The Securities and Exchange Commission and the National Youth Service Corps have signed a Memorandum of Understanding to educate corps members on the dangers of fraudulent investment schemes and promote safe investment habits.
The agreement was signed in Abuja by SEC Director-General Emomotimi Agama and NYSC Director-General Olakunle Oluseye Nafiu, according to a statement on Sunday.
SEC stated that under the deal, anti-Ponzi scheme education will be added to the NYSC Community Development Service (CDS).
Corps members will be trained to identify and avoid illegal investment schemes and to share this knowledge in their communities.
The SEC will provide training materials and fund sessions for selected corps members and NYSC officials, while the NYSC will organise workshops, orientation sessions and awareness campaigns during the service year.
Both organisations will also run joint public awareness campaigns using social media, traditional media and community outreach.
Speaking at the signing, Agama said the commission already supports the NYSC with corps members serving at the SEC.
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“We have NYSC members at the SEC in the range of 160-180 and there is no other institution in this country that can actually boast of that. It shows our commitment to the NYSC scheme.
“We believe that we can train them. We can train them for the market, we can train them for the nation, we can train them for themselves and there is no corps member that has gone through the NYSC scheme at the SEC that has regretted it.
“For all of them, we consider them as staff of the SEC and not just anybody. They are not just individuals, they are people we believe in, they are people we trust in and we know that if we train and mould them well they will be better ambassadors of the SEC in the outside world,” Agama added.
Nafiu described the agreement as important for both organisations and said it would help young Nigerians avoid Ponzi schemes.
“We believe it’s the beginning of great things to come. After signing of the MoU, in the execution phase, we remain committed to every process to execute to the letter the terms to the betterment of the larger Nigerian society,” the NYSC DG added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
