The Securities and Exchange Commission says Nigerians have lost about N316bn to Ponzi schemes and illegal fund managers over the years, warning that greed and ignorance are sustaining the problem.
The Head of FinTech and Innovation Department at the Commission, AbdulRasheed Dan-Abu, described Ponzi schemes as deceitful investment operations that pay returns to old investors from money collected from new investors rather than from any genuine business activity.
He also said that the people who are greedy now are more educated than those who experienced the very first Ponzi scheme saying that Education has not stopped greed.
Dan-Abu appealed to journalists to support the campaign against Ponzi schemes saying that the press can help those who would have been victims in future.
