has passed for second reading a bill to repeal and re-enact the Nigerian Capital market, Investments and Securities Act.If the bill finally becomes a law, promoters could face 10 years imprisonment if convicted by the court.
To address the menace of Ponzi schemes, Mr Babangida said the bill seeks to empower the Nigerian Security and Exchange Commission to shut down such prohibited investment schemes. Speaking further, he said the bill also seeks to provide legal framework to regulate derivatives and commodities trading to deepen the Nigerian capital market and the economy.
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