SEC and NYSC Launch Initiative Against Ponzi Schemes

The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have signed a memorandum of understanding to establish a Community Development Service initiative focused on educating corps members about investment risks, particularly Ponzi schemes. The initiative aims to promote financial literacy and sound investment practices among young Nigerians.

Dr. Emomotimi Agama, Director General of SEC, and Brig Gen Olakunle Nafiu, Director General of NYSC, emphasized the importance of equipping corps members with the knowledge and skills to identify and avoid fraudulent investment schemes. The collaboration will involve developing educational content, training modules, and awareness campaigns across local government areas in Nigeria.

SEC will provide resources for training sessions, while NYSC will facilitate the integration of anti-Ponzi scheme education into its programs. The initiative aims to enhance public awareness and ensure that corps members become ambassadors for safe investment practices, thereby reducing the patronage of Ponzi schemes among the youth.