By Musa Ibrahim
The Securities and Exchange Commission (SEC) has expressed readiness to collaborate with the National Orientation Agency (NOA) to educate Nigerians on the dangers of illegal investment schemes, while also urging civil servants to leverage the capital market for wealth creation.
The Director-General of the SEC, Dr. Emomotimi Agama, made the announcement during a meeting with the Director-General of the NOA, Mallam Lanre Issa-Onilu, in Abuja last Thursday. Dr. Agama emphasised that many Nigerians fall victim to fraudulent schemes due to lack of awareness and financial literacy.
“These schemes are proliferating daily, defrauding citizens who are often vulnerable due to economic pressures. We cannot assume that people know; we must actively engage in mass communication,” he said. He called for the NOA’s cooperation, citing its broad reach across radio, television, and community platforms, to ensure that educational campaigns reach every part of the country.
Dr. Agama stressed that the collaboration is crucial for reducing the number of Nigerians exposed to Ponzi schemes and other illegal investments. He acknowledged the importance of nationwide outreach, noting that only coordinated efforts could achieve meaningful results.
Responding, Issa-Onilu commended the SEC for its contributions to the capital market, while highlighting that most Nigerians remain unaware of available opportunities. He said the NOA’s mandate includes civic education to foster responsible behavior and informed decision-making among citizens. “Many people fall victim due to attitudes and values that make them susceptible. Our goal is to create awareness through religious houses, motor parks, town halls, and broadcast platforms,” he added.
In a related engagement, Dr. Agama urged Nigerian civil servants to explore the capital market as a tool for building financial security and wealth. Speaking with the Head of Service of the Federation, Didi Walson-Jack, and senior officials, he explained that civil servants should view the capital market not as distant or abstract, but as a practical platform for long-term investment.
“The capital market allows individuals to move beyond earning salaries to becoming active investors and stakeholders in the economy,” Dr. Agama said. He noted that the Contributory Pension Scheme already links millions of civil servants to investments in government bonds, equities, infrastructure funds, and other instruments. Understanding the market, he added, directly affects retirement benefits and financial stability.
He proposed a structured financial literacy programme tailored for civil servants to equip them with knowledge on savings, investment planning, home ownership, and education funding. He highlighted investment options such as mutual funds, bonds, Real Estate Investment Trusts (REITs), and mortgage-backed securities as avenues for long-term wealth creation.
He also warned civil servants against investing in unregistered schemes, citing them as a major source of losses among public sector workers. Dr. Agama recommended stronger collaboration between the SEC and civil service institutions, including the establishment of a joint committee and integration of capital market education into training programs at institutions like the Administrative Staff College of Nigeria.
Walson-Jack welcomed the proposals, pledging to collaborate with the SEC to improve financial literacy and investment opportunities for civil servants.
