Finance Minister, SEC DG, Others To Brainstorm On Tackling Ponzi Schemes

The Attorney General Alliance Africa in collaboration with the Securities and Exchange Commission will from March 2 and 3 hold a Webinar on how to curb the tide of Ponzi Schemes.

A Ponzi scheme is a fraudulent investment where an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.

Within the last few months these illegal fund managers have adopted various strategies to collect money from would-be investors.

The event to be centred on the role of the regulator in dealing with the issue would be attended by key stakeholders in both the private and public sector of the economy.

Some of them are Markus Green, AGA-Africa Board Member; Abubakar Malami, (SAN), Attorney General of the Federation and Minister of Justice; Mrs Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning and Mr. Lamido Yuguda, Director-General of the SEC, Nigeria.

Dr Jean Phillipo of Malawi, Mr. Terry Davis and Mr. James Manyonge will serve as facilitators with Mrs. Ebelechukwu Enedah as Moderator.

Speakers include, Barr. Musa Abdullahi Lawan, the Attorney General & Commissioner for Justice, Kano State, Chief Anthony Idigbe, (SAN), Senior Partner, PUNUKA Attorneys & Solicitors and Prof. Moin A. Yahya, University of Alberta.

The webinar is targeted at the regulatory agencies, law officers, compliance officers, judges, lawyers, legislators, capital market, government officials and the public.

The objective of the symposium, according to a statement from SEC is to achieve capacity building from the thought provoking discussions amongst law officers, law enforcement agencies, the judiciary, lawyers and the public.

This is expected to better educate and train them on the different types of Ponzi Schemes, the prevention and investigation of Ponzi Schemes Fraud which is expected to become prevalent in this era of increased use of the cyberspace occasioned by the social distancing measures promoted to curb the spread of the corona virus pandemic.

The sessions are designed to equip participants with knowledge and expertise required to enhance the process of preventing, investigating and prosecuting cases of Ponzi scheme fraud in Nigeria.

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