The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Orientation Agency (NOA) to intensify public enlightenment efforts aimed at curbing the proliferation of illegal investment schemes across the country.
Director-General of the SEC, Emomotimi Agama, disclosed this during a meeting with the Director-General of the NOA, Lanre Issa-Onilu, in Abuja on Thursday.
Agama noted that while the capital market remains a vital tool for national development, the growing tendency of Nigerians to patronize fraudulent schemes poses a serious threat to economic stability and individual prosperity.
“The capital market is an available tool for national development, but beyond that is the tendency for people to do the wrong things that will lead to the impoverishment of Nigerians,” he said.
“These are not supposed to be, but many people fall victim due to lack of knowledge. We know these schemes are springing up daily and these people are defrauding Nigerians. People are always gullible due to the need to survive. As a management, we decided to move out to enlighten people; we cannot assume that people know.
We need to go out for mass communication, hence this collaboration. It is only by cooperation that we are able to achieve the purpose of our existence.”
The SEC DG stressed that partnering with the NOA would enable the Commission to leverage the agency’s extensive grassroots communication network to ensure that investor education messages reach every nook and cranny of the country.
“This collaboration is important because it will go a long way in ensuring that Nigerians are no longer victims of these fraudulent schemes. We appreciate that you value this country, and we value the work that you do,” Agama added.
In his response, Issa-Onilu commended the SEC for the recent achievements recorded in the capital market, noting that the Commission’s efforts have not been sufficiently celebrated.
“We commend you and thank you on behalf of the country, but most Nigerians are not aware of the opportunities in the capital market. An ignorant society will fall victim to many things that are avoidable. It is our responsibility to enlighten people to take the right decisions,” he said.
He urged the SEC to provide relevant information about its operations and initiatives to enable the NOA effectively disseminate such information to the public.
“Our primary assignment is to serve all government institutions as the communications arm. We do a lot of enlightenment in places like religious houses, motor parks, town halls, and other public spaces,” he stated.
Issa-Onilu further explained that the NOA’s civic education programmes are designed to instill the right values in citizens and discourage participation in fraudulent schemes.
“Many Nigerians are deficient in good behaviour. Both the Ponzi scheme promoters and those who patronize them are suffering from the wrong attitudes and values. We have to encourage people to develop the right attitude so they do not fall victims to Ponzi schemes. We have created a lot of platforms to interact with Nigerians. At the moment, we collaborate with 193 radio stations and five television stations for our communication efforts,” he added.
The proposed partnership is expected to strengthen nationwide investor education campaigns and enhance public awareness about legitimate investment opportunities within Nigeria’s capital market.
