to be, but many people fall victim due to a lack of knowledge. We know these schemes are springing up daily and these people are defrauding Nigerians. People are always gullible due to the need to survive,” he said.
He explained that the Commission has decided to intensify public enlightenment efforts and cannot assume that Nigerians are fully aware of the risks associated with unregistered investment platforms.
“As management, we decided to move out to enlighten people; we cannot assume that people know. We need to go out for mass communication; hence, this collaboration. It is only by co-operation that we can achieve the purpose of our existence,” Agama added.
The SEC boss solicited the NOA’s support in leveraging its wide communication network to reach Nigerians across the country.
“This collaboration is important because it will go a long way in ensuring that Nigerians are no longer victims of these fraudulent schemes. We appreciate that you value this country, and we value the work that you do,” he said.
Responding, Issa-Onilu commended the SEC for recent achievements in the capital market but noted that many Nigerians are unaware of legitimate investment opportunities.
“We commend you and thank you on behalf of the country, but most Nigerians are not aware of the opportunities in the capital market. An ignorant society will fall victim to many avoidable things. It is our responsibility to enlighten people to make the right decisions,” he said.
He urged the SEC to provide adequate information to enable the NOA to amplify its activities nationwide.
“Our primary assignment is to serve all government institutions as the communications arm. We do a lot of enlightenment in places like religious houses, motor parks and town halls,” Issa-Onilu added.
According to him, the NOA currently collaborates with 193 radio stations and five television stations to disseminate information and promote civic education.
He stressed that value reorientation is key to curbing Ponzi schemes, noting that both promoters and participants often suffer from poor judgment and wrong attitudes.
Observers say the partnership could strengthen efforts to protect investors, promote financial literacy and restore public confidence in Nigeria’s capital market.
