✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

SEC to clamp down on illegal fund promoters

The Securities and Exchange Commission, SEC has said it will clamp down on illegal fund managers and ensure they are made to face the full wrath of the law.

The commission’s Head, Corporate Communications, Mrs. Efe Ebelo, in a statement indicated that the Acting Director-General, Ms. Mary Uduk, disclosed this at the weekend in Abuja.

She noted that what the SEC had done apart from continuing to educate people, was to also go after the promoters of these schemes.

SPONSOR AD

She stated: “We are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many.

“We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money”, Uduk added.

The SEC boss advised the investing public to be wary of any investment that is proposing return levels that are unreasonably high and advised investors to ensure that the fund managers and the products they are offering are registered with the commission. Expatiating further the investment expert cautioned that “when people come to you and say that you can invest 50,000 naira today and in 2 hours you will get 200,000 naira tomorrow or get 50% in 2 hours know that its is a lie. No legal investment that pays investment that way.

“So what they must likely be doing is using your money to pay someone else and using someone’s money to pay you. It is important that we don’t engage in such investments” she advised.

A Ponzi Scheme is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.

Sponsored

Discover the latest trends on Temu! Shop mobile phones, fashion, beauty, home essentials & more. Start exploring now!


Click here to learn how it works.

Sponsored

Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today!


Click here to learn how it works.

Sponsored

Start Affiliate Marketing Today! Learn step-by-step how to set up a blog, find programs, create links, and earn money—beginner-friendly guide inside!


Click here to learn how it works.

Sponsored

Join our FREE WEBINAR! Discover the 3-step formula to turn WhatsApp into a cash-generating machine. Sign up now and start earning!"


Click here to learn how it works.

Sponsored

Master Facebook Ads! Learn to set up Business Manager, run campaigns, optimize budgets, and drive sales. Start your journey to ad success today!"


Click here to learn how it works.

Sponsored

Unlock your confidence and attract the love you deserve! Learn how to become irresistible to women—start your transformation today!"


Click here to learn how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.