The Rivers State Government has called for greater transparency and accountability from investment management companies as part of efforts to protect investors from Ponzi schemes and rebuild confidence in the South-South financial market.
The government made its position known at the unveiling of Alpha10 Fund Management Limited’s office in Port Harcourt, where it challenged investment firms to provide verifiable details of their ownership structures, investment records, assets under management, risk exposure, and corporate governance standards.
Speaking on behalf of the state government, Jerry Ugo said repeated losses suffered by residents through fraudulent investment schemes had weakened public trust and discouraged legitimate investments across the Niger Delta.
He stressed the need to identify credible investment companies and separate them from fraudulent operators. He added that prospective fund managers must be open about their business operations to earn investors’ confidence.
The Securities and Exchange Commission (SEC) also warned investors against schemes promising unrealistic returns, urging them to use regulated investment platforms.
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The SEC Port Harcourt Zonal Director, Bernard Ebe, described the region’s investment environment as unique. He noted that its oil-driven economy had encouraged expectations of quick financial gains instead of patient, long-term investments.
Ebe urged residents to verify investment opportunities before committing their money and warned against unregulated Ponzi schemes.
“Ponzi thrives on gullibility. Investors should conduct checks. Come and invest in the capital market, not in roadside fund Ponzi schemes,” he said.
Providing details of Alpha10’s operations, the company’s Managing Director, Abigail Utomi, disclosed that the group had N28bn in assets under management, including N6.9bn in public funds.
She said the company managed three public funds and seven private investment products approved by the SEC.
Utomi explained that Alpha10 commenced operations in 2024 and began full operations in January 2025. The company has since expanded its physical presence to Abuja, Lagos, Port Harcourt and Kano.
The Chairman of Alpha10, Chibuzor Ekwekwuo, said the group recorded N6.29bn in added value within nine months, describing it as one of the fastest-growing financial groups.
