Ilorin, Nov. 14, 2023: Mr Akeem Oyewale, the Deputy Chairman of the Securities and Exchange Commission of Nigeria (SEC), Financial Literacy and Technical Committee, (FLTC), has submitted that Nigerians have lost about N911 billion to ponzi schemes in 20 years.
Oyewale, stated this on Monday in Ilorin at One-Day Regional Investor Awareness Programme, at the University of Ilorin for selected 300 students of the KU8 Consortium of universities in Kwara.
“Nigerians have lost N911 billion to ponzi schemes over the last 20 years while 700,000 victims of l Maxwell Odum were fleeced of N171 billion as Bamise Ajetunmobi who has an office in London fleeced people of N22 billion.
Oyewale who is also the CEO of Marble Capital spoke on the theme: “Ponzi Schemes and its Impact on Students and the Economy at Large”.
According to him, it is not enough for a company to be registered with the Corporate Affairs Commission (CAC), but advised, that investors should check the SEC website to identify companies that are licensed to raise capital from the public.
He also noted that such fraud is not limited to Nigeria as 90,000 Americans lost N1.8 billion dollars to ponzi schemes in nine months, in 2021.
In her submission, Mrs Sola Adesakin, the founder and Chief Executive Officer of Smart Stewards, also identified financial education, consistent saving habits and discipline as the channels needed to make enduring and legitimate wealth.
Adesakin who spoke on the theme: “Investor Education for an Emerging Economy”, noted that by setting their priorities right, students and other young people can free up some money.
She stated that this could make them super rich in about two decades if they are disciplined and consistent.
“Everyone with a bank account, can open an account with a stockbroker, adding that young people owe themselves the responsibility of delaying certain flippant pleasures to secure a future of financial freedom,” she said.
The investment coach also noted that big brands look up to ordinary people who consume their products as the people who keep them in business, adding that she has made a habit of buying the shares of the brands she patronises daily.
Earlier in his address, the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, SAN, urged SEC to scale up student participation in real time Investment.
The Commissioner for Education in Kwara State Mrs. Saadatu Modino Kawu, who was represented by the Director of School Services, Mrs Roseline Ayansola, urged the participants to transfer the knowledge they gained to other students.
Some of the participants where from institutions including University of Ilorin, Ilorin , Al-Hikmah University, Ilorin and Kwara State University, Malete.
Others include Landmark University, Omu-Aran, Summit University, Offa , Crown-Hill University, Ilorin, Ahman Pategi University, Patigi and Thomas Adewumi University, Oko.
