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Nigeria Proposes New Law To Combat Ponzi Schemes With Severe Penalties
Parliaments

Nigeria Proposes New Law To Combat Ponzi Schemes With Severe Penalties

According to Odaily, the Nigerian Securities and Exchange Commission (SEC) has introduced a draft of the '2024 Investment and Securities Bill' aimed at imposing stringent penalties on individuals convicted of Ponzi scheme crimes. The proposed legislation suggests a maximum fine of $12,000 (20 million Naira) or a 10-year prison sentence for offenders.