Operators of Ponzi scheme in Nigeria risk N10m fine, says Azi | The Guardian Nigeria News – Nigeria and World News
Image Credit: guardianThe Chairman of the Investments and Securities Tribunal (IST), Amos Azi, announced a new N10 million fine for Ponzi scheme operators under the recently enacted Investments and Securities Act to combat illegal investment schemes in Nigeria.
The new Act also recognizes digital assets and cryptocurrencies as securities and expands the Tribunal’s jurisdiction to handle disputes involving virtual service providers and exchanges.
IST is launching an e-filing platform by July 2025 to improve case management, boost investor confidence, and streamline legal proceedings, with mandatory use replacing physical filings.
The Tribunal has engaged stakeholders and legal practitioners for training on the new system to ensure smooth adoption.
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