By Kayode Araba
Thus, the Senate has charged its Joint Committees on Capital Market, Banking and Insurance, Security and Other Financial Institutions, Anti Corruption and Financial Crimes, to conduct Comprehensive Investigative hearing, including Public hearing on the operations of Ponzi Schemes in Nigeria.
Furthermore, the Upper Chamber tasked the Committees on the need to educate Nigerian Public, the investing Public among others on the matter and report back in four weeks
However, the directive followed the debate on the Investigative Hearing into the operations of the Ponzi Schemes in Nigeria with particular reference to the recent Crypto Bullion Exchange (CBEX) incident, led by Senator Abiru Adetokunbo, Lagos East.
Moreso, other Lawmakers who spoke on the bill are Senator Adeola Olamilekan Ogun West, Senator Abdul Ningi Bauchi Central and Senator Tahir Mongunu Borno emphasized the need to regulate the operations of various Ponzi Schemes in other to protect Nigerians against their antics.
Also, the Senate President, Godswill Akpabio decried the effects of the fraudulent Ponzi Schemes on not only the people but the economy of the country stressing that the investigative public hearing was apt and necessary.
And the Senate referred the bill to the Joint Committees on Capital Market, Banking and Insurance, Security and Other Financial Institutions, Anti Corruption and Financial Crimes and report back in four weeks.
