The Securities and Exchange Commission (SEC) has advised Nigerians to do due diligence on investment platforms through its portal before investing.

In March, the commission said three million Nigerians lost N18 billion to Ponzi scheme operators.

It also said the devastating impact of the COVID-19 pandemic on the Nigerian economy helped the proliferation of Ponzi schemes offering unrealistic returns on investment to unsuspecting investors.

Speaking with journalists on Friday, Lamido Yuguda, director-general of SEC, said investors need proper research to effectively curtail the fraud perpetuated by Ponzi schemes.

He said the commission has a list of registered and legitimate operators on its website.

“Ponzi schemes are truly a big problem for our economy. It is very common to the extent that many of our citizens lose substantial sums to these schemes,” Yuguda said.

“The commission has adopted a variety of measures such as putting…

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