The Securities and Exchange Commission (SEC) Nigeria and the National Orientation Agency (NOA) have agreed to jointly work together on public enlightenment about the activities of illegal scheme operators.
The awareness creation about the risks of Ponzi schemes to investors and the country is to ensure that illegal schemes are not allowed to thrive, will be run in 193 radio stations and five television stations that collaborate with NOA on its public communication.
Speaking on the initiative, the Director-General of the SEC, Dr. Emomotimi Agama, disclosed that the partnership was formalized during a meeting with the Director-General of the NOA, Lanre Issa-Onilu, on Thursday in Abuja.
Agama disclosed that the capital market represented a strong space for national development but that some criminals have the tendency to use the opportunities in the market to deceive people for fraudulent transactions.
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He explained: “These are not supposed to be but many people fall victim due to 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. As a 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 are able to achieve the purpose of our existence.
Agama urged the NOA to reach Nigerians on the nefarious activities of the Ponzi scheme promoters based on its vast channels of mass communication to ensure that the warning message on the investment fraudsters gets to the grassroots nationwide.
The SEC boss said: “This collaboration is important because it will go a long way at ensuring that Nigerians no longer victims of these fraudulent schemes. We appreciate that you value this country and we value the work that you do.”
In his remarks, the NOA Director-General commended the SEC on the achievements of the capital market in recent times, adding that the commission has not been celebrated enough.
Issa-Onilu said: “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 of many things that are avoidable. It is our responsibility to enlighten people to take the right decisions.
“We request that you provide information on what you do to enable us propagate them. Our primary assignment is to serve all government institutions as the communications arm. We do a lot of enlightenment in places like the religious houses, motor parks, town halls, etc.
“Many Nigerians are deficit in good behavior. Both the Ponzi scheme promoters and those that patronize them are suffering from the wrong attitude and values. We have to encourage people to have the right attitude so they do not fall victims to Ponzi schemes. We have created a lot of platforms to interact with Nigerians”, he added.
Issa-Onilu maintained that the NOA was engaging in civic education to create the right values that will help most Nigerians to become patriotic citizens.
