Nigerians lose more than N500 billion to Ponzi schemes

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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 lo…

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