Dr. Emomotimi Agama, the director-general of SEC, stated that this is one of the clauses included in the ISA 2025, which was recently approved by President Bola Tinubu.
Agama stated in a release from Abuja on Tuesday that the revised Act will fortify the legal structure overseeing Nigeria’s capital market.
The commission mentioned earlier that they did not have the necessary legal authority to pursue Ponzi scheme operators, making it challenging to hold these individuals accountable for their actions.
He stated that the legislation would enable the commission to enhance investor protection, while also implementing changes that foster market integrity, transparency, and sustainable development.
So, the N20 million is not the total fine or amount that will be imposed on any suspected or accused individual operating in the capital market or outside of it.
It simply constitutes part of the punishments or measures that will be imposed on individuals like them.
Any profits or gains acquired through deceiving Nigerians will be reclaimed since the focus is not on the scale of the fraud but rather on imposing penalties that will discourage individuals from engaging in such activities.
We acknowledge that many Nigerians have become victims of these scams, and the primary reason for this is the lack of penalties.
” safeguarding investors in Nigeria is a crucial duty of the SEC, and this law has endowed the commission with enhanced authority to fulfill that role,” he stated.
The director-general mentioned that the Act has brought about significant changes, enabling Nigeria’s market practices to be more closely aligned with global standards.
In 2025, ISA revoked the Investments and Securities Act No. 29 of 2007.
Credit: NAN
Provided by Syndigate Media Inc. (
Syndigate.info
).