New Nigerian law proposes 10-year jail term, ₦20m fine for Ponzi operators Securities and Exchange Commission (SEC) has stated that promoters and operators of Ponzi schemes in Nigeria now risk stricter penalties under the newly enacted Investments and Securities Act (ISA) 2025. The new Act proposes a minimum fine of ₦20 million and a prison sentence of no less than 10 years for offenders. The new law marks a major shift in Nigeria’s regulatory framework, empowering the SEC to take decisive action against fraudulent investment schemes that have defrauded millions of...