The National Orientation Agency (NOA) and the Securities and Exchange Commission (SEC) have inaugurated a Joint Committee to tackle the rise of fraudulent investment schemes and deepen financial literacy across Nigeria.
The partnership, formalized at the NOA Headquarters in Abuja, aims to leverage the SEC’s regulatory expertise and the NOA’s extensive nationwide network to protect citizens from unregulated financial platforms.
Alarming Losses to Fraud
The urgency of the collaboration was underscored by a disclosure from the SEC during the inauguration. According to the Commission, Nigerians lost approximately ₦1.5 trillion to fraudulent and unregulated investment schemes within the last year alone.
The SEC described the figure as “alarming,” noting that aggressive public sensitization is now a top priority to prevent further financial losses and restore confidence in the Nigerian capital market.
Strategy for Grassroots Outreach
Representing the Director-General of the NOA, Mr. Bala Musa, Director of Media and Communication, emphasized that the initiative will look beyond urban centers.
“Investor education must not be confined to urban centres. Nigerians across all demographics must have access to accurate information to make informed financial decisions,” Musa stated.
While the SEC holds the mandate to regulate the capital market, the NOA will utilize its structures across all states and local government areas to deliver anti-fraud messaging directly to the grassroots level.
Key Resolutions of the Joint Committee
To ensure a coordinated response to Ponzi schemes and illegitimate platforms, the two agencies agreed on the following actions:
National Strategy: Development of a comprehensive national investor education and anti-fraud strategy.
Technical Training: An intensive three-day training program for designated personnel to equip them with technical knowledge for nationwide sensitization.
Formal Agreement: The drafting and conclusion of a Memorandum of Understanding (MoU) to formalize the partnership.
Expert Deployment: Integration of specialized knowledge in financial regulation, communication, and grassroots mobilization.
The move marks a significant step in the federal government’s effort to sanitize the investment landscape and ensure that accurate information reaches Nigerians at every level of society.
