The National Assembly has passed the Investment and Securities Bill, which includes provisions for possible jail sentences for those who promote Ponzi schemes in Nigeria.

The bill, is expected to aid the functioning of the capital market and facilitate the ongoing economic diversification in the country.

At the plenary, the Senate President, Ahmad Lawan, said that the bill is expected to protect investors, adequately regulate the market, reduce systemic risks as well as provide for more stringent punishment for operators of Ponzi schemes.