The bill that prescribes 10years jail time for Ponzi schemers has actually passed the second reading in your home of Representatives.

The expense looks for to modify the Nigerian capital market, the securities and financial investments act 2007 by restricting Ponzi/Pyramid schemes in addition to other illegal investment schemes and recommends a jail regard to not less than 10 years for promoters of such plans.

The sponsor of the expense, Babangida Ibrahim, while speaking on the expense, stated that “present trends in capital market guideline have made it necessary to make significant improvements to the Act to align our market with global standards.”

In addition, the costs will empower the Security and Exchange Commission to shut down such forbidden financial investment plans.

It would be remembered that the Ponzi scheme, popularly called MMM wiped off investments of Nigerians in 2016, and Nigerians have actually continued to be victims of similar Ponzi plans.