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SEC committed to curbing Ponzi Schemes – Uduk

By Obas Esiedesa

The Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk has restated the resolve of the commission to ensure that illegal fund managers in the country are not allowed to operate.

She stated this while speaking with journalists in Abuja, weekend.

Represented by the Head, Office of the Chief Economist, Mr. Okechukwu Umeano, Uduk said the enforcement department of the Commission has intensified efforts to close these ponzi schemes and prosecute the promoters.

According to her, “Also, the Commission continues to create awareness through various media to educate investors about these schemes and urge people to avoid putting money into them. It is an ill wind that blows no one any good.

“The SEC has introduced a lot of innovative processes to clean up the market and make it easier and safer for investors. Some of these measures and processes include the E-Dividend and Direct Cash Settlement and regularisation of multiple accounts among others.

“Other activities of the SEC such as Risk Based Supervision, encouraging automation, strengthening self-regulatory organizations (SROs) are all geared towards a better market and in turn improved investor confidence”.

Uduk said the Commission remains committed to its core mandate of protecting investors and assures the general public that it shall perform this function in line with extant securities legislation.

“We advise prospective investors to cross check properly before patronising any fund manager. Information about registered entities and investment schemes approved by the Commission can be found on the Commissions website www.sec.gov.ng or at any of the Commission’s offices” she stated.

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