The 13th President and Chairman of Council, Chartered Institute of Stockbrokers (CIS), Oluropo Dada, has described any unregistered investment in the Nigerian capital market as a Ponzi scheme designed to swindle unsuspecting investors.
Following the recent sudden collapse of the digital investment platform CBEX, with reports indicating over N1.3 trillion in losses to investors, the Securities and Exchange Commission (SEC) has renewed its campaign against Ponzi schemes and urged investors to avoid patronising unregistered investment products and platforms.
Addressing securities dealers at the 30th Annual General Meeting (AGM) of the Institute in Lagos at the weekend, Dada advised the investing public to protect their hard-earned money by avoiding fraudulent investment schemes, particularly Ponzi schemes, which continue to defraud unsuspecting Nigerians.
“Any unregistered investment scheme is Ponzi. It is even more critical in light of the recent Ponzi scheme that swindled several Nigerians out of their hard-earned money. These schemes often disguise themselves as legitimate platforms offering fast, guaranteed returns, but they are nothing more than financial traps.
“Avoid platforms that promise fast, guaranteed returns—these are classic scam tactics. Watch out for investments not registered with the Securities and Exchange Commission (SEC). An unregistered investment scheme usually promises unrealistic returns with zero risk,” Dada affirmed.
Reviewing the operations of the Institute for 2024, Dada noted that collaboration with tertiary institutions would continue to attract young people to the securities profession.
According to him, the “Catch Them Young” campaign is already gaining traction, and upon the completion of the ongoing review of the Institute’s Professional Diploma Programme in Securities and Investment, many young people with or without a financial background would be able to pursue a career in the securities market.
“The Institute has continued to pursue strategic collaboration with tertiary institutions to boost the interest of younger ones in the securities and investment profession. The ongoing collaboration agreements with some tertiary institutions in Nigeria to run degree and postgraduate linkage programmes will go a long way in promoting the onboarding of BSc, MBA, MSc, and PhD degree programmes in Securities and Investment Studies.
“In furtherance of our ‘Catch Them Young’ campaign, the Institute intensified efforts to penetrate more higher education campuses to create greater awareness about the securities and investment profession among students.
“A workable document is being developed to sustain the standard of the Institute’s professional diploma examination, which has continued to attract many young people and non-finance professionals across the country. The diploma in Securities and Investment serves as a stepping stone towards the main professional examination.
“All examinations conducted in the year were very successful and incident-free.”
“The activities of CIS Academy have continued to receive wide acceptance within the capital market space, as evidenced by the number of participants recorded at our training programmes. Some of the training sessions were conducted in collaboration with other highly sought-after learning organisations.
“The relationship between the Chartered Institute for Securities and Investment (CISI), United Kingdom (UK), and CIS Academy was strengthened during the year. Our Academy has continued to run the six certification courses launched earlier, tailored to the specific needs of capital market operators, industry experts, business executives, etc.”
During the year, the Institute successfully signed a Memorandum of Understanding (MoU) with the University of Maiduguri Business School and renewed the MoU with the Lagos Commodities and Futures Exchange (LCFE) for collaboration and strategic partnership. The Institute is also close to signing an MoU with five thriving institutions, namely Miva Open University, Olabisi Onabanjo University, among others.
Stockbrokers commended the Institute’s Board and Management for navigating the tough operating climate to sustain operations and deepen awareness of the importance of the capital market for economic growth and development.
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