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Ponzi shemes: Nigerians must stop being greedy - SEC DG

                                   

Mr Mounir Gwazo, Director-General, Securities and Exchange Commission (SEC) told the News Agency of Nigeria (NAN) in Abuja that for Ponzi schemes to be eradicated, Nigerians must stop being greedy.

“The fundamental solution to this Ponzi scheme has to do with our own attitude as people. We must be able to shun being greedy; we must try as much as possible to look at some of these schemes very critically. Are these schemes registered either by the Central Bank of Nigeria or by the Securities and Exchange Commission? if they are not then you know clearly that there are issues."

"What sort of incentives are they offering; what sort of returns are they promising; most of them promise returns that are not reasonable, that are not realistic, that cannot stand the test of time. Those kind of things should send a very strong signal to say that there is more to it than the eyes can see," he said.

Gwarzo explained that the regulators were doing their best to warn Nigerians against partaking in Ponzi schemes such as MMM and the recent digital scheme called the Bitcoin.

He urged Nigerians to avoid such schemes, adding that,“we should discipline our mind from being very greedy, to being very realistic in whatever investment outlet we put our money in.''


SOURCE: Daily Trust


 

Tags: Nse  Ponzi Scheme  Nigerians