The Securities and Exchange Commission (SEC) has issued a stern warning to Ponzi scheme operators in Nigeria, stating that anyone convicted could face penalties of at least N20 million in fines, up to 10 years in prison, or both, under the newly signed Investments and Securities Act 2025.

SEC Director-General Dr. Emomotimi Agama explained that the new law strengthens investor protection, allows the SEC to prosecute offenders, and introduces measures such as confiscating illicit profits. It also grants the SEC the power to access phone records for prosecuting Ponzi scheme operators.

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