Reps propose 10-year jail for Ponzi scheme operators

Reps propose 10-year jail for Ponzi scheme operators

Ponzi Scheme

1/20/2022 10:35:00 PM

Reps propose 10-year jail for Ponzi scheme operators

The 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.

The legislation is titled, ‘A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as Regulation of the Market to Ensure Capital Formation, the Protection of the Market to Ensure Capital Formation, the Protection of Investors, Maintain Fair, Efficient and Transparent Market and Reduction of Systematic Risk; and for Related Matters.’

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This is obviously misplaced priority. Why are u guys afraid of.death penalty instead for all corrupt and punzy schemes. Until u pass that death penalty you all are bunch of failures 15 years is fair..then 25 years for budget padding, stealing public funds and co Good Move officialEFCC ICPC_PE this woman have scammed over 5000 investors

officialEFCC ICPC_PE How many years will u propose for budget pading? Please answer for it a worse offence. Good one. If it is implemented appropriately, it will caution evil acts olawale1903 what's ur view on this bro The money from these so called 'Ponzi' schemes that the government (EFCC) confiscated, can't they (FG) do well to give them back to the investors

Then all of you should choose the prison you want to serve. No ponzi pass una.

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

Dear all, I have decided to represent good people of Akinyele/Lagelu Federal Constituency from Oyo State come 2023 general Elections under the platform of PDP. Please, support me!!! How many should we propose for public funds looters? 🤔 How many for those who 'diapered' and duplicate budgets? Were gbogbo

Hahahahahaha what if the operators are outside our shores.? Animal talk don start again😂 What about failed promises by government? How many years in prison!! Werey people Zoo Mad house

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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.

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The bill also proposes more regulatory powers for the Securities and Exchange Commission as well as ease state and local governments’ access to securities and facilities. The legislation is titled, ‘A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as Regulation of the Market to Ensure Capital Formation, the Protection of the Market to Ensure Capital Formation, the Protection of Investors, Maintain Fair, Efficient and Transparent Market and Reduction of Systematic Risk; and for Related Matters.’ Chairman of the House Committee on Capital Market, Babangida Ibrahim, who sponsored the bill, noted that the current law governing the Nigerian capital market, the Investments and Securities Act, Act No. 29 of 2007, was signed into law by the late President Umar Musa Yar’adua in June 2007. Ibrahim noted that current trends in capital markets regulation, over 14 years after, have made it necessary to make major improvements to the Act to align the Nigerian market with international standards. The lawmaker said the bill would raise the number of sections in the ISA 2007 from 316 to 351. He listed the objectives of the proposal to include enhancement of provisions relating to efficient regulation of investment schemes and to effectively combat the proliferation of Ponzi schemes in Nigeria. Ibrahim explained that 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 their promoters. According to him, the SEC would also be empowered to shut down such prohibited investment schemes. Introduction of new provisions for the regulation of derivatives and commodities trading to deepen the Nigerian capital market and the economy. Read Also