NOA, SEC Partner to Combat Ponzi Schemes, Promote Safe Investments

The National Orientation Agency (NOA) and the Securities and Exchange Commission (SEC) have signed a Memorandum of Understanding (MoU) aimed at promoting safe investment practices and curbing the spread of Ponzi schemes across Nigeria.

Speaking at the signing ceremony, the Director-General of NOA, represented by the Director of Special Duties and State Operations, David Akoji, reaffirmed the agency’s commitment to collaborating with the SEC to achieve the initiative’s objectives expressing concern over the increasing number of financial crimes disguised as investment opportunities, noting that the partnership would help equip Nigerians with the knowledge needed to make informed financial decisions. He also commended the SEC for initiating the collaboration, adding that NOA would soon commence capacity-building programmes for its staff to ensure effective dissemination of accurate information nationwide.

On his part, the Director-General of SEC, Dr. Emomotimi Agama, represented by the Commissioner for Operations, Bolaji Ajimola, described the partnership as timely and crucial as he highlighted the growing concerns over fraudulent investment schemes and noted that while the commission has intensified public awareness campaigns, the grassroots reach of NOA  would significantly enhance efforts to educate Nigerians.

Written by Adeyemi Adewale