In a decisive move to curb financial fraud, the Nigerian Senate has proposed imposing prison sentences of up to 10 years, fines of no less than N20 million, or both, on individuals involved in promoting or operating Ponzi schemes and other illegal investment ventures.
The proposed legislation seeks to address the growing issue of fraudulent schemes that have financially devastated numerous Nigerians. If enacted, the law would not only target direct operators but also promoters and facilitators of such schemes.
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This proposal underscores the government’s commitment to protecting citizens from financial exploitation and safeguarding the nation’s economy.
