The Federal Government of Nigeria, has said that about three million Nigerians lost over N18 billion to operators of Ponzi scheme.
Director-general of the Securities and Exchange Commission (SEC), Lamido Yuguda made this known on Tuesday.
He noted that the COVID-19 pandemic among other factors, aided the proliferation of Ponzi schemes in the country.
He also said, Ponzi schemes operate with unsustainable operating models that ultimately lead to huge losses for investors.
“Following the collapse of the MMM ponzi scheme, the Nigerian Deposit Insurance Corporation (NDIC) had estimated that over 3 million Nigerians lost about N18 billion Naira. Several other illegal investment schemes have cost Nigerians their assets and life savings,” he added.
