Scamming people with impunity is now becoming a norm in Nigeria. Scamming people with impunity in the name of investment has now become a part of our social life.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk.
The House of Representatives has passed for second reading a bill to repeal and re-enact the Nigerian Capital market, Investments and Securities Act.
The bill seeks, among other things, to prohibit Ponzi schemes and other pyramid investments. If the bill finally becomes a law, promoters could face 10 years imprisonment if convicted by the court.
Have You Have Being Scammed or Fall Victim Of Ponzi Scheme Before? Mention The Name & How It Happened
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