The Chartered Institute of Stock Brokers, Abuja Security and Exchange Commission (SEC), De Ndubuisi Orji and other key players in the Nigerian capital market defended before the Chamber of Repr& Yes; considering a bill, which aims to ban Ponzi schemes in the country.

During a public hearing on the organization by the House Committee on Capital Markets and Institutions on Tuesday, September 20 in Abuja, stakeholders from the Chartered Institute of Stock Brokers, Abuja Security and Exchange Commission (SEC), De Ndubuisi Orji, and other key players in the Nigerian capital market have expressed their support for the bill, which prescribes a 10-year prison sentence for operators and promoters of the Ponzi scheme.

This project expands the definition of a Collective Investment Plan to include plans offered privately to qualified investors. Some basic reviews have & has been carried out on various items to provide greater clarity. After declaring the hearing open, the president, Femi Gbajabiamila, a member of the Nigerian House of Representatives, informed that it was necessary to strengthen investor confidence in the capital market.