… as Senate approves prison sentences of up to 10 years, fines of at least N20m or both, on promoters and operators of Ponzi and other illegal investment schemes.

Senate has introduced a legislative proposal aimed at cracking down on Ponzi schemes and other illegal investment schemes. Under this proposal, individuals found guilty of promoting or operating such schemes could face imprisonment for up to 10 years, a fine of not less than N20 million, or both penalties. This measure is part of an effort to protect the public from fraudulent investment practices by ensuring stringent legal consequences for those who engage in these deceptive financial activities.