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Ponzi Operators Risk 10-Year Jail Term, N20m Fine Under New SEC Law
ABUJA – The Securities and Exchange Commission (SEC) has announced severe penalties for Ponzi scheme operators under Nigeria’s newly enacted Investments and Securities Act (ISA) 2025, including up to 10 years imprisonment and fines of at least N20 million.
Strict New Measures Against Financial Fraud
SEC Director-General Dr. Emomotimi Agama revealed that promoters of prohibited investment schemes now face:
- A minimum fine of N20 million
- Up to 10 years imprisonment
- Possible combination of both penalties
- Forfeiture of all illegal profits
The measures come as President Bola Tinubu recently signed the ISA 2025 into law, repealing the previous 2007 legislation.
Enhanced Investor Protection
Dr. Agama emphasized that the new law provides SEC with stronger enforcement powers it previously lacked:
“Protecting investors in Nigeria is a cardinal responsibility of SEC and this law has provided the SEC with stronger powers to be able to do that. Any profits or gains obtained from defrauding Nigerians will be recovered.”
The director-general noted that the absence of proper sanctions had previously made Nigeria fertile ground for Ponzi schemes, leaving many citizens vulnerable to financial fraud.
Market Reforms and International Alignment
The ISA 2025 introduces comprehensive reforms to:
- Strengthen Nigeria’s capital market framework
- Promote market integrity and transparency
- Align operations with international best practices
- Support sustainable economic growth
Dr. Agama stressed that the N20 million fine represents just one component of the sanctions regime, with additional penalties designed to serve as strong deterrents against financial crimes.
This report is based on information from the News Agency of Nigeria (NAN). For more details, visit the original article.
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