Reps propose 10-year jail term for promoters of Ponzi schemes

The House of Representatives on Thursday proposed a 10-year jail term for promoters of Ponzi schemes in the country.

This followed the presentation of a bill on the repeal of the Investment and Securities Act, 2007 by a lawmaker from Katsina State, Babangida Ibrahim, at the plenary.

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The bill which scaled the second reading on the floor of the House seeks to make the Securities and Exchange Commission (SEC) the apex regulatory body for the Nigerian capital market.

It will also enable SEC to regulate the capital market, ensure capital formation, protect the market to ensure capital formation, protect investors, maintain fair, efficient, and transparent market and reduce systematic risks.

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