Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators

[igebotz]

Buddy you and I know that this is just another propaganda to make the Nigerian SEC look proactive in the sight of the public and feeling a sense of action towards the disheartening menace ousted by these web2 and web3 exploiters, If I read correctly, this bill was passed under the former president administration and it was not adopted and now it is being passed again under an even worse administration, what is the guarantee that it would even be adopted, and if it is finally adopted, what is the guarantee that it would be enforced on the big players?

Both of us know very well that these laws are just for the newbies in the industry and not in any way going to indict the big players, a clear-cut example is

In most cases, the gravity of the crime is more important than the amount involved. For example, if you scam someone for N100 and cause them to commit suicide or lose their livelihood, you're more likely to spend your life in prison than if you scam someone for N10 million and don't cost them their life

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

[CryptSafe]

Buddy you and I know that this is just another propaganda to make the Nigerian SEC look proactive in the sight of the public and feeling a sense of action towards the disheartening menace ousted by these web2 and web3 exploiters, If I read correctly, this bill was passed under the former president administration and it was not adopted and now it is being passed again under an even worse administration, what is the guarantee that it would even be adopted, and if it is finally adopted, what is the guarantee that it would be enforced on the big players?

Both of us know very well that these laws are just for the newbies in the industry and not in any way going to indict the big players, a clear-cut example is

In most cases, the gravity of the crime is more important than the amount involved. For example, if you scam someone for N100 and cause them to commit suicide or lose their livelihood, you're more likely to spend your life in prison than if you scam someone for N10 million and don't cost them their life

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I believe in the eyes of the law, such act is a crime and an offense punishable by law but however, one would be judged with sympathy from the judge of the law court depending on the gravity of the crime while the other might likely face  a harsh judgement for being so cruel and wicked and with a tougher punishment to say but in all, the law sees them as offenders and punishable for the crime they have committed and it is left for the law court judge to take its course on them for justice to prevail.

[Richbased]

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I know that in the sight of the law, someone who stole huge amount of money receives more punishment than the one who stole little amount regardless of whom their victim is, but looking at it more deeply, they both deserves equal punishments because if that person who stole a little amount of money has the opportunity to steal huge amount, he will gladly do it without fear. The only difference there is just that the both of them didn't steal from same person or steal equal amount of money. Perhaps, the one that stole small amount of money from someone who don't have enough money can graduate from stealing small amounts to a bigger level and becomes a nuisance to the public.

[TEBTC]

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

This is a right call in the right direction concerning Ponzi scheme operators who are in the habit of defrauding innocent Nigerian all in the name of crypto currency investment it will serve as a lesson to those who have plans of going into fraud, am in total support of the move as allot of people has brought bad name to  the crypto world in Nigeria

[Hatchy]

If the new bills is passed, the SEC will be able to arrest and persecute anyone involved now, unlike the usual " do not invest" announcement they usually posts when Ponzi scheme is around cause they have no jurisdiction to persecute anyone, but with this new bill alot is going to change. A 10 years Jail term or option fine of 20m should be enough for Davido, Sabinus, Brainjotter and co from another pump and dump projects.

The rules have always been for the poor, but the rich are not always lucky. Sometimes they are persecuted.

Can such people actually be arrested? Let's not forget that In Nigeria, money speaks for you. I remembered when davido launched his obo coin back then and everyone was rushing to invest as they were fans of davido. The coin pumped massively over night due to the population of his fans not just in Nigeria but all over the world that had shows interest in his token. When he dump happened, some complained, but no one really filed a complaint against him that he did scam his fans of their funds.

So yea even if such bills are passed into law, there are many Nigerians who are above the law. They might be said to have been persecuted but who really knows if it's true? Once such person pays a huge amount of funds to the officials in charge, their cases will be closed and a big lie will be passed across to the public so to make them calm..

[Roseline492]

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I know that in the sight of the law, someone who stole huge amount of money receives more punishment than the one who stole little amount regardless of whom their victim is, but looking at it more deeply, they both deserves equal punishments because if that person who stole a little amount of money has the opportunity to steal huge amount, he will gladly do it without fear.

You are right but on this case the bone of contention is not on that because what we are actually looking at is the harm most person that stole a smaller amounts had caused than the person who stole big amount just like Igebotz mentioned, however if perhaps you were actually the judge and they brought a case of two criminals that one person stole a little amount but the victim could not survive because of what the money meant to him, while the second person stole a bigger amount and the victim is fine who would you give the highest sentence?, actually the question is not to justify the person his victim is alive but is just to show that the level and seriousness they would take the criminal that has dead victim will be a little bit different from the other person.

[Smartvirus]

The thing here be say, watin person no know big pass them. Na watin Dey worry most of our people be that, especially those of them way no Dey this forum. Them Dey far from truth as possible with limited knowledge on which is which coin or token to invest in or not.
Most of them no know the difference between security and utility token.
Armed with this knowledge, people way Dey create pump and dump coin Dey use am exploit our people. With their influence as celebrities having large followers, you go find people stepping in, in their numbers to express support and fandom.
Watin con be fandom when na you them Dey use make money and you get nothing…

Na nice step by FG to criminalize these behaviors by public figures.

[Josefjix]

The thing here be say, watin person no know big pass them. Na watin Dey worry most of our people be that, especially those of them way no Dey this forum. Them Dey far from truth as possible with limited knowledge on which is which coin or token to invest in or not.
Most of them no know the difference between security and utility token.
Armed with this knowledge, people way Dey create pump and dump coin Dey use am exploit our people. With their influence as celebrities having large followers, you go find people stepping in, in their numbers to express support and fandom.
Watin con be fandom when na you them Dey use make money and you get nothing…

Na nice step by FG to criminalize these behaviors by public figures.

Like the fact that Davido was exposed not only by Nigerians but also by Westerners who were duped by his pump and dump token, and now every time he drops a link or asks fans to register for tickets, you will see some strange comments like "do not click the link," "do you want to scam us again," "link directed me to my wallet," and all sorry for the negative comments.


He felt rugging his fans was the best thing to do, not realizing how unified Nigerians can be when they want to cancel someone. If the bill become law, I hope they begin investigating those celebrities' past involvement.

[Yeesha]

In most cases, the gravity of the crime is more important than the amount involved. For example, if you scam someone for N100 and cause them to commit suicide or lose their livelihood, you're more likely to spend your life in prison than if you scam someone for N10 million and don't cost them their life

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

The alarming rate of criminalism and scamming in Nigeria is concerning, but it's reassuring to see action being taken against these activities. While it's impossible to apprehend all scammers globally, arresting some of them can help reduce the incidence rate and increase public safety.

But to answer your questions I will say all of them deserves a tougher punishment because I believe that all scammers deserve tougher punishment, as stealing is a serious offense regardless of the amount.

But I understand your point of view, what you are referring to is,in situations where the impact of theft varies greatly depending on the victim's financial situation. For instance, if a wealthy individual is robbed of ₦1 million, they might not feel the loss as severely as a poor person who has their entire savings of ₦21,000 stolen, leaving them with almost nothing. In such cases, the emotional and psychological impact on the victim can be devastating, potentially leading to extreme consequences like suicidal thoughts.

In situations like these, the perpetrator's actions can have far-reaching and deadly consequences, making them culpable not just for theft but also for the victim's emotional distress. Scammers who cause such harm deserve tougher punishment, because they can not be refer to a scammer but a murderer, and it's essential to consider the victim's perspective and circumstances when determining the severity of the punishment.

[iBaba]

Can such people actually be arrested? Let's not forget that In Nigeria, money speaks for you. I remembered when davido launched his obo coin back then and everyone was rushing to invest as they were fans of davido. The coin pumped massively over night due to the population of his fans not just in Nigeria but all over the world that had shows interest in his token. When he dump happened, some complained, but no one really filed a complaint against him that he did scam his fans of their funds.

So yea even if such bills are passed into law, there are many Nigerians who are above the law. They might be said to have been persecuted but who really knows if it's true? Once such person pays a huge amount of funds to the officials in charge, their cases will be closed and a big lie will be passed across to the public so to make them calm..

True talk oo. E go dey very difficult make them arrest celebrities like Davido that are household name in the industry but aside from how big the guy is in the industry, he's also well connected coming from an aristocratic family like the Adelekes in Nigeria. Are the parents plus his uncle who's currently the governor of Osun state allow the government to arrest Davido like that without coming into it especially that Nigeria is one country where your money and influence speaks louder than your sins.

I no dey too follow many cases of internet fraud in our country, but i think say e go dey based on the amount of money wey the internet fraudster steal and how much (both in cash and properties) was forfeited when arrested. Anytime wey dem convict internet fraudster, dem dey seize their properties, so i believe say that wan follow for why dem dey get light sentencing. Money laundering on its own na bigger offense than internet fraud, i no really know much about the penalties for tax evasion in Nigeria.

These crypto ponzi schemes are indeed a form of money laundering, defrauding and obtaining of money from people under false pretense through the online scams platform which is a serious criminal offense in Nigeria punishable with up to 14 years imprisonment depending on the magnitude of the crime or a fine up to 10 million naira pending on the case. However, with all of these being said, there are a lot of compromise being done within the system where culprits could be pardoned unlawfully due to the connection or closeness to the government or institutions involved.