This was made public via a statement issued in the early hours of Wednesday by the presidential spokesman, Bayo Onanuga.

According to the statement, the new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

The statement further stated that Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.

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Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West; Yusuf Usman, North East; and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), who represents North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a non-executive director from the South-West, and Henry Obih as a non-executive director from the South-East.

Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

Continuing, the statement said, “All the appointments are effective today, April 2.

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.