SEC, NOA partner against investment scams

Barbara Bako, Abuja.

The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have agreed to collaborate on a nationwide public enlightenment campaign to curb illegal investment schemes and protect Nigerians from fraud.

SEC Director General Emomotimi Agama announced the partnership during a meeting with NOA Director General Lanre Issa-Onilu in Abuja.

Agama said the move was driven by the need to address the growing number of fraudulent schemes exploiting unsuspecting Nigerians.

He noted that many victims fall prey due to limited knowledge and economic pressures, stressing the importance of mass investor education.

“We know these schemes are springing up daily and these people are defrauding Nigerians. 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,” he said.

He added that the SEC is seeking to leverage NOA’s extensive grassroots communication network to ensure investor education reaches communities nationwide.

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Responding, Issa-Onilu said public awareness was critical in reducing vulnerability to fraudulent schemes, noting that many Nigerians lack adequate information about legitimate capital market opportunities.

“An ignorant society will fall victim of many things that are avoidable. It is our responsibility to enlighten people to take the right decisions,” he said.

The NOA DG explained that the agency conducts enlightenment campaigns in religious centres, motor parks and town halls, and works with a broad network of broadcast stations to disseminate information.

He added that promoting the right values and attitudes among citizens is key to discouraging patronage of Ponzi and other illegal schemes.