SEC sensitises students on path to enduring wealth

The Securities and Exchange Commission of Nigeria (SEC) has identified financial education, consistent saving habits and discipline as the channels needed to make enduring and legitimate wealth.

This was revealed by the founder and Chief Executive Officer of Smart Stewards, Mrs Sola Adesakin, at a One-Day Regional Investor Awareness Programme for selected students of the KU8 Consortium of universities, which was held at the University of Ilorin Main Auditorium last Thursday (November 9, 2023)

While speaking to the theme “Investor Education for an Emerging Economy” at the event,  Mrs Adesakin , noted that by setting their priorities right, students and other young people can free up some money, which could make them super rich in about two decades if they are disciplined and consistent.

Mrs Adesakin noted that everyone with a bank account,  can open an account with a stockbroker and young people owe themselves the responsibility of delaying certain flippant pleasures to secure a future of financial freedom.

The investment coach also noted that big brands look up to ordinary people who consume their products as the people who keep them in business, adding that she has made a habit of buying the shares of the brands she patronises daily.

In his own presentation  on “Ponzi Schemes and its Impact on Students and the Economy at Large”,  the CEO of Marble Capital who is also the Deputy Chairman of the SEC Financial Literacy and Technical Committee, (FLTC), Mr Akeem Oyewale, informed participants that it is not enough for a company to be registered with the Corporate Affairs Commission (CAC),  rather, investors should check the SEC website to identify companies that are licensed to raise capital from the public.

Mr Oyewale, who also spoke on behalf of the Director of Market Development at SEC, Mr Tunde Kamali, disclosed that Nigerians have lost N911 billion to ponzi schemes over the last 20 years while 700,000 victims of l Maxwell Odum were fleeced  of 171 billion naira as  Bamise Ajetunmobi who has an office in London fleeced people of 22 billion naira.

He also noted that such fraud is not limited to Nigeria as 90,000 Americans lost 1.8 billion dollars to ponzi schemes in 9 months, in 2021.

Other speakers at the event included Dr. Temilola Adeyemi of Money Africa, who spoke on “How and Why of Investment in Capital Market ” and Mrs. Ogbonaya Osi of United Capital Asset Management PLC whose presentation was on “Investment in Mutual Funds”.

In his address earlier at the event, the Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, SAN, urged SEC to scale up student participation in real time Investment.

The Commissioner for Education in Kwara State  Mrs. Saadatu Modino Kawu, who was represented by the Director of School Services, Mrs Roseline Ayansola, expressed her delight to be part of the event and urged the participants to transfer the knowledge they gained to other students.

Distinguished personalities at the event included the Vice Chancellor of Ojaja University, Eyenkorin, Prof Jeleel Ojuade; the Vice Chancellor of Thomas Adewumi University,  Oko, Prof.  Francisca Onaolapo Oladipo; the Dean, Faculty of Engineering and Technology,  University of Ilorin,  Prof. Jamiu Odusote , and the Desk Officer,  KU8, at the University of Ilorin,  Dr. Owokunle Lawal as well as about 300 students of the University of Ilorin and other KU8 Consortium members universities.