Public Complaints Commission urges EFCC to address rising Ponzi arrangement probability


Securities and Alternate Commission (SEC) launched this 300 and sixty five days that three million Nigerians had lost an estimated N18 billion to Ponzi arrangement operators.

The Public Complaints Commission (PCC) has called on the Financial and Monetary Crimes Commission (EFCC) to conform more drastic recommendations in tackling the probability of Ponzi arrangement operators precise thru the country.

EFCC’s spokesperson, Wilson Uwujaren, stated in a press launch that the Rivers Thunder commissioner of PCC, Alphaeus Paul- Worika, made the name on Tuesday in Port Harcourt , Rivers Thunder.

The PCC commissioner, essentially based totally on the assertion, spoke precise thru his discuss over with to the Port Harcourt Zonal Commander of the EFCC, Aliyu Naibi in his place of job.

In step with him, Nigerians are groaning below the yoke of counterfeit practices of Ponzi arrangement operators and most effective the EFCC might perhaps well presumably place the notify for them.

“The subject of Ponzi arrangement is a perennial notify in Nigeria and Rivers Thunder in teach. The EFCC wants to be more drastic in handling it. Everybody is aware of EFCC has the ability to do that. That that you can well blame people for getting inquisitive referring to the arrangement, however the truth is that many of them are deceived by the operators.

“EFCC must serene help these becoming concerned by cracking down on the operators,” he stated.

He counseled the EFCC for its rising success in tackling economic and financial crimes, stressing that his fee has a “natural relationship” with the EFCC.

He sued for stronger synergy between the 2 agencies and outlined that his “fee is constantly referring fraud-related conditions to the EFCC”.

In his response, Mr Naibi appreciated the commissioner for his discuss over with and restated the dedication of the EFCC to finding practical alternatives to the trouble of ponzi arrangement operators.

“Ponzi arrangement is a in actuality severe subject. I can shriek you that the EFCC is working frantically on it. Investigations are ongoing and the Commission is constantly ahead in its operations,” he stated.

Ponzi arrangement

Promoters of the Ponzi arrangement generally defraud unsuspecting investors by luring them with prospect of enormous returns as powerful as 100 per cent interior a brief length.

Primarily, they pay worn “investors” with piece of the contributions of unusual ones. The promoters generally fade with contributors’ cash at some month when the chain of investors just is just not sustainable.

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