Tag: Ponzi Schemes
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CBEX: SEC blows hot, vows to deal with promoters of Ponzi schemes
The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
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Ponzi schemes: Our mumu never do? – By Francis Ewherido
In 1980 or 1981, I learnt a very important lesson that shaped my life. My father had given me “pocket money” and money for provisions for the new term. My brother, Ufuoma, escorted me to Igbudu Market, Warri, Delta State, to buy provisions. When we got to the market, we saw women doing “try your…
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How women mostly fall victim of Ponzi schemes in Nigeria
The Securities and Exchange Commission (SEC) says victims of Ponzi schemes in the country were mostly women.
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SEC intensifies crackdown on Ponzi schemes
The Securities and Exchange Commission (SEC) says it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.
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Ponzi schemes growing at alarming rate in Nigeria – SEC warns
The Securities and Exchange Commission (SEC) says Ponzi schemes in the country’s market is continuously growing on a daily basis.
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ISB proposes N20m fine for Ponzi scheme operators
The Securities and Exchange Commission (SEC) says the Investments and Securities Bill (ISB) 2024 is proposing a penalty of not less than N20 million or 10 years imprisonment or both for Ponzi scheme operators.
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SEC, NFIU sign MoU to tackle ponzi schemes, fraud
The Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU) to combat Ponzi schemes and fraud in the capital market. Mrs Mary Uduk, the Acting Director-General of SEC, disclosed this in a statement in Abuja on Wednesday. She said the collaboration was necessitated by the…
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Senate intensifies campaign against Bitcoin, Ponzi schemes
…tasks CBN, NDIC, NSE to take up campaign against return of ponzi schemes The Senate on Tuesday asked the Central Bank of Nigeria (CBN) the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Stock Exchange (NSE) to mount campaign against Bit-coin, a form of Crypto- currency scheme. The resolution followed a motion by Senator Benjamin…
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Financial sector loses N2.19bn to fraudsters
The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja. According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015. However, the volume of fraud cases jumped to 19,531, against…
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Ponzi Schemes, Amnesia and the Laws of Gold
By Francis IKHIANOSIME “Advice is one thing that is freely given away, but watch that you only take what is worth having” George S. Clason. George Clason’s book, “The Richest Man in Babylon” (1926), remains one of the most auspicious classics published on investments and money making. After this, several other groundbreaking books on investments…