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Ponzi Operators Risk 10-Year Jail Term, N20m Fine Under New SEC Law
Abuja, Nigeria – The Securities and Exchange Commission (SEC) has announced severe penalties for Ponzi scheme operators under Nigeria’s newly signed Investments and Securities Act (ISA) 2025, including up to 10 years imprisonment and fines exceeding N20 million.
Strict Penalties for Financial Fraud
SEC Director-General Dr. Emomotimi Agama revealed that promoters of illegal 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
Strengthening Investor Protection
The new legislation, recently signed by President Bola Tinubu, empowers SEC with enhanced legal authority to prosecute financial crimes that were previously difficult to address.
“Protecting investors in Nigeria is a cardinal responsibility of SEC,” stated Dr. Agama. “This law provides us with stronger powers to fulfill that mandate effectively.”
Key Provisions of ISA 2025
The Act introduces several critical reforms:
- Aligns Nigeria’s capital market operations with international standards
- Enhances market transparency and integrity
- Provides legal framework for recovering illicit gains
- Replaces the outdated 2007 Investments and Securities Act
Deterrent Against Financial Crimes
Dr. Agama emphasized that the penalties serve as strong deterrents: “It’s not just about the quantum of fraud, but about sanctions that will discourage people from even attempting such schemes.”
The SEC chief acknowledged many Nigerians have fallen victim to Ponzi schemes due to previously weak enforcement mechanisms, which the new law aims to rectify.
For more details on Nigeria’s financial regulations and investor protection measures, visit the official SEC website or follow updates from authorized financial news sources.
This report is based on information from the News Agency of Nigeria (NAN). Read the original article for complete details.
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