The President and Chairman of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada, recently addressed the dangers of unregistered investment schemes, labeling them as Ponzi schemes meant to deceive investors. Speaking at the 30th Annual General Meeting in Lagos, Dada urged Nigerians to be cautious when considering investment platforms that are not registered with the Securities and Exchange Commission (SEC). His comments follow the recent collapse of the digital investment platform CBEX, which resulted in a staggering N1.3 trillion loss for investors.
Dada emphasized that any unregistered investment platform should be treated as a Ponzi scheme, noting that such schemes often present themselves as legitimate opportunities offering quick, guaranteed returns. He cautioned investors against platforms promising unrealistic profits with no risks, as these are typical signs of scams.
The SEC has also renewed its efforts to fight Ponzi schemes and promote safer, registered investment opportunities. Dada urged the public to protect their hard-earned money by avoiding these deceptive platforms, which are designed to defraud unsuspecting Nigerians.
In addition to his warnings, Dada discussed the Institute’s plans to attract more young people to the securities profession. He mentioned ongoing collaborations with tertiary institutions to promote degree and postgraduate programs in securities and investment. The “Catch them Young” campaign aims to cultivate a new generation of professionals in the field, with opportunities for individuals to build careers in securities and investment, even without a finance background.
