Fight against Ponzi threats in financial investment zone begins as Alpha 10 arrives Port Harcourt

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Read History Go to My Account Log Out Enhanced by Google BDSunday Fight against Ponzi threats in financial investment zone begins as Alpha 10 arrives Port Harcourt The Rivers State government has shown renewed interest in waging war against Ponzi schemes which seem to destroy genuine investment

Listen to this article Share The Rivers State government has shown renewed interest in waging war against Ponzi schemes which seem to destroy genuine investment appetites in the Niger Delta economic belt.

This was revealed on Thursday, November 5, 2026, on Kaduna Street venue of the unveiling of Alpha 10 fund management limited.

Jerry Ugo, speaking for the Rivers State government on the occasion said the region is ravaged by fears of Ponzi schemes which come once in a while to wipe away huge sums saved over the years by investors.

He said the state government was interested in separating scammers from genuine ones and wanted officials of Alpha 10 to help the public understand key points to trust the difference.

Ugo said any fund manager that comes to Port Harcourt henceforth would be made to disclose critical indicators such as ownership, history of performance, how much capital under management already, exposure level, market volatility governance structure, and names of reliability level of its independent directors.

Marizu Uche, an investor and member of the Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA), joined voices and told Alpha 10 managers to note that the questions asked by the permanent secretary would be waiting for them at every door they would knock in the south-south financial market because of the injuries of the past since the Umana Umana days.

He thus urged Alpha 10 team to endeavour to understand the heartbeat of the Garden City, their fears, their culture, etc. “Render your messaging in a simple way especially through video clips to address the fears and show the difference you bring. Show the people that investment requires patience and that it is long-term. Be part of the Port Harcourt community, be close”. The strike team: L-R: Raymond Ihezue, executive and head, global market; Abigail Utomi, CEO; Chibuzor Ekwekwuo, board chairman; Yusuf Deji PH branch manager

Bernard Ebe, PH zonal director of the Securities and Exchange Commission (SEC), agreed that the Port Harcourt investment climate was very unique. He said the oil economy created a different kind of expectation which is quick and huge gains. He said the oil economy tried to kill the culture of patience and long-term investment appetite.

Ebe thus appealed to investors in the zone to focus on gradual profit rather than fat quick gains, and also to do some due diligence on fund managers and confirm they are registered with SEC.

Turning to Alpha, Ebe confirmed they were registered but urged them to remember to operate by the rules and file regular returns to enable SEC to know what they would be doing. “File your reports on time, do not cut corners. Regulation is not an easy task. Ponzi thrives on gullibility. Investors should conduct checks. Come and invest in the capital market, not in roadside fund Ponzi schemes.”

Alpha 10 GMD happy for genuine investment hunger in PH zone

Abigail Utomi, managing director (MD) of Alpha 10, reacting to the demands for genuine investment platforms for investment-hungry people of the oil region, said Alpha 10 took all those factors into consideration before rolling out their platforms.

She clarified all the concerns of investors in the region and the areas mentioned by the state government; explaining that Alpha 10 is owned by a consortium of five institutions (she mentioned them).

Utomi said Alpha 10 is aware that Port Harcourt was notorious for losing money to scammers that come in the name of fund managers. “So, we advise people to insist on verification of the fund managers. SEC has done a lot in sanitizing the system.”

She went on: “As of today, apart from the three public funds that we manage, we have seven private products approved by the SEC; the asset under management of Alpha 10 Group, apart from the public funds, which is currently N6.9 billion, is N28 billion.

“Alpha 10 commenced in 2024 and commenced full operations in January 2025. So you can see how far we’ve gone in such short time. Two branches or two locations in 2025, 2024 Abuja, 2025 Lagos, 2026 Port Harcourt and Kano. Then, 2027 awaits.”

For competence and experience, Utomi said: “The leadership, board, management of Alpha 10, are veterans in the industry who worked in other known brands, served other people, and are doing their thing. So, we already know the ropes and we don’t need to rework them. And that’s why our expansion strategy is clearly defined.

“And we have our corporate profile available to share. And we will also be telling our story shortly.”

During her speech, Utomi described the day as an important milestone for the organization and as a statement of intent.

She showed why Port Harcourt financial market is important. “We are here because we believe that Port Harcourt and the wider Niger Delta represent far more than a geographical market. They represent a significant concentration of enterprise, capital, industry and opportunity, and Alpha10 intends to be part of it.

“Our conviction is simple: opportunity should not be limited by geography. Rivers State is estimated to contribute approximately N21 trillion to Nigeria’s economy, about 10 percent of national gross domestic product (GDP), with a population of approximately 7.5 million people. Few states can match the sophistication of its commercial ecosystem.”

For decades, she stated, Port Harcourt has been the centre of Nigeria’s petroleum industry, hosting critical energy infrastructure and one of the largest concentrations of oil and gas companies in the country. “Yet we believe the next chapter of its economic story will be broader.”

She justified her assertion thus: “The recent Niger Delta Economic and Investment Summit, held here in Port Harcourt, reflected precisely this shift towards investment, innovation, industrial growth and regional integration.

“That is why this office matters to the Board. It is not simply another branch in another Nigerian city; it is a long-term commitment to a region whose economic future we believe in.

“We expect it to become a platform for building relationships, supporting businesses and deepening financial inclusion and investment participation across the South-South.”

Utomi said the financial services industry is changing rapidly, and that their responsibility is to remain responsive, disciplined, and forward-looking.

“We recognise that capital is most valuable when it is connected to the right opportunities, and that sustainable growth requires knowledge, trust and strong relationships. The Board’s commitment is to ensure that Alpha10’s growth remains anchored on sound governance, professional expertise, innovation and a deep understanding of our clients’ needs.

“The Port Harcourt branch is an extension of that philosophy. To our clients, partners, regulators and other stakeholders in Port Harcourt and across the South-South, we thank you for welcoming Alpha10. You have the board’s assurance that we will operate here with the same standards of governance and integrity that guide the group everywhere, and we look forward to contributing meaningfully to the economic and investment ecosystem of this region.” Abigail Utomi addressing the audience in PH

He said: “Establishing a new branch requires commitment, planning and confidence in the future, and today’s event demonstrates that Alpha10 remains confident in both its strategy and its people.

“We are confident about Port Harcourt. We are confident about the South-South. And we are confident about the future of Alpha10.”

In his welcome remarks, Chibuzor Ekwekwuo, harped on the investment reputation of the PH zone. He advised the people to deal with authorised fund managers association of Nigeria (FMAN), but warned thus: “We are not here to offer the highest returns but to build for your next generation.

“South-South people crave valid investments. This is because over the years, they have been defrauded severally. Most Nigerians and the Diaspora go for Dollar-based businesses. They want to escape inflation, etc.”

He showed why Nigeria’s high net-worth individuals (HNI) rush to Dollar-based investments and said Alpha 10 has recorded N6.29bn in added value in just nine months.

He said it is the fastest growing financial group today with four locations so far. “Beyond Apps, investors trust physical offices. We have achieved our target for 2026.”

On why PH zonal office presence, the chairman said: “Port Harcourt is a strategic and viable centre especially for oil/gas, maritime, logistics. PH is an emerging economic zone in Nigeria

“The capital market reckons first with Lagos. Abuja is coming up. So, we need to push Port Harcourt which is the spinner of the economy. Records (NBS) show that Port Harcourt and Onne port generated N4.3 trillion to the nation recently.

“We have learnt how to serve Port Harcourt, which is to build relationships. That is why we are here to respect the Port Harcourt people.”

Prominent persons who attended the event agreed that PH is craving genuine investment opportunities to wean them off oil and gas quick gains.

Apart from Marizu Uche (investment expert), Arthur Kalagbor, a chief who represented a royal father, Isaiah Elikwu, the Eze Apara Rebisi, poured lamentations saying Port Harcourt people have suffered.

He said the scammers come in unannounced, unlike Alpha 10 who he said came in with full announcements with a known office that is even situated opposite the palace. “We will support you, and feel free to call on us any time.”