The Securities and Exchange Commission has announced plans to launch an Unstructured Supplementary Service Data code that will enable Nigerians to verify the authenticity of capital market operators in a renewed effort to combat unregistered investment operators and clamp down on Ponzi scheme activities.
In a statement on Sunday, the Director-General of the SEC, Emomotimi Agama, disclosed this over the weekend in Abuja, stating that the code will be officially launched at the next Capital Market Committee meeting scheduled to be held this quarter.
“We are introducing the code system that will allow mobile phone users to verify a capital market operator using USSD codes. They do not require an internet connection to be able to do this, which means any Nigerian with a mobile phone will be able to perform this function,” Agama said.
“If anyone comes to you claiming what they are not, all you need to do is check with the code to know the status of their registration,” he added.
The Commission said it is intensifying efforts to address the proliferation of unregistered operators and illegal investment schemes.
