.png)
.png)
2 days ago
7
- The Securities and Exchange Commission (SEC) has announced its readiness to spell each retired against Ponzi strategy operators
- The SEC DG noted that the recently signed ISA (2025) has fixed the committee ineligible authorization to prosecute amerciable strategy operators
- The Act besides recommends stiff penalties, including a 10-year jailhouse word for offenders, replacing the erstwhile enactment that had nary penalties attached
Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.
President Bola Ahmed Tinubu, connected March 29, yet assented to the Investments and Securities Act (ISA) 2025.
By signing the Investment and Securities measure (2025) into law, the Investment and Securities Act No. 29 of 2007 is hereby repealed and replaced by the Investments and Securities Act 2025.
The caller ISA recommends stiffer penalties for operators of amerciable concern schemes and Ponzi operators, and the Securities and Exchange Commission (SEC) has stated that it volition guarantee afloat enforcement.
Source: UGC
Under the caller ISA (2025), operators of amerciable and fraudulent concern schemes, including ponzi strategy operators, could look up to 10 years imprisonment, a minimum of N20 cardinal fine, oregon both.
This strengthens the ineligible model for operations successful the Nigerian capital market and enables the SEC to amended transportation retired its cardinal responsibilities of protecting investors successful Nigeria.
Explaining the provisions of the ISA (2025), the SEC Director General, Emomotimi Agama, stated that it empowers the SEC with ineligible authorization to prosecute, thing that the ISA 2007 did not.
Agama added that this caller Act would beforehand marketplace integrity and transparency, and discourage amerciable schemes.
The News Agency of Nigeria (NAN) reports that determination are besides different penalties to beryllium meted retired to offenders, successful summation to the jailhouse word and the monetary fines.
Agama said;
“Any profits oregon gains obtained from defrauding Nigerians volition beryllium recovered due to the fact that it is not astir the quantum of the fraud, it is astir sanctions that volition deter radical from adjacent getting into it. We recognise that a batch of Nigerians person fallen prey to these schemes, and the crushed wherefore that is the lawsuit is that determination were nary sanctions.”Agama commended the president for signing the measure into law, arsenic it volition bring Nigeria’s marketplace operations to align with champion practices and planetary standards.
SEC warns Nigerians astir Davido meme coin
Recall that the SEC warned the nationalist against trading the precocious minted integer meme coin $DAVIDO.
Source: Getty Images
The committee warned that the coin lacked cardinal values and was a high-risk concern for those who invested their funds.
The committee besides precocious warned Nigerians against investing successful unregistered investment programs, particularly the Promiseland Estates Limited and Promiseland Building & Construction Limited, and the UYJ Multitrade Limited, popularly known arsenic My Share.
SEC declares warfare connected Ponzi strategy operators
In related news, the SEC has declared its volition to hunt down Ponzi strategy operators, fraudsters, and regularisation violators operating successful the superior market.
The SEC DG said that 2025 volition feature much licence revocations and suspensions of non-compliant operators, backed by the caller ISA 2025.
He besides urged marketplace operators to adhere to the regulator's compliance and accusation disclosure requirements.
PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!
Source: Legit.ng
