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: https://businessday.ng/news/article/nig ... -recovery/
Nigerians lose more than N500 billion to Ponzi schemes
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When money realizes that it is in good hands, it wants to stay and multiply in those hands 🤲💸💵💰
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Jared
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MMM was the pacesetter. If anyone thinks Ponzi had ended in Naija, dey play! 
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰
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Jared
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It's not same person. But they use same fundamental formular.
Even.the victims know. They just want to cash out early. Many will still.be trapped.
That's why I don't expect anyone to complain. They know what they're getting into joor
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰
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Jared
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Never heard of that.CarolinaBaby1 wrote: ↑February 13th, 2024, 7:52 am Vistalog, another one is here, and many Nigerians are still falling victim
Vista what?
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰
Jared wrote: ↑February 13th, 2024, 10:25 amNever heard of that.CarolinaBaby1 wrote: ↑February 13th, 2024, 7:52 am Vistalog, another one is here, and many Nigerians are still falling victim
Vista what?
Vistalog, it's trending on Facebook
When money realizes that it is in good hands, it wants to stay and multiply in those hands 🤲💸💵💰
