Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN), has called for the creation of a National Compensation Fund to support victims of verified Ponzi scheme frauds across the country.
Speaking at a virtual workshop on Sunday, Uwaleke said the fund could be partly financed from regulatory fines imposed on erring operators. He expressed deep concern over the rising impact of fraudulent schemes on citizens, urging urgent measures to curb the menace.
He recommended that the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) ban advertisements and promotions of unlicensed investment platforms, with strict penalties for violators. Similarly, he advised the Advertising Regulatory Council of Nigeria (ARCON) and NBC to mandate prior clearance for all investment-related adverts from a Financial Promotions Oversight Unit within the Securities and Exchange Commission (SEC).
Uwaleke further stressed the need for nationwide financial literacy campaigns and legal accountability for influencers and celebrities endorsing unlicensed schemes. He also called for a joint SEC-CBN-EFCC task force with a dedicated budget, real-time intelligence sharing, and stricter monitoring of banks, payment platforms, and social media.