Blessing Ibunge in Port Harcourt
The Rivers State Government has intensified efforts to guard traders from Ponzi schemes and restore confidence in the South-South monetary market, demanding larger transparency and accountability from funding administration firms working in the area.
The renewed push got here on the unveiling of Alpha10 Fund Management Limited’s Port Harcourt workplace, the place the federal government challenged fund managers to exhibit their possession buildings, funding observe information, belongings underneath administration, danger publicity and company governance requirements.
Speaking on behalf of the state authorities, Jerry Ugo stated repeated losses to fraudulent funding schemes had weakened public confidence and discouraged real funding actions throughout the Niger Delta.
He stated the federal government was in distinguishing credible funding operators from fraudulent promoters, including that potential fund managers should present verifiable details about their operations.
The Securities and Exchange Commission (SEC) additionally cautioned traders towards unrealistic returns, urging them to patronise regulated funding platforms.
SEC’s Port Harcourt Zonal Director, Bernard Ebe, described the area’s funding surroundings as distinctive, noting that the oil-driven economic system had cultivated expectations of fast and substantial monetary beneficial properties on the expense of affected person, long-term investments.
“Ponzi thrives on gullibility. Investors should conduct checks. Come and invest in the capital market, not in roadside fund Ponzi schemes,” he stated.
Providing a snapshot of its enterprise operations, Abigail Utomi, Managing Director of Alpha10, disclosed that the group had N28 billion in belongings underneath administration, together with N6.9 billion in public funds.
She stated the corporate additionally managed three public funds and 7 personal funding merchandise permitted by the SEC.
According to her, Alpha10 commenced operations in 2024 and commenced full operations in January 2025, increasing its bodily presence to Abuja, Lagos, Port Harcourt and Kano.
Chairman of Alpha10, Chibuzor Ekwekwuo, stated the group had recorded N6.29 billion in added worth inside 9 months, describing the corporate as one of many fastest-growing monetary teams.
