Ponzi scheme promoters risk 10-year jail term as capital market bill passes second reading at house of reps | TheCable
A bill seeking to prohibit Ponzi and Pyramid schemes has passed the second reading at the house of representatives.
In March 2021, the Securities and Exchange Commission (SEC)three million Nigerians had lost N18 billion to Ponzi scheme operators.The proposed legislation seeks to repeal and re-enact the Nigerian Capital Market, Investments and Securities Act.Advertisement
When signed into law, promoters of such schemes would face up to ten years in prison if found guilty by a court.Ibrahim Babangida, chairman, house committee on capital markets, who sponsored the bill, said current developments in the capital market have made it necessary to amend the act.Read more: TheCable »
Female Reps Aspirant, Abimbola Olawunmi Harrassed During PDP Screening By Fayose's Thugs in Ekiti
HouseNGR istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa MohdSaniMusa OfficialAPCNg PoliticsNGR HouseNGR This ones even know watin them da pass so ? HouseNGR istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa MohdSaniMusa OfficialAPCNg PoliticsNGR
Reps propose 10-year jail for Ponzi scheme operatorsThe House of Representatives has passed for second reading, a bill seeking to regulate Ponzi and pyramid schemes as well as other forms of investments, proposing a 10-year jail term for operators. Mad house Zoo What about failed promises by government? How many years in prison!! Werey people
CBN may devalue naira by 10% – Standard Chartered“Clearly the FX market is constrained but we are seeing some positive development lately with higher oil prices. Nigeria may consider resetting the currency and can see 10 percent depreciation from N414 to around N450-460 in 2022.” This is where cryptocurrency comes in, Nigerians should learn to convert and save their money in USDT to help preserve its long term value. Naira too dey see life. 🤓🤓🤣🤣🤣🤣 Eecolomist
Pharmacists Lament Non-implementation Of Consultant Cadre Circular 10 Years AfterPharmaceutical Society of Nigeria (PSN) has appealed to the National Council for Establishment (NCE) to commence the full implementation of the approved Pharmaceutical Society of Nigeria (PSN) has appealed to the National Council for Establishment (NCE) to commence the full implementation of the approved “Consultant Pharmacists” Cadre Programme without further delay.
Nigeria vs Tunisia: My preferred position is number 10 - Iwobi tells EguavoenSuper Eagles star, Alex Iwobi has told the team coach, Austin Eguavoen his preferred position. Iwobi started his first game for Nigeria in the Africa Cup Who wan start this one 😂 Bench warmer talking Story
Nigerian Newspapers: 10 things you need to know this Friday morningGood morning! Here is today’s summary from Nigerian Newspapers: 1. Abdulmalik Tanko, the proprietor of Noble Kids Nursery and Primary School, Kawana, Which way Nigeria ?
Ponzi scheme promoters risk jail term as Nigerian lawmakers consider capital market billIf the bill finally becomes a law, ponzi scheme promoters could face 10 years imprisonment if convicted by the court. What of Ponzi scheme presidential aspirant with football or political age?
In recent years, financial regulators have expressed concerns over unlawful schemes. In March 2021, the Securities and Exchange Commission (SEC) three million Nigerians had lost N18 billion to Ponzi scheme operators. The proposed legislation seeks to repeal and re-enact the Nigerian Capital Market, Investments and Securities Act. Advertisement When signed into law, promoters of such schemes would face up to ten years in prison if found guilty by a court. Ibrahim Babangida, chairman, house committee on capital markets, who sponsored the bill, said current developments in the capital market have made it necessary to amend the act. He said the bill proposes new provisions for the regulation of derivatives and commodities trading to deepen the Nigerian capital market and the economy. Advertisement According to him, it would also regulate activities of financial market infrastructures — netting and bankruptcy provisions to protect investors in derivatives contracts. “The bill prohibits Ponzi/Pyramid schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes. The commission would also be empowered to shut down such prohibited investment schemes,” the lawmaker said. “There are new provisions on the regulation of financial market intermediaries (FMIs), such as central counterparties (CCPs), clearinghouses, trade depositories etc. “The general law of insolvency would have no effect on market contracts or action taken under the rules of an exchange, FMI with respect to market contracts, or an action taken to transfer any collateral. “Furthermore, no entity, trade association can operate or hold itself out as a self-regulatory organisation (SRO) unless recognised or registered as such by SEC. The responsibilities of SRO are also well spelt out, while a new provision has been introduced on the netting of financial contracts.”