The Rivers State Government is intensifying measures to protect investors from fraudulent schemes and to restore confidence in the South-South financial market. This initiative was highlighted during the unveiling of Alpha10 Fund Management Limited’s office in Port Harcourt.
In a statement, Jerry Ugo, representing the state government, emphasized the need for investment management companies to showcase their ownership structures, investment histories, assets under management, and corporate governance standards. He pointed out that prior losses to fraudulent schemes have significantly undermined public trust and discouraged authentic investment activities across the Niger Delta.
The government aims to differentiate between legitimate investment operators and fraudulent entities. Ugo insisted that potential fund managers must provide verified information regarding their operations.
Additionally, the Securities and Exchange Commission (SEC) urged investors to remain wary of unrealistic returns, recommending that they engage only with regulated investment platforms. Bernard Ebe, the Port Harcourt Zonal Director of SEC, remarked on the unique investment landscape in the region, where the oil-driven economy has fostered expectations for quick returns, often leading to risky investments.
“Ponzi thrives on gullibility. Investors should conduct checks. Come and invest in the capital market, not in roadside fund Ponzi schemes,” Ebe warned.
At the event, Abigail Utomi, Managing Director of Alpha10, revealed that the company manages assets worth N28 billion, which includes N6.9 billion in public funds. She detailed that Alpha10 oversees three public funds and seven private investment products accredited by the SEC. The firm initiated operations in 2024 and has expanded its locations to include Abuja, Lagos, Port Harcourt, and Kano.
Chibuzor Ekwekwuo, Chairman of Alpha10, highlighted the company’s growth, noting an added value of N6.29 billion within just nine months, positioning Alpha10 as one of the fastest-growing financial groups in the region.
