Ebonyi State government would be intensifying efforts against Ponzi schemes, as residents are said to have lost over N5 billion to various Ponzi scheme scam in the state in 2019.
Acting commissioner for human capital development and monitoring, Uchenna Orji, said no stone would be left unturned in quest to stamp out the fraudulent practice in the state.
“The Ponzi scheme operators should know there is no compromising our fight against their operations. Ebonyi is not a safe haven for them.”
The commissioner advised the people to be wary of the Ponzi schemes’ activities.
“Their activities amount to economic sabotage and the people should realise that government’s actions over the issue are in their interest.
Read also: SEC urges Nigerians to avoid Ponzi Schemes
“We will continue to screen and allow only the legitimate empowerment schemes to operate in the state. Mechanisms have been set in motion to achieve this objective.
“Any individual or group that comes to Ebonyi to execute empowerment programmes should consult with the ministry to be adequately screened and documented and this has been approved by the governor,” he said.
He added that the ministry would ensure effective private sector participation in its activities and systematically outline plans to engage development partners and multinationals to achieve the objective.
“We will also take advantage of the Central Bank of Nigeria (CBN) activities, donor agencies among others with the state government off-setting its counterpart funding to access available interventions.
“We will enlighten multinational companies in Ebonyi and other business enterprises on the need to perform their corporate responsibilities, while naming them in the hall of fame to appreciate their contributions to the state’s development,” he said.
Orji said that the state government had spent over N6 billion on its various empowerment schemes since 2015 and the ministry would re-activate the Governor David Umahi Empowerment Beneficiaries Association (GUMEBA).
