Ponzi scheme promoters & operators will now face punishment.

[Rruchi man]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, stated this during an interview in Abuja, noting that the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Dr Agama explained that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a minimum jail term of 10 years.

“With the new law, they now face a 10-year jail term and beyond,”

Read here

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

[Charles-Tim]

We have been discussing about it before some months ago. It is good that they have made ponzi scheme punishable.

This is the old thread: Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators

But something like this supposed to have been since many decades ago.

[Joy- maker]

At least it is new welcome development it will help  to reduce scams In the country, since other people are using the economy condition to scam others who are  looking for quick money in  other for them to be able to their bills and to survive in country, at least if people are now being jail for promoting and operating ponzi scheme or ask to pay a fine 20 million scamming other people by promoting operating ponzi scheme will reduce or will stop. Because no matter how you try to stop scams people will still look for other means to scam people that's why I said it will reduce or it may stop totally.

[Stable090]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

I no go lie this law really make sense, people wey Dey promote all this Ponzi schemes on social media Dey suppose Dey arrest all of them. Even our celebrities, na just for their own selfish interest dem they fight for, Dey get one time wey we just Dey see different coins, and na our celebrities get those coins, Dey just use those coins to scam people that time.

If our celebrities wan promote any project now, dem go check am well first, because dem know say if them promote scam project, dem go arrest them, and punishment Dey for them, so most of them go Dey check the projects wey Dey wan promote before accepting the offer, no be like now wey be say Wetin Dey care about na their own pocket, and Dey don’t care if Dey scam their followers or not.

[Rruchi man]

We have been discussing about it before some months ago. It is good that they have made ponzi scheme punishable.

This is the old thread: Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators

But something like this supposed to have been since many decades ago.

Oh! I did not see that thread, but seeing it now, I noticed that at that time, it was a bill being proposed to be passed, and now it has actually been passed.

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.

@Igebotz, It scaled through. The laws concerning Ponzi are now clearer, and defaulters know what punishments they could face.

[sokani]

This one nah good news say finally dem don sign the law. But now wey the law don give dem power to go after these ponzi scheme operators and promoters, I just hope say them go do their work and no be just talk talk. As for the 10 million naira fine for offenders, the money for me no make sense. Dem for just comot am kpata kpata. If dem find any person guilty, make dem collect all the money wey him make from the scheme and send am to prison.

[Majestic-milf]

This one nah good news say finally dem don sign the law. But now wey the law don give dem power to go after these ponzi scheme operators and promoters, I just hope say them go do their work and no be just talk talk. As for the 10 million naira fine for offenders, the money for me no make sense. Dem for just comot am kpata kpata. If dem find any person guilty, make dem collect all the money wey him make from the scheme and send am to prison.

No be lie wey you talk o because if this people come pay the fine, were the money dey go to? Their pockets or victims of the ponzi? Knowing the country we find ourselves, them fit catch this people make them shut them up with a better figure make the punishment no even reach the offenders sef. I feel say that money wey these ponzi schemers suppose pay as fine no even need to dey included. The only language this country and their government agencies understand nah money and once e reach them for hand them go mellow so I dey look this news with one eye.

[Gozie51]

This na law wey go put fear for people body, it is good news meant to chase away these money mongers and networking scheme that is on first come first serve and the "late" comers left crying. Any time I remember Ponzi scheme, the one that comes to my mind is MMM. MMM is the largest pyramid scheme wey people lose their money. According to research, around 5 to 10 million people globally lost their money. The Russian Company founded by late Sergei Mavrodi collected better money from people, so my point now is I hope the law covers bilateral relationship. Like even if na foreigner bring the scheme, they can be punished and serve same term unto say the home country go release the person to Nigeria to serve our own punishment just like them don also do our past governor in Nigeria, James Ibori and others like DSP Alamieyeseigha, Ike Ekweremadu and wife.

[Jegileman]

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

I like this one in particular wey government don bring up, we need am for long but as e be now, e no still bad say make them implement the law to penalize people wey they promote and come about all this Ponzi scheme. With the way Ponzi scheme take full naija here, even celebrities they follow promote them and them go claim say them no know say na Ponzi scheme after them don carry their followers take fall victims for am. If them dey punish people wey promote and bring the Ponzi schemes up, even celebrities go dey more careful when them dey collect deal from any company. Them go research well and make sure say if anything goes wrong, them no go come hold them responsible. The economy bad, so make them no go hard to people sufferers by scamming them off their money more again. 

[Spaceman1000$]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, stated this during an interview in Abuja, noting that the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Dr Agama explained that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a minimum jail term of 10 years.

“With the new law, they now face a 10-year jail term and beyond,”

Read here

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

The law dey good, as e go put fear for People body way dey like bring up all this Ponzi scheme especially when December don dey close by, them go tell you once you put a certain amount then you refer like two persons, you go get a double of your investment in two days time, Omo MBA Forex and MMM don show people shegge. The unfortunate thing be say, some persons fit launch now Ponzi scheme anonymously, making it hard to find the real owners except the participants of the scheme to be arrested, so this is like a wake up call to every Nigerian not to support or participate in any Ponzi scheme going forward.

[Jostern]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, stated this during an interview in Abuja, noting that the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Dr Agama explained that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a minimum jail term of 10 years.

“With the new law, they now face a 10-year jail term and beyond,”

Read here

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

Ponzi scheme needs to be eradicated from Nigeria many people have fallen victim to this Ponzi scheme and so many people have lost their money all because of trying to get rich quick, And because they are ignorant of this thing which have happens around them then it becomes alarming.

Its a welcome development for them people who do this Ponzi scheme to be punished, And they have to face the law. Because there are so many people who have lost there lifes all because of this Ponzi scheme.

[Salahmu]

Is actually the high time this move is being implemented because the Ponzi scheme is becoming a crisis in this country and as it is the crisis is taking so much from the unawared people of the society, so actually this is going to liberate people from those schemes, however before anything there should be a question to those who are enforcing it, such as the measures they would be using and how to track them because if is only by mare saying everything will just be the same as it is before no improvement, however I just hope this is not going to end in theory as our government has been doing.

[Gozie51]

Is actually the high time this move is being implemented because the Ponzi scheme is becoming a crisis in this country and as it is the crisis is taking so much from the unawared people of the society, so actually this is going to liberate people from those schemes, however before anything there should be a question to those who are enforcing it, such as the measures they would be using and how to track them because if is only by mare saying everything will just be the same as it is before no improvement, however I just hope this is not going to end in theory as our government has been doing.

It is true that you have spoken. Nigeria system still dey thrive on corruption and our laws na only for the poor people. If dem catch someone wey dey promote Ponzi scheme now, dem go do am like politician wey dey carry our money and na stories go end am. So if to say dem go maintain the punishment wey dey as dem bring dem also do the law, it would be better.

[Zackz5000]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, stated this during an interview in Abuja, noting that the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Dr Agama explained that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a minimum jail term of 10 years.

“With the new law, they now face a 10-year jail term and beyond,”

Read here

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

Ponzi scheme needs to be eradicated from Nigeria many people have fallen victim to this Ponzi scheme and so many people have lost their money all because of trying to get rich quick, And because they are ignorant of this thing which have happens around them then it becomes alarming.

Its a welcome development for them people who do this Ponzi scheme to be punished, And they have to face the law. Because there are so many people who have lost there lifes all because of this Ponzi scheme.

If the government can work on this then its a welcome development, sometimes it's out of greed that makes people to fall into those kind of site because they intend to make quick money at the end they end up losing huge amount of money, I believe there are still more out there where people are consistently puting money hoping or believing to get big return.

So if there can be a way for government to stop such act and eradicate those platform and punish their promoters them it will be indeed a good news because I have heard severally from people how they have lost huge amount of money in such online investment.

[Majestic-milf]

 My fear with all these kinds of things wey government dey talk nah if them go fit implement am. It's one thing to make such stipulations and another tin to carry am out. I don stop to dey take such things seriously until I see say e don dey in motion and one or two offenders don face the punishment.

[Dailyscript]

No wonder the rate at which they are promoting these schemes have limit drastically.

This is a good innovation by the government. At least one good thing that has happen since the beginning of the year. For those who have been victim of ponzi scheme will now be free. Apart from that they should still be careful out there. Bad people will always strategies a new way to start scamming again. Be safe out there.

[Y3shot]

It is a very good development for this apc government to combat ponzi scheme because this thing has finished a lot of people,  everytime this ponzi people comes with different strategies of scamming those who are so desperate of making money.  This is the kind of news that we have been waiting for a longtime.  Ponzi scheme operators have taking this strategy of scam as a source of income.

[Orpichukwu]

My fear with all these kinds of things wey government dey talk nah if them go fit implement am. It's one thing to make such stipulations and another tin to carry am out. I don stop to dey take such things seriously until I see say e don dey in motion and one or two offenders don face the punishment.

The problem of the country no be say them no sabi watin them suppose to do to solve watin they worry the country but nah say them no they like keep watin them suppose do effective enough to serve its purpose, the same agency way them set out to carry out this functions go still be the first one to bend am, policies like this and people way them they only fall victim nah who no get person for government house, if you be bad actor I mean Ponzi scheme operator and you get hands you go end up to go free, nah the small players nai they always be major target.

[Juicyhome]

The newly signed Investments and Securities Act (ISA) 2025 go make am hard for people wey dey start Ponzi for our country, and those wey dey promote am  to continue as they can serve jail term up to 10 years for it and even pay huge fines up to 20 million.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, stated this during an interview in Abuja, noting that the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Dr Agama explained that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a minimum jail term of 10 years.

“With the new law, they now face a 10-year jail term and beyond,”

Read here

Nigerians have been victims of ponzi for a long time, and it is mostly because the economy has made it so hard that people abandon common sense in search of quick money.

Mate na naija be this oh, naso dem dey make laws and dem no dey use am punish anybody na just de poor people dey suffer. De naija laws na for poor people, rich people go fall laws and bribe their ways out. Ponzi scheme mo start today and people don do am chop people money for free, it's fraud so why dem no use criminal code to arrest defaulters. Abeg this country tire me, e no go surprise me say government agent dey follow plan this ponzi scheme because dem knw say Nigerians dey find quick money to escape poverty. So wen dey see any program wey go double money for them, dem go invest in. Na why dem no dey learn from past, Cbex Don chop dem like mmm. If any one come again dem go still invest in. The law no go work or stop fraudsters from doing their ponzi scheme. Make we just careful.

[Silikiem]

I think this is a good step to take by the government in order to ensure that people do not lose their hard earned money in Ponzi schemes. And to add to it, I think that the government should look for a means to combat all of these issues in the country, it’s not just by punishing these people, but they should also create an enabling mechanism to it’s citizens where they can be able to sustain, because this people are too many and even after punishing them, most of them won’t stop doing it because they feel is a way of survival for them, so I think that the government needs to do more in combatting all of these, not just to punish the offenders, but total eradication and also providing the citizens with a more better opportunities.