Promoters and operators of entities engaged in a prohibited scheme are liable to a penalty of not less than N20 million or imprisonment for a term of 10 years or both.
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said it is one of the provisions of the newly signed Investments and Securities Act (ISA) 2025.
The News Agency of Nigeria (NAN) reports that President Bola Tinubu recently assented to the Act.
Agama said this in a statement in Abuja on Tuesday.
He said the new Act would strengthen the legal framework governing Nigeria’s capital market.
Agama said the commission previously lacked the legal power to prosecute Ponzi scheme operators, which had made it difficult to bring offenders to justice.
He said the Act would help the commission to better protect investors, and introduce reforms that would promote market integrity,…
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