EFCC, SEC Partner to Shut Down Ponzi Schemes
The Economic and Financial Crimes Commission and the Securities and Exchange Commission have vowed to hunt down operators of Ponzi schemes nationwide.
The Federal Government agencies declared this on Wednesday following the collapse of the digital assets platform, CBEX.
The SEC, however, revealed that it had yet to receive formal complaints about the collapsed digital assets platform, while the EFCC said individuals who invested in the CBEX digital trading platform would get their money back.
Speaking during a live television programme on Arise TV, the Director-General of SEC, Dr Emomotimi Agama, vowed that the commission would hunt down the fraudsters.
CBEX, which claims to use artificial intelligence for trading in crypto and promised 100 per cent returns in 30 days, collapsed on Monday, with an estimated N1.3tn lost.
Speaking on the show, Agama said, “As we speak today at this hour, we have not received any formal complaint from anyone regarding CBEX because if we had received any formal complaint regarding CBEX, the team at SEC would have swung into action to get who and who is involved.
“However, we sympathise very much with the people, the victims, because they are Nigerians. And of course, we will commence investigation as to where the people are and also make sure we hunt them down because the law has given us the power to take them down.”
He maintained that the SEC had continuously warned Nigerians against investing in schemes that are too good to be true.
“Ponzi schemes didn’t start today. It’s a global malaise. It started in the 20th century with a man called Charles Ponzi, who then promised that he was going to be able to give every investor 50 per cent in returns. From then on, it became a practice for so many people to defraud others of their hard-earned resources.
“But the choices made by people must be dictated and regulated by the law of the land. The SEC will continuously educate people. We have, in the process of doing that, agreed to various forms of interviews. We’ve also launched a podcast at the SEC, providing more information towards our long-term goal of launching a capital market radio.
“I will take this opportunity once again to plead with Nigerians who want to invest. Please make sure you make your inquiries. You can ask the SEC by telephone, or by going to our website to make inquiries as to whether these persons or individuals are registered by the SEC, or whichever one you are aware that is not registered, please we ask that you inform the SEC in good time,” he said.
The SEC DG went on to reveal that the Senate recently approved the sum of N10bn for the market education programme and that with the support of the President, the commission would establish more offices across the country to get closer to the people.
He encouraged Nigerians to report Ponzi schemes that they know to the SEC for it to take action.
