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Experts seek bank support for investment clubs

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Experts seek bank support for investment clubs

By Chinyere Joel-Nwokeoma

Investment experts on Friday urged commercial banks and financial institutions to support investment clubs to curb Ponzi schemes in the country.

They gave advice to the parliament of the Green Investment Club (TGIC) in Lagos on the topic: “The money movements of the young Nigerian of today”.

TGIC Founder Ms Tomie Balogun said the economic fallout from investments from events such as the global market crash, economic recession and COVID-19 pandemic have pushed young Nigerians to fall into the Ponzi camp.

Balogun said the economic situation and the high incidence of these fraudulent schemes show an urgent need for financial education.

According to her, TGIC is working to bridge the financial literacy gap among young people in Nigeria through its products and services.

She said the club, from 35 members at its inception to over 1,700 members in three years, is targeting 10,000 members over the next five years.

“Our five-year vision is to help at least 10,000 people acquire financial education and provide them with investment advisory services.

“We expect this to increase savings deposits at financial institutions. The deposits will be mobilized to invest in small businesses in the economy.

“When these companies are supported, they will provide jobs for more people and reduce unemployment figures by at least 20%,” Balogun said.

She said the club had succeeded in raising $ 17 million for several projects that created jobs and contributed to economic growth in Nigeria.

Balogun said the club found direct investment opportunities in the capital market, agribusiness, consumer lending, logistics, FinTech and real estate development sectors in Nigeria, United Kingdom and United States.

Speaking on the investment challenges, she called on the government to unify the country’s exchange rate to reduce production costs.

Balogun said that multiple exchange rates lead to arbitrary fees, production costs, and higher prices for goods and services.

“The government should help SMEs and the manufacturing sector to increase their production in order to boost gross domestic product,” she said.

She noted that the COVID-19 pandemic, despite the challenges, came with many investment opportunities for savvy investors.

In addition, Ms Oladunni Olawuyi, COO of Apel Asset Ltd., said that financial institutions should support investment clubs to boost investment education.

Olawuyi said that the investment clubs help to clean up the economy of Ponzi schemes, promote financial education and diversification of investments in different economies.

She also stressed the need for increased investment for a better future.

Mr. Osazuwa Osayi, co-founder of Farmforte Ltd., said investing remains the key to financial freedom.

The Nigerian News Agency (NAN) reports that the TGIC, at the event, released its triennial report.

The club, in the report, said the macroeconomic environment in Nigeria in the second quarter of 2021 will remain tense.

He said government revenue from the sale of its main export commodity, crude oil, would be limited despite Nigeria’s increase in production quota at the last OPEC meeting.

“We believe this will lead to tightening of exchange restrictions in the second quarter, thereby increasing inflation and widening the disparity in different segments of the foreign exchange market,” the report said in part. (NOPE)

(NAN)

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