The Securities and Exchange Commission (SEC) and the National Youth Service Corps (NYSC) have signed a Memorandum of Understanding (MoU) to educate corps members on the risks of fraudulent investment schemes and nurture sound habits for legitimate investment.
The collaboration, sealed at the NYSC headquarters in Abuja, marks a significant step toward strengthening investor education at the grassroots level by targeting thousands of corps members annually. The agreement was executed by SEC Director-General Dr. Emomotimi Agama and his NYSC counterpart, Brigadier General Olakunle Oluseye Nafiu.
At the heart of the initiative is the integration of anti-Ponzi scheme campaigns into NYSC’s Community Development Service (CDS), specifically under its Education and Enlightenment arm.
According to the MoU sealed, the SEC will develop comprehensive educational materials and training modules covering capital market operations, safe investment practices, and strategies for identifying and avoiding Ponzi schemes. The Commission will also fund and facilitate specialised training sessions for selected corps members and NYSC officials, who will in turn serve as facilitators within their host communities.
The parties will also collaborate on joint awareness campaigns utilising various channels including social media, traditional media, and community outreach to disseminate information on safe investment and expose fraudulent schemes.
Speaking at the signing ceremony, NYSC Director-General Nafiu described the partnership as a milestone and a key performance indicator for both organisations, commending the SEC for its proactive role in promoting trust in Nigeria’s capital market.
“It is important to catch them young,” he said, referring to corps members. “By instilling the right financial habits at this stage, we can prevent them from falling prey to Ponzi schemes and other fraudulent ventures.”
The initiative comes against a troubling backdrop by 2022, Nigerians had lost more than ₦300 billion to various Ponzi schemes over a five-year period, underscoring the urgency of grassroots-level financial literacy campaigns now being championed through this partnership.
