National Assembly Proposes Jail Terms for Ponzi Scheme Promoters 

The National Assembly has passed the Investment and Securities Bill, which includes provisions for possible jail sentences for those who promote Ponzi schemes in Nigeria. <br />The bill is expected to aid the functioning of the capital market and facilitate the ongoing economic diversification in the country. <br />The Senate President, Ahmad Lawan, stated that the bill is to protect investors, adequately regulate the market, reduce systemic risks as well as provide for more stringent punishment for operators of Ponzi schemes. <br />The Chairman of the House Committee on Capital Markets and Institutions, Babangida Ibrahim, stated that the ISB 2023 could transform the capital market, attracting foreign investors as well as boosting investors’ confidence, among others.