E-Financial
SEC Seeks N20m Fine, 10-Year Jail Term for Ponzi Scheme Operators

Securities and Exchange Commission (SEC) has proposed a bill it said will ensure that illegal fund managers are not allowed to fleece unsuspecting Nigerians of their hard-earned funds.
The bill proposes that promoters and operators of any entity engaged in a prohibited scheme are liable upon conviction to a penalty of not less than N20,000,000 or imprisonment for a term of 10 years, or both.
In simple term, it is an express prohibition of Ponzi/Pyramid schemes and other illegal investment schemes.
A Ponzi scheme is an investment scam that pays early investors with money taken from later investors to create an illusion of big profits
These and other provisions are contained in the Investments and Securities Bill (ISB) 2024, currently before the National Assembly.
The Bill proposes that promoters and operators of any entity engaged in a prohibited scheme commit an offense and are liable upon conviction to a penalty of not less than N20,000,000 or imprisonment for a term of 10 years, or both.
In his opening remarks at the public hearing held in Abuja, Senator Godswill Akpabio, president of the Senate, described the Investment and Securities Bill 2024 as more than just a legislative document but as a beacon of hope for the nation’s economic landscape.
Represented by Senator Binos Yaroe, Akpabio stated that by repealing the Investment and Securities Act of 2007, Nigeria is taking a bold step toward modernizing its financial markets, fostering transparency, and enhancing investor confidence.
He added that the Bill is designed to create a more robust and equitable environment for investment, ensuring that markets can thrive in an increasingly competitive global economy.
“As we delve into the discussions today, I urge you to embrace this opportunity with an open heart and a discerning mind.
“The importance of your contributions cannot be overstated. We are gathered here to listen, to learn, and to engage in honest dialogue.
“Your insights will help us craft a Bill that not only reflects the aspirations of our people but also addresses the intricate challenges we face in the investment landscape.
“Let us remember that the Senate remains fully committed to the Nigerian people.
“Our mandate is clear: to legislate for the betterment of our society, to create an enabling environment that fosters growth and innovation, and to safeguard the interests of every citizen. Your participation today is a vital part of this commitment.
“Together, we can ensure that the ISB 2024 is not just a piece of legislation but a transformative tool that propels Nigeria toward a future of economic resilience and prosperity.
“In conclusion, I implore you all to engage passionately in today’s discussions. Let us not shy away from challenging conversations; rather, let us embrace them.
“The journey toward a more vibrant investment landscape is one we must undertake together, and your voices are crucial in shaping the path forward.”
In his remarks, Senator Osita Izunaso, chairman of the Senate Committee on Capital Market, stated that the Nigerian capital market is the segment of the financial system in which long-term securities and financial assets are bought and sold, as it channels the wealth of savers and investors to those who can put it to long-term productive use, such as governments and corporate entities.
Izunaso emphasized that in view of Nigeria’s quest for urgent, rapid, and sustainable economic development, a well-developed capital market, which serves as the bedrock for long-term capital raising and industrial development, is imperative.
He noted that, given the crucial role of the Nigerian capital market in catalyzing national economic transformation, the market requires a strong legal framework that conforms to evolving societal and global realities.
“Distinguished ladies and gentlemen, you will all agree with me that fintech has caused many disruptions in the capital market in recent years, such that digital assets platforms are fast gaining ground as a critical aspect of the capital market ecosystem.
“Having operated the ISA 2007 for over 15 years, it has become apparent that the law requires a holistic review to strengthen its existing provisions, remove ambiguities, and introduce new provisions that would enhance the international competitiveness of the Nigerian capital market and reposition the market to more strategically fulfill its role as a critical segment of the Nigerian financial system.”
In his address, Dr. Emomotimi Agama, director-general, SEC, said the Bill also prescribes stringent jail terms and other stiff sanctions for the promoters of Ponzi schemes.
Agama noted that, having operated the ISA 2007 for several years, the Commission identified areas needing review to strengthen existing provisions, remove ambiguities, and introduce new provisions that would enhance the international competitiveness of the Nigerian capital market and reposition it to catalyze national economic transformation.
“A vital provision in the Bill is the new stipulation that the Investor Protection Fund (IPF) set up by the Securities Exchanges would compensate investors who suffer pecuniary losses arising from the revocation or cancellation of the registration of a dealing member firm.
“In the extant law, compensation from the IPF is limited to instances of ‘bankruptcy,’ ‘insolvency,’ or other acts of ‘negligence’ by a dealing member firm.
“This Bill also contains an entirely new part that provides for the regulation of commodity exchanges and warehouse receipts.
“These provisions are essential to allow for the development of the entire gamut of the commodities ecosystem.”
The SEC DG added that world-class capital markets are indispensable to the functioning of a modern economy, as no economy can achieve meaningful advancement without the crucial role capital markets play in supplying medium- to long-term finance.
“There is no doubt that Nigeria needs and deserves a world-class capital market to facilitate ongoing economic diversification.
“The passage and enactment of the Investments and Securities Bill 2023 will be a pivotal step in this direction,” he added.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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