By Robert Egbe
The Securities and Exchange Commission (SEC) says it is intensifying efforts toward closing down illegal fund manager (ponzi) schemes) in the country.
Mrs Efe Ebelo, the Head, Corporate Communications of SEC made this known in a statement on Sunday, quoting the Acting Director-General of the commission, Ms Mary Uduk, as giving the assurance in Abuja.
Uduk said the enforcement department of the commission was also working toward prosecuting promoters of the scheme.
According to her, the commission is continuing its awareness through various media to educate investors about these schemes while urging the publis to avoid putting their monies into them.
Read Aso: SEC seizes N2.35b ‘ponzi’ assets
The acting director-general noted that the commission had introduced a lot of innovations to clean up the market and make it easier and safer for investors.
Uduk listed some of the innovations to include; Electronic Dividends (e-dividends), direct cash settlement and regularisation of multiple accounts, among others.
She said other activities aimed at cleaning up the market and improving investors’ confidence were the Risk Based Supervision, encouraging automation and strengthening Self-Regulatory Organisations (SROs).
“Ponzi scheme is an ill wind that blows no one any good.
“The commission has reiterated its resolve to ensure that illegal fund managers in the country are not allowed to operate,” she said.
Uduk, who said the commission remained committed to its mandate of protecting investors, assured the public that it would perform the function in line with extant securities legislation.
“We advise prospective investors to cross check properly before patronising any fund manager.”
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