SEC, NYSC partner to curb ponzi schemes through CDS initiative

The Securities and Exchange Commission and the National Youth Service Corps have launched a joint initiative to tackle the rising threat of Ponzi schemes through a new Community Development Service (CDS) programme targeting corps members.

The partnership, formalised through a Memorandum of Understanding, is designed to equip young Nigerians with the knowledge and tools to identify, avoid, and expose fraudulent investment schemes.

Director-General of the SEC, Emomotimi Agama, and Director-General of the NYSC, Olakunle Nafiu, signed the agreement, placing anti-Ponzi awareness at the centre of the initiative.

Under the programme, the SEC will develop training modules and educational materials to expose the tactics of Ponzi operators and promote legitimate investment practices. It will also coordinate training sessions for selected corps members and NYSC officials, who will serve as peer educators across communities.

The NYSC will integrate anti-Ponzi education into its CDS framework, ensuring that awareness campaigns, workshops, and sensitisation programmes are conducted from orientation camps to places of primary assignment nationwide.

Both organisations also plan to roll out extensive public awareness campaigns across digital and traditional platforms to educate Nigerians on the dangers of fraudulent investment schemes.

Speaking at the signing ceremony, Agama emphasised the urgency of the initiative, noting that many young Nigerians have fallen victim to Ponzi schemes due to inadequate financial literacy. He said trained corps members would act as ambassadors of investor protection at the grassroots level.

Nafiu, in his remarks, said the collaboration would help “catch them young,” ensuring corps members are well-informed and less vulnerable to financial scams during and after their service year.

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