SAN FRANCISCO, September 30, (THEWILL) – The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have restated commitment towards tackling the menace of Ponzi schemes in Nigeria.
The kano Zonal Head of the SEC, Mohammed Danladi made this known to newsmen during a courtesy visit to his EFCC counterpart, Sanusi Aliyu Mohammed on Tuesday.
Danladi disclosed that his visit “is to solidify the existing relationship between EFCC and SEC which dates back to the inception of EFCC. We are here to renew that relationship, foster it and fight the common enemy together”, he said.
He expressed concern about the Commission’s challenges dealing with operators of wonder banks “which are on the rise especially in the northern part of the country”. Danladi said the operators of the illegal scheme are taking advantage of the financial illiteracy of the public to defraud them in the name of investment. He added that most of the Ponzi scheme operators avoid SEC registration because “they know they would be monitored.”
On his part, the EFCC Zonal Head, Sanusi Mohammed assured the SEC of the Commission’s continued support to fight financial crimes. “As long as the mandate of EFCC and that of SEC remain, you cannot separate the SEC and EFCC. We will continue to work together institutionally. Where the SEC’s main concern is to make sure investors are protected from losing their investments, the EFCC’s concern is the protection of the general public from the activities of fraudsters, which are one and the same”, he added.
ALSO READ: First Bank Ex-staff Bags 98 Years Jail Term For Stealing Millions…
About the Author
