AN EXAMINATION OF THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET

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✎: AN EXAMINATION OF THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET

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Keywords: AN EXAMINATION OF THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET

 

RESEARCH BODY

ABSTRACT
Finance is the key to investment and growth hence the need for efficient financial systems to help
development. Nigeria’s financial system comprises the money and capital markets that serve it.
These two sub-sectors create financial assets and liabilities by intermediating between surplus
and deficit units in the economy. While the money market is where short term loans are sourced,
the capital market is one for medium and long term funds. The Nigerian capital market like other
capital markets in the world is sustained by the level of investment that drives it. Investment is
fundamental to the growth and development of any economic entity. The returns on investments
benefit the individual and have multiplier effects on the society at large. This dissertation
examines the legal framework for combating fraudulent investment schemes in the Nigerian
Capital Market by employing the doctrinal method of research. The upsurge in fraudulent
investment schemes in the Nigerian capital market has virtually impacted all aspects of the
country, ranging from money loss; leakage in the financial system; undermining confidence in
the market and psychological effects on the investor among others. Despite the numerous laws
and institutions in place to help in the fight, fraudulent investment schemes continue to plague
the Nigerian capital market. This research finds that this can be attributed to the ignorance
displayed by investors at identifying genuine investment schemes. There is therefore, the need for
the Securities and Exchange Commission to embark on massive investors’ enlightenment
campaign to educate investors and potential investors about investment schemes.

TABLE OF CONTENTS.
CONTENTS PAGES
COVER PAGE …………………………………………………………………………… i
ABSTRACT……………………………………………………………………………… ix
TABLE OF CONTENTS………………………………………………………………….. x
TABLE OF CASES……………………………………………………………………… xiii
TABLE OF STATUTES…………………………………………………………………. xvi
LIST OF ABBREVIATIONS…………………………………………………………… xix
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background to the Study……………………………………………………………… 1
1.2 Statement of the Research Problem. …………………………………………………. 4
1.3 Aim and Objectives of the Research. ………………………………………………… …5
1.4 Literature Review……………………………………………………………………… .6
1.5 Scope of the Research ………………………………………………………………… …9
1.6 Justification of the Research. ………………………………………………………… 9
xi

1.7 Research Methodology………………………………………………………………… 9
1.8 Organisational layout. ………………………………………………………………… 10
CHAPTER TWO
CONCEPTUAL CLARIFICATION(S)
2.1 Introduction……………………………………………………………………………. 11
2.2 Legal Framework. …………………………………………………………………….. 11
2.3 Combating. ……………………………………………………………………………. 13
2.4 Fraudulent. …………………………………………………………………………… 14
2.5 Investment Schemes …………………………………………………………………. . …17
2.6 The Nigerian Capital Market……………………………………………………………22
CHAPTER THREE
FRAUDULENT INVESTMENT SCHEMES.
3.1 Introduction ………………………………………………………………………….. 29
3.2 Ponzi Schemes ……………………………………………………………………… 29
3.3 Pyramid Scheme ……………………………………………………………………… 34
3.4 Affinity Scheme ……………………………………………………………………… 36
3.5 Pump- and- Dump …………………………………………………………………… 39
3.6 Boiler Room Fraud …………………………………………………………………… 40
3.7 Foreign Exchange Scam ……………………………………………………………. 41
3.8 Real Estate Investment Fraud. . ……………………………………………………… 44

xii

CHAPTER FOUR
THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET.

4.1 Introduction. ……………………………………………………………………… 48
4.2 The Legislative Framework……………………………………………………….. 49
4.2.1. Investments and Securities Act, 2007. ………………………………………… 50
4.2.2 .The Criminal Code and Penal Code Acts, 2004. …………………………………. 58
4.2.3. Economic and Financial Crimes Commission Act, 2004………………………… 60
4.2.4. The Advance Fee Fraud and Other Related Offences Act, 2004…………………… 64
4.3 The Institutional Framework ……………………………………………………….. 66
4.3.1 The Securities and Exchange Commission………………………………………… 67
4.3.2 The Investment and Securities Tribunal. ………………………………………….. 76
4.3.3 The Administrative Proceedings Committee. ……………………………………… 83
4.3.4 The Economic and Financial Crimes Commission. ……………………………… 86
4.3.5 The Police ……………………………………………………………………………92
4.3.6 The Judiciary ………………………………………………………………………. 94
CHAPTER FIVE
SUMMARY AND CONCLUSION
5.1 Summary ……………………………………………………………………………… 97
5.2 Conclusion. …………………………………………………………………………… 97
5.3 Recommendations……………………………………………………………………. 99
Bibliography…………………………………………………………………………. 103 Appendix

Keywords: AN EXAMINATION OF THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET

 


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Keywords: AN EXAMINATION OF THE LEGAL FRAMEWORK FOR COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET

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