CAC Warns Nigerians To Be Careful Of Ponzi Schemes

September 12, 2020
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The Corporate Affairs Commission, CAC, has advised Nigerians to be careful with online platforms and other Ponzi schemes asking people to invest with them.

The Registrar General of the Corporate Affairs Commission, Garba Abubakar gave the advice on Saturday during and audience participation programme on radio.

Garba recalled that millions of Nigerians have fallen victims to activities of Wonder Banks and many other Ponzi schemes such as the defunct MMM scheme which used a peer-to-peer lending system to scam over three million people.

He hinted that the CAC was currently involved in the winding up of over 30 of such Companies that have cases to answer in several courts around the country.

He also spoke on the Companies And Allied Matters, CAMA, Act 2020 which has dominated the subject of discussions since it was signed into law by President Muhammadu Buhari.

He said, “The Commission while exercising its powers under section 839(1) of the new law, can suspend a trustee for infraction while it is only a court of law that has powers to order for the removal of a trustee.”

Speaking on the Commission’s reform initiatives, Abubakar urged customers to bear with the Commission as it still operates below capacity in view of government regulations on Covid-19 pandemic.

He however reassured the public that the CAC was working assiduously to provide an end-to-end registration system before the end of 2020.

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