Stay Away From Gambling SEC Warns Nigerian Youths
The Securities and Exchange Commission (SEC) has warned Nigerians youths against gambling saying there is no law in the country that support it as an investment option.
The Acting Director General SEC, Mary Udok sounded the note of warning while briefing journalists at the end of first quarter Capital Market Committee (CMC) meeting in Lagos.
The warning became necessary following suggestions that marking gambling part trading activity at the nation’s capital market will enhance youth participation in the market.
She urged the youth to pick up mutual funds as an investment option either. “Mutual funds is where you can invest and it covers all you can invest in.
You do not need to gamble. For now we don’t have any law supporting gambling and I don’t think we will have”, she admonished.
She further advised that rather than leaving money in the savings account, mutual funds which yields more interest, becomes a better option, adding that after three months investor could commence withdrawal from the investment, just like in savings account.
She assured that there are a lot of products in the market, insisting that what is simply needed was investor education.