By Modupe Gbadeyanka
Officials of the Federal Road Safety Corps (FRSC) have been advised to avoid Ponzi schemes and only invest in entities registered with the regulatory body.
The Securities and Exchange Commission gave the advice during an investor enlightenment programme tagged Investor Safety for officers of the agency in its zonal offices across the federation.
While enjoining the officers to be wary of any investment that is proposing return levels that are unreasonably high, the SEC also advised investors to always cross-check that such fund managers and the products they are offering are registered with the commission.
According to the SEC, the capital market is properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein.
They were taught the red flags of Ponzi schemes, including offering unreasonable return-on-investment and how to expose them. Other topics included the functions of the SEC, the availability of non-interest finance, and complaints management mechanisms in the capital market, among others.
The events, which were held in Lagos, Port-Harcourt, Enugu, Edo and Osun States, were the third in the series of sensitizing the officers of the FRSC, with the first being November 2022, and the second being May 2023
According to the SEC, “This enlightenment programme is part of a commitment to developing the capital market, creating knowledge of available products in the market as well as increasing investors’ confidence.”
The programme was held in collaboration with the Fund Managers Association of Nigeria (FMAN) to also expose the officers to legitimate channels of investments and the Association of Dealing Houses of Nigeria (ASHON) to address issues that bother investments, unclaimed dividends and related matters.
