The 13th President of the Council, Chartered Of Stockbrokers (CIS) Institute, Oluropo Dada, has described any not registered investment in the Nigerian capital market as a Ponzi scheme designed to cheat off guard.
After the recent sudden collapse of the CBEX Digital Investment Platform, with reports that indicate more than N1.3 billion in losses for investors, the stock and securities commission (SEC) has renewed its campaign against the Ponzi schemes and urged investors to avoid sponsoring products and investment platforms not registered.
Going to the securities merchants at the 30th Annual General Meeting (AGM) of the Institute in Lagos on the weekend, Dada advised the investment public to protect their money with so much effort by avoiding fraudulent investment schemes, particularly the schemes of Ponzi, which continue to disappoint the insects.
“Any unregistered investment scheme is Ponzi. It is even more critical in the light of the recent Ponzi scheme that eliminated several Nigerians from their money earned so much effort. These schemes are often disguised as legitimate platforms that offer rapid and guaranteed yields, but they are nothing more than financial traps.
“Avoid platforms that promise rapid and guaranteed yields: these are tactics of classic fraud. Be careful with investments not registered with the stock exchange and values commission (SEC). An investment scheme not generally registered promises unrealistic yields with zero risk,” said Dada.
When reviewing the Institute's operations by 2024, Dada said that collaboration with tertiary institutions would continue to attract young people to the values profession.
According to him, the “Catch they Young” campaign is already gaining ground, and at the end of the continuous review of the Professional Diploma of the Institute in Securities and Investments, many young people with or without financial history could follow a career in the stock market.
“The Institute has continued to seek strategic collaboration with tertiary institutions to increase the interest of the youngest in the profession of values and investments. The current collaboration agreements with some tertiary institutions in Nigeria to administer programs of postgraduate and postgraduate links will be very useful to promote the promotion of BSC, MBA, MSC and doctors programs in values and investment studies.
“In the promotion of our 'Catch is Young' campaign, the Institute intensified efforts to penetrate more higher education campus to create greater awareness about the values and the investment profession among students.
“A viable document is being developed to maintain the standard of the Institute's professional diploma exam, which has continued to attract many non -financial young people throughout the country. The diploma in values and investments serves as a springboard towards the main professional exam.
“All exams performed in the year were very successful and without incident.”
“The activities of the CIS Academy have continued to receive wide acceptance within the capital market space, as evidenced by the number of participants registered in our training programs. Some of the training sessions were carried out in collaboration with other very sought -after learning organizations.
“The relationship between the Chartered Institute for Securities and Investment (CISI), the United Kingdom (United Kingdom) and the CIS Academy was strengthened during the year. Our Academy has continued to administer the six certification courses previously launched, adapted to the specific needs of the operators of the capital market, industry experts, business executives, etc.”
During the year, the Institute successfully signed a memorandum of understanding (MOU) with the University School of the University of Maiduguri and renewed the MOU with the exchange of products and future of Lagos (LCFE) for collaboration and strategic association. The institute is also close to signing a MOU with five prosperous institutions, namely, Miva Open University, Olabisi Onabanjo University, among others.
The stockbrokers chose the Board and the Management of the Institute for navigating the hard operational climate to maintain operations and deepen the awareness of the importance of the capital market for economic growth and development.
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