Index to Nigerian Newspapers

The National Assembly has passed the Investment and Securities Service Bill 2023, which includes provisions for possible jail sentences for those who promote Ponzi schemes in Nigeria. The bill is expected to protect investors, regulate the market, reduce systemic risks, and provide for more stringent punishment for operators of Ponzi schemes. It also prohibits Ponzi/Pyramid schemes, which have led to the loss of billions of naira on victims and affected confidence in the investment climate in Nigeria. The passed bill prohibits Ponzi/pyramid schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes. According to Nigeria's Securities and Exchange Commission, three million Nigerians lost N18bn when the popular Ponzi scheme, Mavrodi Mundial Movement, crashed in 2016.