The Lagos Commodities and Futures Exchange (LCFE), the Securities and Exchange Commission (SEC) and other capital market stakeholders have urged young Nigerians to verify investment opportunities and beware of fraudulent schemes, particularly those promoted through social media.
The warning was issued at the LCFE’s sixth Annual Financial Literacy Seminar in Lagos on October 22, held to commemorate World Investor Week 2026 under the theme, “Invest Smart, Stay Alert: Protecting Investors from Commodity Investment Scams.”
The seminar brought together students from secondary schools and tertiary institutions, alongside representatives of key financial market institutions, to promote financial literacy, responsible investing and awareness of investment fraud.
Representing Akin Akeredolu-Akeredolu, Managing Director, LCFE, the Head of Operations, Nkechi Obi-Chidi, urged the students to become ambassadors for Nigeria’s capital market by promoting legitimate investment opportunities and encouraging others to verify investment schemes with the SEC before committing funds.
She emphasised the importance of distinguishing regulated investment opportunities from fraudulent schemes as young Nigerians increasingly encounter financial promotions across digital platforms.
Kelechi Azubuike-Luke, Senior Manager, Financial Literacy Technical Committee, Securities and Exchange Commission (SEC), who represented the Commission, cautioned participants against schemes promising guaranteed profits or unusually high returns. She advised investors to confirm the registration status of capital market operators through the Commission’s official channels and avoid making investment decisions based solely on peer pressure or social media endorsements.
Speaking on behalf of the Association of Securities Dealing Houses of Nigeria (ASHON), Athan Ogbozor, Executive Secretary,
ASHON commended the Exchange for sustaining the financial literacy initiative.
Ogbozor urged investors to question promises of unrealistic returns and verify the regulatory status of investment operators, noting that the growing use of social media to promote investments makes investor vigilance increasingly important.
Onome Komolafe, Divisional Head, Business Services and Client Experience at the Central Securities Clearing System (CSCS), stressed the need for investors to understand investment products before committing their money.
She encouraged young people to exercise patience and discipline in building wealth, adding that sustainable financial growth depends on knowledge, informed decisions and a clear understanding of investment risks.
The speakers agreed that investor protection requires collective responsibility among regulators, exchanges, market operators and the investing public.
A major highlight of the seminar was the presentation of awards to winners of the financial literacy essay competition, which challenged students to examine investment scams and demonstrate their understanding of responsible investing.
At the tertiary level, Sesugh Innocent Tyokosu, a 300-level law student of Rev. Fr. Moses Orshio Adasu University, Makurdi, Benue State, emerged first, while OdunmbakuDaniel Odunayo of the Department of Economics, Caleb University, Lagos, took second place.
In the secondary school category, Enilama Jesse, a Year 11 (SSS2) student of ST&T Regency International School, won first place, while Oseremen Omoyemen Oseghale of Corona Day Secondary School, Lekki, finished second.
The competition provided a platform for students to engage with investment fraud, financial responsibility and the importance of investor protection, reinforcing the role of financial education in promoting informed participation in the capital market.
LCFE said its annual financial literacy programme reflected its continued commitment to educating the public about commodity markets, investment risks and the importance of dealing with appropriately regulated market operators.
The seminar ended with a call on young and prospective investors to verify investment opportunities, question promises of quick profits and prioritise informed financial decisions over the pursuit of unrealistic returns.
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Iheanyi Nwachukwu, is a creative content writer with over two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Deputy Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
