Understanding the SEC’s Proposed N20m Fine for Ponzi Schemes
The Securities and Exchange Commission (SEC) of Nigeria has proposed a new bill to impose a fine of ₦20 million on operators of Ponzi schemes.
This initiative is part of broader efforts to curb the rising cases of fraudulent investment schemes in the country, which have caused significant financial losses for unsuspecting investors.
The proposed law also includes jail terms for offenders, aiming to serve as a deterrent and protect the public from such scams.
SEC continues to urge Nigerians to verify the legitimacy of investment platforms before engaging with them.