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As the world is adapting to “the new normal”, the social distancing measures have reduced physical business activities and opened up cyberspace for businesses which has led to proliferation of Ponzi Schemes offering mouthwatering investment returns.
Ponzi entities are capitalizing on the crisis by exploiting the increased online activity to solicit new investors by promising investment opportunities claimed to generate humongous returns with little or no risk. In keeping with its mandate to develop and strengthen the human and institutional capacity, AGA-Africa in collaboration with the Securities and Exchange Commission, the regulatory organization for the Nigerian capital market, organized a Webinar designed to address Ponzi Schemes in Nigeria on 2nd and 3rd March, 2021.
The objective of the training was to achieve capacity building, educate, train and equip participants with knowledge from the thought-provoking discussions on the different types of Ponzi Schemes that are expected to become prevalent in this era of increased use of cyberspace.
The training was officially opened by Markus Green, AGA-Africa Board Member, with opening statements from Lamido Yuguda, Director-General of SEC, Nigeria and Abubakar Malami, SAN, Hon. Attorney General of the Federation & Minister of Justice.
Distinguished facilitators were Letitia James, Attorney General of New York, Terry Davis, Self-Employed Financial Crime, Investigations and Anti-Money Laundering Consultant, David C. Blake, General Counsel, Attorney General Alliance, Moin A. Yahya, Professor of Law, University of Alberta, Dr. Musonda Simwayi, Commissioner for the Drug Enforcement Commission (DEC) of Zambia, James Manyonge, Director, Legal & Compliance, Financial Reporting Centre of Kenya Tope Omojokun, President, Fund Managers Association of Nigeria (FMAN), Chief Anthony Idigbe, SAN, Senior Partner, Punuka Attorneys & Solicitors, Dr. Jean Phillipo-Priminta, Chief State Advocate, Ministry of Justice & Constitutional Affairs, Directorate of Public Prosecutions.
The training included themes such as: Overview of Ponzi Schemes: A Critical Analysis of a Ponzi Scheme, Making a Case for Regulatory Action Against Operators of Illegal Ponzi Scheme, Detection and Prosecution of Ponzi Schemes – Unbundling the Schemes, Consequences for Investors in a Ponzi Scheme – Educating the Investing Public.
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