The Securities and Exchange Commission (SEC) signed a Memorandum of Understanding with the National Youth Service Corps (NYSC) to integrate anti-Ponzi scheme campaigns into the NYSC programme. The two organizations formalized the agreement at the NYSC headquarters in Abuja. This partnership established a specialized Community Development Service (CDS) group dedicated to financial literacy.
SEC Commitment to Youth Development
Dr. Emomotimi Agama, Director-General of the SEC, emphasized that the partnership represented a natural extension of the commission’s long-standing support for the youth scheme. He stated, “We have NYSC members at the SEC in the range of 160-180 and there is no other institution in this country that can actually boast of that.”Dr. Agama added, “It shows our commitment to the NYSC scheme. We believe that we can train them. We can train them for the market, we can train them for the nation, we can train them for themselves and there is no corps member that has gone through the NYSC scheme at the SEC that has regretted it.”
Furthermore, he clarified the commission’s approach to corps members, saying, “For all of them, we consider them as staff of the SEC and not just anybody. They are not just individuals, they are people we believe in, they are people we trust in and we know that if we train and mould them well they will be better ambassadors of the SEC in the outside world.”
NYSC Leadership Response
Brigadier General Olakunle Nafiu, Director-General of the NYSC, described the MoU as a vital Key Performance Index for both institutions. He commended Dr. Agama for making the signing of the MoU a reality.
General Nafiu stated, “We believe it’s the beginning of great things to come.” He also stressed the importance of early intervention, noting that it is good to catch the corps members young so they won’t patronize Ponzi schemes.In addition, he pledged full commitment to implementation, saying, “After signing of the MoU, in the execution phase, we remain committed to every process to execute to the letter, the terms to the betterment of the larger Nigerian society.”
Programme Structure and Implementation
The core of the agreement involved integrating anti-fraud campaigns directly into the NYSC’s existing Education and Enlightenment CDS programme. The SEC developed contemporary educational modules and provided funding for comprehensive training sessions. These sessions prepared selected corps members and their supervisors to serve as expert facilitators within their host communities.
Consequently, the initiative scaled the fight against illegal financial practices across every Local Government Area in Nigeria. The parties also collaborated on joint awareness campaigns utilizing social media, traditional media, and community outreach to disseminate information on safe investment and expose fraudulent schemes.
