Blessing Ibunge in Port Harcourt
The Rivers State Government has intensified efforts to protect investors from Ponzi schemes and restore confidence in the South-South financial market, demanding greater transparency and accountability from investment management companies operating in the region.
The renewed push came at the unveiling of Alpha10 Fund Management Limited’s Port Harcourt office, where the government challenged fund managers to demonstrate their ownership structures, investment track records, assets under management, risk exposure and corporate governance standards.
Speaking on behalf of the state government, Jerry Ugo said repeated losses to fraudulent investment schemes had weakened public confidence and discouraged genuine investment activities across the Niger Delta.
He said the government was interested in distinguishing credible investment operators from fraudulent promoters, adding that prospective fund managers must provide verifiable information about their operations.
The Securities and Exchange Commission (SEC) also cautioned investors against unrealistic returns, urging them to patronise regulated investment platforms.
SEC’s Port Harcourt Zonal Director, Bernard Ebe, described the region’s investment environment as unique, noting that the oil-driven economy had cultivated expectations of quick and substantial financial gains at the expense of patient, 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 said.
Providing a snapshot of its business operations, Abigail Utomi, Managing Director of Alpha10, disclosed that the group had N28 billion in assets under management, including N6.9 billion in public funds.
She said the company also managed three public funds and seven private investment products approved by the SEC.
According to her, Alpha10 commenced operations in 2024 and began full operations in January 2025, expanding its physical presence to Abuja, Lagos, Port Harcourt and Kano.
Chairman of Alpha10, Chibuzor Ekwekwuo, said the group had recorded N6.29 billion in added value within nine months, describing the company as one of the fastest-growing financial groups.