SEC issues advisory against social media ponzi schemes

The Securities and Exchange Commission (SEC) has released a new advisory cautioning the public about the increasing number of unregistered and fraudulent investment schemes circulating on social media platforms. The commission emphasized that these schemes, often characterized as Ponzi schemes, pose significant financial risks to investors. SEC urged Nigerians to exercise caution and conduct thorough research before engaging in any investment opportunities, particularly those promoted online. The advisory aims to protect the public from potential financial losses associated with these deceptive practices.

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