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Ponzi scheme promoters risk 10-year jail term as capital market bill passes second reading at house of reps | TheCable

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A bill seeking to prohibit Ponzi and Pyramid schemes has passed the second reading at the house of representatives.

In March 2021, the Securities and Exchange Commission The proposed legislation seeks to repeal and re-enact the Nigerian Capital Market, Investments and Securities Act.When signed into law, promoters of such schemes would face up to ten years in prison if found guilty by a court.

He said the bill proposes new provisions for the regulation of derivatives and commodities trading to deepen the Nigerian capital market and the economy.According to him, it would also regulate activities of financial market infrastructures — netting and bankruptcy provisions to protect investors in derivatives contracts.

“There are new provisions on the regulation of financial market intermediaries , such as central counterparties , clearinghouses, trade depositories etc.

 

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HouseNGR This ones even know watin them da pass so ?

HouseNGR istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa istandwithsanimusa MohdSaniMusa OfficialAPCNg PoliticsNGR

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Ponzi scheme promoters risk jail term as Nigerian lawmakers consider capital market billIf the bill finally becomes a law, ponzi scheme promoters could face 10 years imprisonment if convicted by the court. What of Ponzi scheme presidential aspirant with football or political age?
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