By Ayomide Otitoju
The Senate has issued a stern warning to promoters and operators of fraudulent investment schemes, stating that violators will face a fine of at least ₦20 million, a 10-year prison sentence, or both.
Speaking in Abuja on Wednesday, Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, emphasized that the newly signed law aims to eliminate Ponzi schemes and market manipulation while ensuring stronger regulation of cryptocurrency trading by the Securities and Exchange Commission (SEC).
“Before now, people engaged in Ponzi schemes without consequences, but the new law is designed to protect investors’ money. If caught, apart from paying a fine, you will go to jail,” Izunaso stated.
He revealed that the initial proposal was a 20-year sentence, but 10 years was eventually approved.
The law also includes provisions allowing state governments to access long-term infrastructure financing through the capital market. Izunaso encouraged states to take advantage of the SEC’s improved regulatory framework to fund development projects.
“Every state can now approach the capital market for funding without unnecessary bottlenecks. This will drive infrastructural development across the country,” he added.
Addressing concerns over digital assets and cybercrime, the senator assured Nigerians that the new law provides comprehensive oversight for cryptocurrency and other digital financial instruments, ensuring transparency and investor protection.
Nigeria Customs Denies Extension of Comptroller-General Adewale Adeniyi’s Tenure
The Nigeria Customs Service (NCS) has dismissed reports claiming that the tenure of Comptroller-General Adewale Adeniyi has been extended, labeling the news as false and misleading.
In a statement on Tuesday, NCS spokesperson Abdullahi Maiwada clarified that appointments and tenure extensions of the Comptroller-General are solely at the discretion of the President, in line with the provisions of the NCS Act 2023 and other relevant public service regulations.
“The attention of the NCS has been drawn to a fake release allegedly from the State House regarding an extension of the tenure of CGC Adewale Adeniyi. The NCS wishes to categorically state that this information is inaccurate and misleading,” Maiwada stated.
He emphasized that no such directive had been communicated to the NCS by any official government authority.
Maiwada reaffirmed that under Adeniyi’s leadership, the NCS remains focused on its core mandate of trade facilitation, revenue generation, and border security. He also highlighted ongoing reforms aimed at modernizing customs operations, enhancing inter-agency collaboration, and supporting national economic growth.
The Customs Service urged the public and stakeholders to rely solely on official channels for accurate information concerning appointments or tenure decisions.
“The service appreciates the continued support of stakeholders and remains committed to transparency, professionalism, and service to the nation,” Maiwada added.
