🗣New Bill Targets Ponzi Scheme Operators with Jail Terms
The Securities and Exchange Commission (SEC) has proposed stricter penalties for Ponzi and pyramid scheme operators under the Investments and Securities Bill (ISB) 2024, now before the National Assembly.
The bill seeks to modernize Nigeria's financial system, enhance investor protections, and deter fraudulent schemes that have cost citizens billions, like MMM and Loom. Key provisions include banning Ponzi schemes, expanding the Investor Protection Fund, and introducing regulations for commodity exchanges.
Senate President Godswill Akpabio emphasized the bill’s importance in fostering economic growth and transparency, urging active stakeholder input. SEC officials stated it aligns with global standards to build trust and attract investments, promising a safer, investor-friendly market if enacted.
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The Securities and Exchange Commission (SEC) has proposed stricter penalties for Ponzi and pyramid scheme operators under the Investments and Securities Bill (ISB) 2024, now before the National Assembly.
The bill seeks to modernize Nigeria's financial system, enhance investor protections, and deter fraudulent schemes that have cost citizens billions, like MMM and Loom. Key provisions include banning Ponzi schemes, expanding the Investor Protection Fund, and introducing regulations for commodity exchanges.
Senate President Godswill Akpabio emphasized the bill’s importance in fostering economic growth and transparency, urging active stakeholder input. SEC officials stated it aligns with global standards to build trust and attract investments, promising a safer, investor-friendly market if enacted.
Nairaland Pulse News | Subscribe