By Seun Ibiyemi
The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have partnered to tackle the growing threat of Ponzi schemes in Nigeria through a new Community Development Service (CDS) programme targeting corps members.
The collaboration, sealed through a Memorandum of Understanding (MoU), is aimed at equipping young Nigerians with the knowledge and tools needed to identify, avoid, and expose fraudulent investment schemes that have continued to trap unsuspecting citizens.
Director-General of SEC, Emomotimi Agama, and his NYSC counterpart, Olakunle Nafiu, signed the agreement, which places anti-Ponzi awareness at the centre of the initiative.
According to the SEC, the programme will focus on sensitising corps members to the tactics used by Ponzi operators, while promoting legitimate investment options and financial discipline among young people.
Under the arrangement, the Commission will develop training modules and educational materials specifically designed to expose the mechanics of Ponzi schemes and other illegal financial practices. It will also fund and coordinate training sessions for selected corps members and NYSC officials, who will act as peer educators in communities nationwide.
The NYSC, on its part, will integrate anti-Ponzi education into its CDS framework, ensuring that awareness campaigns, workshops, and enlightenment programmes are carried out from orientation camps to places of primary assignment.
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Both organisations also plan to deploy aggressive public awareness campaigns across digital and traditional platforms to warn Nigerians about the dangers of fraudulent investment schemes and how to avoid them.
Speaking at the signing, Agama stressed the urgency of the initiative, noting that many young Nigerians have fallen victim to Ponzi schemes due to lack of proper financial education.
He added that corps members trained under the programme would serve as ambassadors of investor protection, helping to spread awareness at the grassroots level.
Nafiu, in his remarks, said the partnership would help “catch them young,” ensuring that corps members are well-informed and less susceptible to fraudulent schemes during and after their service year.
He assured that the NYSC would fully implement the agreement, expressing confidence that the initiative would significantly reduce the spread of Ponzi schemes and protect more Nigerians from financial losses.
