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E-Financial

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

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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.

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

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.

 

 


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E-Financial

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

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US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.

The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.

Victims often see initial profits before the sites vanish with their deposits.

“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”

Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.

At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.

The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.

The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.

Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.

British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.

 

 


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E-Financial

Ascensia Finance Commences Operations in Abuja

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Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.

Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.

It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.

In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.

He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.

“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”

He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.

The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.

Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.

These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.

The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.

The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.

For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.

Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.

The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.

The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.

These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.

 


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E-Financial

Union Bank Champions Civil Service Reform at International Conference

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Union Bank, one of Nigeria’s most enduring financial institutions, made a resounding statement of support for governance reform by partnering with the first-ever International Civil Service Conference, held on June 25–26, 2025, at Eagle Square Arena, Abuja.

With the theme “Rejuvenate, Innovate & Accelerate,” the conference brought together civil servants, development partners, and senior government officials—including President Bola Ahmed Tinubu—to strategize on the digital transformation and renewal of Nigeria’s public service.

Hosted by the Office of the Head of Civil Service of the Federation in collaboration with the Global Government Forum UK, the event focused on modernizing governance through inclusive leadership, adaptive institutions, and seamless service delivery—values that resonate with Union Bank’s digital-first approach.

Speaking at the event, Mannir Ringim, Executive Director for North and Public Sector, emphasized the Bank’s dedication to national development:

“At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our commitment to modernizing Nigeria’s civil service through innovative financial solutions that foster transparency and efficiency.”

Union Bank’s presence at this pioneering event not only underscores its forward-thinking ethos but also positions the Bank as a catalyst for progress at the intersection of finance and public administration.


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