TheCitizen - It's all about you
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
TheCitizen - It's all about you
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
TheCitizen - It's all about you
No Result
View All Result

SEC warns Nigerians against Ponzi schemes

The Citizen by The Citizen
July 19 2018
in Business
A A
0

Nigerians have again been advised to desist from investing their money in investments that offer unreasonable levels of returns at little risk to investors.

This was stated by Ag. Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk during a Town Hall meeting on Current Initiatives by the SEC Nigeria to enhance investor value held in Port Harcourt, Rivers State, Wednesday.

In a statement by the Commission, Uduk, while enjoining investors to be wary of any investment that is proposing return levels that are unreasonably high, added that they should always cross check that such fund managers and the products they are offering are registered with the SEC.

The Ag. DG told the audience that the specific objective of the meeting is to keep Nigerians abreast of the initiatives that SEC is currently undertaking in order to make the capital market more user friendly such that people can participate in it with greater ease, comfort and convenience.

“There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

“These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment, they are the ill wind that blows no good and at whose sight you must flee; they are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard–earned money” she stated.

Uduk also used the occasion to inform investors that SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e –Dividend regime.

The essence of the e-Dividend Mandate Management System she said, is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.

“Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others.

Uduk stated that the e-Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after the declaration by the paying company and within a stipulated payment period through simple interbank transfer.

Recall that the e-Dividend registration exercise started on November 23, 2016.

Each successful registration cost N150, however, between that time and March 31, 2018, the Commission underwrote the registration cost for all investors that mandated.

Other initiatives by the SEC according to Uduk include, Direct Cash Settlement, dematerialisation, National Investor Protection Fund, Recapitalisation of capital market operators, corporate governance scorecard, new rules for products innovation, development of commodity exchange, Collective Investment Schemes among others.

In his remarks, Head of Port Harcourt Zonal office of SEC, Mr Obi Adindu said the SEC is interested in making the capital market stronger and better and a means of creating wealth for Nigerians.

“We are here to get your views on our initiatives and policies so that we can fine tune them where necessary in a bid to ensure that your investments are well-protected in the capital market” Adindu added.

Previous Post

Mobil faults picketing of office by ex-spy policemen

Next Post

Ex-Pres. Jonathan mourns Katsina-Alu

Related Posts

Uber commences drivers’ mask verification
Business

Uber shuts down Nigerian operations

September 2 2026
Egbin Power reinforces SDG 4 Commitment as 11th edition of scholarship programme begins
Business

Egbin Power reinforces SDG 4 Commitment as 11th edition of scholarship programme begins

September 1 2026
Dangote Refinery slashes petrol, diesel prices again
Business

Court stops NMDPRA from shutting Dangote Refinery

September 1 2026
Nigeria records 8.51m terabytes of data use in H1 – NCC
Business

NCC pushes local tech investment to cut imports

August 30 2026
Lagos Cinema honours brave security personnel, boosts security
Business

Lagos Cinema honours brave security personnel, boosts security

August 29 2026
Shell commends efforts towards Regional Action Plan for safe helicopter services
Business

Shell commends efforts towards Regional Action Plan for safe helicopter services

August 29 2026
Next Post
Ex-Pres. Jonathan mourns Katsina-Alu

Ex-Pres. Jonathan mourns Katsina-Alu

Osun APC guber primary holds Friday

Osun APC guber primary holds Friday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FROM THE GRASSROOTS

Lagos demolishes shanties after four die in community clash

Lagos demolishes shanties after four die in community clash

by The Editor
August 30 2026
0

...

Kano, Sokoto, others spend N53.2bn on scholarships abroad

INEC fixes Sept 19 for Kano Assembly by-election

by The Editor
August 27 2026
0

...

Awujale: Ruling House sues Ogun, kingmakers

Awujale: Ruling House sues Ogun, kingmakers

by The Editor
August 25 2026
0

...

Umahi’s son wins Ohaozara chairmanship as APC sweeps all Ebonyi LGAs

Umahi’s son wins Ohaozara chairmanship as APC sweeps all Ebonyi LGAs

by The Editor
August 24 2026
0

...

APPOINTMENTS

Tinubu swears in Enitan as new Head of Service

Tinubu swears in Enitan as new Head of Service

by The Editor
August 28 2026
0

...

Tinubu names new Head of Service

Tinubu names new Head of Service

by The Editor
August 19 2026
0

...

Sahara Upstream positions Arahas and SGIR for next growth phase, deepens investment in African oilfield services

Sahara Upstream positions Arahas and SGIR for next growth phase, deepens investment in African oilfield services

by The Editor
August 8 2026
0

...

Police IG deploys new CPs to eight states, other formations

Police IG deploys new CPs to eight states, other formations

by The Editor
August 7 2026
0

...

ODDITIES

Palliatives: Sokoto residents feared dead in stampede at Wammako’s residence

Police Inspector slumps, dies after fitness exercise

by The Editor
September 3 2026
0

How friend deceived me to sell my kidney, bought phones with payment — Victim

How friend deceived me to sell my kidney, bought phones with payment — Victim

by The Editor
August 30 2026
0

Umahi files N2.5b defamation lawsuit against bloggers

Umahi files N2.5b defamation lawsuit against bloggers

by The Editor
August 26 2026
0

GLOBAL NEWS

Iran President thanks Putin for Russia’s stance in war with US

Iran President thanks Putin for Russia’s stance in war with US

by The Editor
September 1 2026
0

...

Saudi Arabia halts multiple visas for Nigeria, 13 others as U.S. suspends visa dropbox

US outlines two family visa options for permanent residence

by The Editor
September 1 2026
0

...

US Army Secretary submits resignation

US Army Secretary submits resignation

by The Editor
September 1 2026
0

...

Russia helps Niger Republic junta to retake military base

Russia helps Niger Republic junta to retake military base

by The Editor
August 30 2026
0

...

WHO declares global health emergency over Ebola outbreak in Congo, Uganda

WHO confirms Uganda Ebola-free, as virus continues spread in DRC

by The Editor
August 28 2026
0

...

State of the States

Fubara orders fresh LG elections in Rivers State

Fubara signs N1.84tt Rivers 2026 budget into law

by The Editor
September 3 2026
0

...

Lagos empowers 6,190 residents with free vocational, entrepreneurial skills

Lagos empowers 6,190 residents with free vocational, entrepreneurial skills

by The Editor
September 2 2026
0

...

Gov. Mutfwang convenes security council over Plateau attacks

Gov. Mutfwang convenes security council over Plateau attacks

by The Editor
September 2 2026
0

...

Enugu govt gets commendation for successful hosting of 2nd City Marathon

Enugu govt gets commendation for successful hosting of 2nd City Marathon

by The Editor
September 1 2026
0

...

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Police slam treasonable felony charge on Katsina man for destroying Tinubu’s billboards

Police slam treasonable felony charge on Katsina man for destroying Tinubu’s billboards

September 3 2026
INEC to conduct mock presidential election

INEC to conduct mock presidential election

September 3 2026
Palliatives: Sokoto residents feared dead in stampede at Wammako’s residence

Police Inspector slumps, dies after fitness exercise

September 3 2026
FAAC shares N2.09tr to FG, states, local councils as October revenue

FAAC bonanza: Nigeria’s fiscal paradox – Punch

September 3 2026

EDITORIAL REVIEW

FAAC shares N2.09tr to FG, states, local councils as October revenue

FAAC bonanza: Nigeria’s fiscal paradox – Punch

by The Editor
September 3 2026
0

Interstate highways of agony, hollow excuses – Punch

Interstate highways of agony, hollow excuses – Punch

by The Editor
September 1 2026
0

Mass presence of governors in off-cycle elections – Punch

Mass presence of governors in off-cycle elections – Punch

by The Editor
August 27 2026
0

Clerics must preach peace, not division – Punch

Clerics must preach peace, not division – Punch

by The Editor
August 25 2026
0

Tax reform: Northern senators in closed-door meeting as bill scales second reading

Tax reform must end multiple taxation – Punch

by The Editor
August 24 2026
0

Opinion

 Akpakomiza and other stories

by The Editor
September 1 2026
0

...

‘Fake’ Agency: Adeyemi insists DG appointment genuine

Fake agencies: Why Nigeria still needs Oronsaye report

by The Editor
August 25 2026
0

...

How Adeleke danced back from the dead

How Adeleke danced back from the dead

by The Editor
August 19 2026
0

...

Adeleke’s win and the cost of winning at all costs

Adeleke’s win and the cost of winning at all costs

by The Editor
August 18 2026
0

...

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2026 TheCitizen Ng. All Rights Reserved.

No Result
View All Result
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2026 TheCitizen Ng. All Rights Reserved.