The Chairman of the Investments and Securities Tribunal (IST), Amos Azi, has revealed that the government is now fully set to fight Ponzi schemes in the country with an imposition of a fine of N10 million against operators as contained in the newly enacted Investments and Securities Act.
Azi, who made this known at the weekend in Abuja during a stakeholders’ engagement meeting towards unveiling of the Tribunal’s new e-filing platform, noted that the repealed 2007 Act did not provide for such sanctions against Ponzi scheme operators.
He emphasized that the new provisions in the Act are expected to serve as a deterrent and help tackle the menace of illegal investment operators within the capital market.
In addition to the sanctions, Azi highlighted other significant innovations introduced by the Act, which he said include the recognition of digital assets as securities, legal acknowledgment of cryptocurrency, and provisions for virtual service providers. (Guardian)