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.