Nairametrics|The Securities and Exchange Commission (SEC) recently shut down an investment firm masquerading as a ponzi scheme. The firm, Yuan Dong with offices in Kano, Asaba and Abuja promised daily returns of between N80 and N2400 depending on the size of one’s investment.
The difficult economy, has made many people to do away with caution, in their search for quick returns. SEC and the finance community need to carry out more awareness programmes. The finance community also needs to develop retail products that appeal to the common man. Despite the minimum requirement, for investment in treasury bills being fixed at 10,000 naira, most finance firms take amounts starting from 100,000 naira. The proposed federal savings bond should address these issues.
More importantly, people need to be jailed for fraud like this, to deter other firms from doing the same thing.