The Business NG - November 15, 2024

في هذا العدد

N20m fine, jail terms for Ponzi operators
.... as Akpabio urges robust investment environment

In a bid to ensure that illegal fund managers are not allowed to fleece unsuspecting Nigerians of their hard earned funds, the Securities and Exchange Commission is introducing an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes.

These and others are contained in the Investments and Securities Bill (ISB) 2024 currently before the National Assembly.

The Bill proposes that promoters and operators of any entity engaged in a prohibited scheme commits an offence and is liable on conviction to a penalty of not less than N20,000,000 or imprisonment to a term of 10 years or both.

In his opening remarks at the Public Hearing held Thursday in Abuja, President of the Senate, Senator Godswill Akpabio, said the Investment and Securities Bill 2024 is not merely a legislative document; but a beacon of hope for the nation's economic landscape