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Ponzi schemes promoters in Nigeria now face 10 years jail
Ponzi schemes promoters in Nigeria now face 10 years jail
The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon conviction as prescribed by the provisions of the newly signed Investments and Securities Act 2025.
The SEC’s Director-General, Dr. Emomotimi Agama who stated this in Abuja, said the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.
He explained that previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice.
However, under the new law, those convicted of operating Ponzi schemes face a jail term of 10 years or more. “With the new law, they now face a 10-year jail term and beyond,” he said.
He further explained that the Act stipulates a minimum fine of N10 million for anyone operating a Ponzi scheme in Nigeria.
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“So, N10 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator. It is just part of the penalties and or the sanctions that will be meted against such persons,” Agama explained.
The SEC Director-General also said that sanctions will include “disgorgement,” meaning that any profits or gains obtained from defrauding Nigerians will be recovered adding “It is not about the quantum of the fraud, it is about sanctions that would deter people from even getting into it”.
Also, Agama said the new ISA has also provided the SEC with the power to be able to obtain and request telephone conversations and all other conversations that are required to Prosecute Ponzi operators.
“We recognize that a lot of Nigerians have fallen prey to these sponsor schemes and the reason why that is the case is because there were no sanctions. You know enough to deter them from doing this so what this Act has done is to introduce measures for Ponzi scheme operators and intending Ponzi scheme operators not to be able to do this again against the wish and will of Nigerians.
“Protecting the investors in Nigeria is a cardinal responsibility of the SEC and this law has provided the SEC with stronger powers to be able to do that. This law has also been able to provide the SEC with the power to be able to search phones and get phone records for people who are interested in dealing with Nigerians or interested in duping Nigerians. We are able to get these records and quickly provide enforcement actions for the people that are involved so for us it is limitless,” he added.
Ponzi schemes promoters in Nigeria now face 10 years jail
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metro
Why Akpabio Rejected ‘Acting President’ Title — Rufai Oseni
Why Akpabio Rejected ‘Acting President’ Title — Rufai Oseni
LAGOS — Arise Television Morning Show anchor, Rufai Oseni, has offered insight into why Senate President Godswill Akpabio reportedly rejected the title of “Acting President” during the recent absence of President Bola Tinubu and Vice President Kashim Shettima from the country.
In a commentary that has sparked widespread debate across political circles, Oseni suggested that Akpabio’s refusal to embrace the title was not merely a matter of constitutional propriety, but a reflection of the legislature’s unwillingness to assert its independence as a co-equal branch of government.
The controversy arose when, with both the President and Vice President out of the country, some political associates reportedly began referring to Akpabio as the acting president. Akpabio swiftly moved to quell the speculation, clarifying that he remains the Senate President and that there is no vacancy in the presidency, noting that President Tinubu was still running the country from abroad.
However, Oseni, speaking on his morning show, argued that the situation raises fundamental questions about the balance of power in Nigeria’s presidential system. He contended that the Senate President’s eagerness to dismiss the acting title highlights a deeper issue: the National Assembly’s reluctance to genuinely challenge or check the executive arm of government.
Oseni pointed to the legislature’s earlier endorsement of a state of emergency in Rivers State as evidence that the current leadership under Akpabio would not stand up for the independence of the parliament. He questioned whether a Senate President who shies away from the constitutional implications of a power vacuum can effectively champion the legislature’s role as a separate arm of government.
“The refusal to accept the acting president title is not just about protocol; it is about the willingness of the National Assembly to assert its constitutional independence,” Oseni said during the broadcast. “If the Senate President cannot stand up for the legislature in a moment like this, it raises serious questions about the checks and balances in our democracy.”
The political analyst’s remarks have reignited conversations about the relationship between the executive and the legislature under the current administration, with critics arguing that the National Assembly has become increasingly subservient to the presidency.
While Akpabio’s allies maintain that his decision was a mark of respect for constitutional order and the sitting president, Oseni’s analysis suggests that the move may have wider implications for the balance of power in Abuja.
As the debate continues, observers say the incident underscores the ongoing tension between constitutional duty and political reality in Nigeria’s democratic experiment.
Why Akpabio Rejected ‘Acting President’ Title — Rufai Oseni
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metro
Lagos Club Robbery: Police Arrest Suspect After N5m Bounty
Lagos Club Robbery: Police Arrest Suspect After N5m Bounty
The Lagos State Police Command has arrested a suspected member of the gang that allegedly robbed clubgoers outside Ghost and Spirits Lounge on Ekoro Road, Abule Egba, Lagos.
The suspect was reportedly identified from video footage of the incident, which showed several people being attacked outside the entertainment venue in the early hours of the morning.
The Lagos club robbery reportedly occurred at about 4am on Saturday after some customers had left the lounge and gathered around their vehicles.
Footage from the scene showed several clubgoers sitting around a vehicle when the suspected robbers approached.
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One of the suspects, reportedly dressed in a green shirt and cap, appeared to move among the people before allegedly targeting one of the victims.
Another member of the group was reportedly seen in an SUV parked across the road before a gunshot was fired, causing some of the people at the scene to run for safety.
The suspect in the green shirt was then allegedly seen taking a wristwatch from one of the victims, while other members of the group reportedly collected valuables before escaping in their vehicle.
Following the incident, the management of the lounge announced a N5 million reward for information leading to the arrest of the perpetrators.
The reward and subsequent investigation helped the police identify and track one of the suspects, who was eventually arrested.
A police source said the suspect was in custody and being interrogated, with investigators seeking information that could lead to the arrest of the other alleged members of the gang.
The Lagos Police Command has also intensified efforts to locate the remaining suspects, who are reportedly still at large.
The incident has raised concerns among residents and nightlife customers in Abule Egba, particularly over the security of people leaving entertainment venues during the early hours.
Police authorities have urged residents with useful information about the suspects or the robbery to assist the investigation.
The arrested suspect remains presumed innocent unless proven guilty in court, while investigations continue into the alleged robbery and the identities and whereabouts of the other suspects.
Lagos Club Robbery: Police Arrest Suspect After N5m Bounty
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metro
Passenger Dies After Jumping From Moving Bus In Lagos
Passenger Dies After Jumping From Moving Bus In Lagos
A passenger has died after jumping from a moving commercial bus at Ogunlana Junction, inward Ojuelegba, in the Surulere area of Lagos.
The incident involved a Volkswagen commercial bus with registration number LND 130 XR, which reportedly crashed into a median pole around the Fallout area of Surulere.
The Lagos State Traffic Management Authority (LASTMA) said preliminary security reports indicated that the driver was allegedly under the influence of alcohol and had been driving recklessly shortly before the crash.
According to the agency, motorists approaching the bus from behind had to exercise caution to avoid colliding with the vehicle as it reportedly moved erratically.
Amid the incident, a male passenger reportedly jumped from the moving bus, apparently attempting to escape from the uncontrolled vehicle. He sustained serious injuries after hitting the ground and later died from his injuries.
LASTMA officials conducting routine traffic surveillance along the Ojuelegba axis responded to the scene after noticing the crash. They secured the area, managed traffic and removed the damaged bus and the deceased passenger from the carriageway to reduce the risk of a secondary collision.
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Police officers from the Area C Police Division, Ojuelegba, provided security at the scene, while officials of the State Emergency Management Agency evacuated the remains of the deceased.
LASTMA General Manager, Olalekan Bakare-Oki, described the incident as a reminder of the dangers associated with driving under the influence of alcohol, reckless driving and operating vehicles that may not be mechanically fit for the road.
Bakare-Oki urged commercial and private motorists to conduct comprehensive checks on their vehicles before every journey, with particular attention to the braking system, tyres, steering mechanism and other critical safety components.
He also commiserated with the family of the deceased and reaffirmed LASTMA‘s commitment to responding promptly to road crashes, managing traffic and clearing accident scenes.
The agency urged motorists and other road users to report accidents, vehicle breakdowns and other traffic obstructions through its toll-free short code, 3367.
Passenger Dies After Jumping From Moving Bus In Lagos
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