The Securities and Exchange Commission and National Youth Service Corps have signed a memorandum of understanding to establish a community development service group focused on investment education for corps members.

The initiative was designed to sensitise young Nigerians to the risks of fraudulent investment schemes and promote sound, legitimate investment practices.

According to a statement by the SEC on Sunday, the MoU was recently signed by its director-general, Emomotimi Agama and NYSC director-general, Olakunle Nafiu.

It was also meant to promote financial literacy and sound investment habits among young Nigerians.

In addition, the collaboration will help equip corps members with essential knowledge and skills to identify and avoid Ponzi schemes and other illegal investment practices. 

It will also help enhance public awareness campaigns against illegal financial schemes across all LGAs in the country, among other objectives.

“Based on the scope of the collaboration, SEC shall develop and provide relevant and up-to-date educational content, materials, and training modules on capital market operations, safe investment practices, and the identification and avoidance of Ponzi schemes.

“SEC will also be responsible for the content, resources and funding of training sessions for selected corps members and NYSC supervisors who will serve as trainers and facilitators in their respective communities.

“On its part, the NYSC shall facilitate the integration of anti-Ponzi scheme education into its Education and Enlightenment CDS programme. This may involve dedicated sessions, workshops, or awareness campaigns during orientation camps and throughout the service year,” said the statement.

The parties shall collaborate on joint awareness campaigns, utilising various channels and platforms, including social media, traditional media, and community outreach, to disseminate information on safe investment and expose fraudulent schemes.

(NAN)