Avoiding Pitfalls!

The craving for money within and without the country seems to be growing with each passing day and the easiest way appears to be charming many a citizen. People are eager to rush and place money, sometimes borrowed, just anywhere provided they are told the harvest would be plentiful. It suffices for some gullible individuals just to be told that with FCFA 1,000 they can have 10,000 or more in days and you would see the speed and amounts they can place.
The insatiable quest for gain; call it ‘get-rich-quick’ syndrome, has blinded the eyes of sometimes unsuspecting individuals to an extent that they even forget to verify the authenticity of some of the receiving structures when placing hard-earned or even ill-gotten money. The recent outing of the Central African Financial Market Supervisory Commission (COSUMAF) warning the CEMAC public against the recurrent activities of several actors who offer to invest and place funds against promises of high returns, without having the necessary authorisations, or offer options trading without being authorised to do so, tells of the depth of the malaise. 
Going ahead to identify and shame some of the fraudsters existing on the market should be an eye opener to many people who could fall prey to their dubious acts. The public is therefore reminded that the exercise of any activity related to public offerings and financial instruments is subject to prior approval by COSUMAF. The approval, the Financial Market Supervisory Commission observes, is materialised by a decision taken after examination of a file formulated by the applicant. A clarion call there on the population to show proof of vigilance and avoid pitfalls that such easy gain heralds. 
As a mind refresher, the detestable Mida saga where people lost billions of FCFA in a scam should remind those still venturing into easy gain that one of the characteristics of money is its sc...



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