Mary Uduak, Acting Director General of the Securities and Exchange Commission has warned Nigerians to desist from partaking in Ponzi schemes.
Uduak, who spoke at a town hall meeting in Port Harcourt, urged Nigerians to also stay away from fake financial experts, who would promise to double their money within a short time.
She explained that the purpose of the meeting with shareholders and other investors was to protect them from the antics of such fraudsters, especially promoters of Ponzi schemes.
The acting SEC DG said, “the purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.
“These fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment; they are the ill wind that blows no good and at whose sight you must flee. They are to be avoided.
“This is one message you must take home to family, friends, relations, and acquaintances in order to save them from the agony of loss of their hard earned money.”
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