The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has cautioned Nigerians to beware of online investment platforms promising unrealistic financial returns.
Speaking on Channels Television’s Business Morning on Tuesday, Agama said many fraudulent schemes continue to defraud unsuspecting citizens, stressing that “if it is too good to be true, it is not true.”
He explained that registration with the SEC is the primary proof of legitimacy for any firm operating in Nigeria’s capital market.
“The Corporate Affairs Commission (CAC) only registers businesses. It does not license operations in the capital market. Nigerians must confirm from us if such companies are duly licensed before investing,” he said.
The SEC boss disclosed that the Commission has issued more than 85 public advisories against illegal schemes, ranging from real estate to other unusual investment platforms.
“When people promise returns that are practically impossible, it is fraud. Anyone engaged in investment or securities without SEC registration violates the law,” he added.
Agama also noted that the Commission is digitising its operations to make enquiries easier for Nigerians, including plans for a soft code and a mobile app.
The SEC has offices in Lagos, Kano, Port Harcourt, and Abuja where members of the public can seek clarification.
