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CarolinaBaby1 · 2024-02-08T02:00:40Z

Again, the Securities and Exchange Commission (SEC) has warned Nigerians against investing in outfits that offer unreasonable returns and not registered by the commission, even as it disclosed that Nigerians lose up to N500 billion to Ponzi schemes. Ponzi scheme forms of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.While fielding questions from the Senate Committee on Capital Market and Institutions during a courtesy visit to the Central Securities Clearing System (CSCS), the Executive Commissioner, Legal and Enforcement, SEC, Reginald Karawusa lamented that a lot of activities going on in the illegitimate market despite the commission’s efforts in addressing Ponzi scheme challenges. Source:

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Nigerians lose more than N500 billion to Ponzi schemes

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Jrd

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Jun 16, 2025 12:42 am

(@jrd)

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CBEX didn't made it to this stats 😂😂

This report was way before #CBEX.. With CBEX added, it will be way above the toof. :laughs:

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Nigerians lose more than N500 billion to Ponzi schemes

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