THE Securities and Exchange Commission as an effort to raise awareness among young people and further entice them to the capital market gains momentum has urged Young Nigerians to make sure they invest with companies that are registered.
This was said by Nestor Ikeagu, the director of the Commission’s market development division, at a Global Money Week 2023 awareness campaign celebration in Gwagwalada, Abuja, the capital city of Nigeria.
Global Money Week (GMW) is an annual awareness-raising campaign that raises awareness of the significance of ensuring that children and adolescents are financially literate from an early age and are gradually developing the knowledge, skills, attitudes, and behaviors necessary to make wise financial decisions and, ultimately, achieve financial well-being and financial resilience.
According to the SEC director, the official theme for Global Money Week 2023 is “Plan your money, plant your future.” She added that this year, GMW focuses on sustainability and raising awareness about the effects of personal financial behavior on not only one’s financial future but also on the environment and society.
According to Ikeagu, there are many products on the capital market that might interest young people. She urged them to make financial plans, set aside money, and invest in the market.
He said, “It is also important to educate these young minds that as they plant their future, they should be mindful of some fraudulent activities such as “Ponzi scheme”, that can mar the growth of their financial future.
“A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. It is a fraudulent investing scam that generates returns for earlier investors with money taken from later investors. It involves paying existing investors in a non-existing enterprise with the funds collected from new investors.”
Ikeagu added that there is a list of registered fund managers on the website of the SEC and urged members of the public to always cross-check that entities are registered for the products they are offering to the public.
