Nigeria CBEX Ponzi Scheme: 10 Years Jail, N20m Fine for Promoters

The new CBEX Act targets promoters of Ponzi schemes, imposing harsh penalties, including up to 10 years in prison and a N20 million fine. This is aimed at curbing fraudulent financial activities in Nigeria.

• The CBEX Act introduces 10 years of jail time for Ponzi scheme promoters.
• A fine of N20 million is also set for anyone found guilty of running or promoting such fraudulent activities.
• The law aims to protect Nigerians from financial fraud and boost trust in the economy.
• The Nigerian government is taking a firm stance on financial crime, sending a clear message to scammers.

The introduction of the CBEX Act signals a stronger approach to fighting Ponzi schemes in Nigeria. With financial fraud being a significant issue, the government is making it clear that there will be severe consequences for those trying to exploit unsuspecting Nigerians. The law not only aims to punish offenders but also serves as a deterrent, making it more difficult for these fraudulent schemes to thrive.