The Investment and Securities Bill, which might result in jail time for people in Nigeria who advocate Ponzi schemes, was approved by the National Assembly. The House of Representatives enacted the legislation in December; it is anticipated to improve the country’s capital markets and continuous economic diversification.
Fakayejo said it might not be a terrible idea to include asset forfeiture and a fine of 10% to 20% of the money obtained from victims in addition to the suggested jail term of not less than 10 years.
The National Chairman of the Progressives Shareholders Association of Nigeria, Boniface Okezie, expressed a different viewpoint regarding the ban on Ponzi schemes, claiming that Ponzi schemes have been embraced in other places.
Okezie also accused the National Assembly of copying foreign laws that may have little or no impact on the Nigerian scene and doubted that the President, Major General Muhammadu Buhari (retd) would sign the bill before the expiration of his tenure next month.