By Ginika Okoye

The Securities and Exchange Commission (SEC) has begun campaign to sensitise citizens against investing in ponzi schemes.

Speaking during the exercise in Wuse Market, Abuja, Dr Emomotimi Agama, the Director-General of SEC, said the move was to educate people on the dangers of ponzi scheme.

Agama, who regretted that some traders had fallen victims to the schemes, said the sensitisation was to engage the people physically.

He said the commission would take the sensitisation to markets across the country, churches, mosques, hospital and barracks to reach all citizens.

“We decided to do this because we discovered that it is difficult for people to get the information that they require and we sitting in our offices and requiring them to get information from our website, this might be difficult.

“So, we needed to come out physically to let them know the dangers of ponzi scheme.

“The traders were happy and a lot of them have fallen victims of ponzi schemes and they are now being enlightened.

“Ponzi scheme is a global event; we will deal with it.

“The SEC of today is coming out to reach out to the people, this has never happened before,” he said.

Agama appealed to the media to help the commission disseminate the information on the dangers of ponzi schemes.

Some of the traders who had fallen victim of ponzi schemes advised citizens to be careful of investments which promised double returns.

Mr Abraham Onoja, a victim and a trader at Wuse Market, said he lost his seven million naira to the scheme.

“I invested N2 million and after one week, I was paid N2.45 million.

“I felt like it is the real one and my neighbour invested N20 million and after seven days, they paid him N27 million.

“I now invested N7 million and the next day, I heard that the people are no where to be found.

“I don’t so much believe in money doubling until someone convinced me to do it,” he said.

Mr Chijioke Nnodim, also a trader at Wuse Market, advised citizens to verify and watch well before investing in any company. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma