SEC cautions investors against fraudulent ‘high returns’
The Securities and Exchange Commission has cautioned potential capital market investors against putting their monies in schemes that promise unwarranted high returns.
“Our duty at SEC is to protect investors by ensuring fit and proper professionals are allowed to provide financial services.
“Most times, because of the ways and strategies of the fraudsters, many people do not have enough time to consider before we part with our money,” said Tunde Kamali, SEC’s Head of Investor Education, advised at a webinar, ‘The ABC of Savings and Investment in Abuja.’
Mr Kamali explained that fraudsters usually attracted their investors through offers of commissions, pressure tactics, and fictitious track records, among others.
He called on investors to always check with the commission before investing in those companies.
Also commenting, Bayo Rotimi, the Greenwich Merchant Bank Limited Chief Executive Officer, called on investors to always seek professional advice.
Speaking on the protection of savings, Ademilola Aluko, Stanbic IBTC Investor Services Relationship Officer, urged Nigerians to reduce debt, loans and ensure that their expenses were in line with their earnings.
(NAN)
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