A Community Development Service (CDS) group focused on investment education for corps members is to be established by the National Youth Service Corps (NYSC) in partnership with the Securities and Exchange Commission (SEC).
Both organisations recently sealed a Memorandum of Understanding (MoU) for this new initiative, which will promote sound investment habits among Nigerian youths, equip corps members with essential financial knowledge and help them avoid fraudulent schemes.
Under the agreement, the NYSC and SEC will work together on joint awareness campaigns, utilising various channels and platforms, including social media, traditional media, and community outreach, to disseminate information on safe investment and expose fraudulent schemes.
They will also agree on mechanisms for sharing relevant data and reporting on the progress and impact of the collaborative initiatives.
Specifically, the capital market regulator will develop and provide relevant and up-to-date educational content, materials, and training modules on capital market operations, safe investment practices, and the identification and avoidance of Ponzi schemes.
The agency will also be responsible for the content, resources and funding of training sessions for selected corps members and NYSC supervisors who will serve as trainers and facilitators in their respective communities.
On its part, the NYSC will facilitate the integration of anti-Ponzi scheme education into its Education and Enlightenment CDS programme, which could be through dedicated sessions, workshops, or awareness campaigns during orientation camps and throughout the service year.
The Director General of SEC, Mr Emomotimi Agama, expressed satisfaction with the collaboration, saying it will promote financial literacy and sound investment habits among young Nigerians.
His counterpart at the NYSC, Brig-Gen Olakunle Nafiu, lauded the initiative, stressing that it will help in enhancing public awareness campaigns against illegal financial schemes across all Local Government Areas in the country, among other objectives.