The Nigerian National Assembly (NASS) has passed a bill that seeks up to 10 years imprisonment for Ponzi scheme promoters. The Investments and Securities Amendment Bill (ISB) is expected to aid the functioning of the capital market and facilitate the ongoing economic diversification in the country, among others. The House of Representatives passed the bill in December 2022.
The bill also covers the operation of Ponzi/pyramid schemes and other illegal investment schemes. Promoters of such schemes, if found guilty, may get a jail term of not less than ten years.
Meanwhile, some aggrieved Nigerians have called for the arrest of Nigerian comedian Emmanuel Chuwkwuemeka Ejekwu aka “Sabinus”, by the Economic and Financial Crimes Commission (EFCC). The comedian is accused of endorsing and advertising a Ponzi scheme company, AI Mining, which has allegedly defrauded several people.
The petition reads, “Prior to mischievous scam activities carried against many innocent Nigerians by a company named AI MINING on 30th of March, 2023, whose ambassador in Nigeria is one Mr Chukwuemeka Emmanuel Ejekwu, a comedian celebrity popularly called Mr Funny / Sabinus.”
“We want this body to invite Mr Funny Sabinus Chukwuemeka to reveal the identity of the people behind AI MINING since he can’t be contracted by ghosts. We are also using this letter to tell you to help reveal the real identity of the entities behind the license/ certificate issued to AI Mining operating at Church Gate Towers Abuja 2nd floor.
Through social media videos and billboards, the skit maker promoted the platform, prompting his followers and Nigerians alike to invest. He was also signed as a brand ambassador.
In defence of this petition, the content creator shared a disclaimer/notice of dissociation from the AI Mining Company via his lawyers, Stanley Alieke & Co. STAC Law
“DISCLAIMER/PUBLIC NOTICE OF DISASSOCIATION FROM AI MINING COMPANY.
“We act as barristers and solicitors to Mr Chukwuemeka Emmanuel Ejekwu aka Mr Funny/ Sabinus on whose briefings we make this public notice which for all-purpose, intent and legal proceedings stands as a Notice to the whole world.
“The company trading under the name of Al Mining previously contracted the services of our client, Mr Funny sometime ago for his public endorsement and influencing of the company. Our client regretfully has posted a series of promotional content and publicly endorsed the company “Al Mining”.
“Take Notice therefore that Mr Chukwuemeka Emmanuel Ejekwu alias Mr Funny/ Sabinus disclaims and disassociates himself and his brand from the company called “Al Mining”.
The reason for this disassociation and disclaimer is that our client subsequently found out that the company misrepresented facts, and a lot of innocent persons have forwarded complaints of having been deceived and defrauded by the company, hence, why it is pertinent to let everyone know that he is not part and were never part of Al Mining or whatever they represent.
See his Instagram post below:
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