After trillions lost to scams, Nigeria finally strikes back — a bold new law promises prison, protection, and crypto clarity.
The Nigerian Senate is set to unveil the Investment and Securities Act 2024, a sweeping reform that criminalizes Ponzi schemes, legalizes cryptocurrency, and strengthens investor protections.
Sponsored by Senator Osita Izunaso and recently signed by President Bola Tinubu, the new Act empowers regulators like the Securities and Exchange Commission (SEC) to prosecute fraudulent schemes, enforce transparency, and officially regulate digital assets.
“It is now illegal to promote or operate Ponzi schemes,” Izunaso said, adding that offenders face up to 20 years in prison. He noted the Act aligns with four of Tinubu’s eight-point economic agenda and legitimizes digital assets within Nigeria’s capital market framework.
This legislation comes amid rising financial losses. Over ₦2 trillion has been lost to Ponzi schemes like CBEX (₦1.5 trillion), MBA Forex (₦213 billion), Racksterli (₦147 billion), and MMM Nigeria (₦18 billion).
Izunaso emphasized the importance of public awareness, saying the Act is a cornerstone for building a $1 trillion economy by revamping Nigeria’s capital market.
He also highlighted his legislative contributions, including 12 sponsored bills and 20 motions, as well as a proposal to create ANIM State from parts of Imo and Anambra to balance geopolitical representation in the Southeast.
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