Mariam Abeeb
The Chairman of the Investments and Securities Tribunal (IST), Amos Azi, has disclosed that the newly enacted Investments and Securities Act now prescribes punitive measures of no less than ten million naira against operators of Ponzi schemes.
Azi made this known in Abuja during a stakeholders’ engagement meeting towards unveiling the Tribunal’s new e-filing platform.
He noted that the repealed 2007 Act did not provide for such sanctions against Ponzi scheme operators.
He emphasized that the new provisions in the Act are expected to serve as a deterrent and help tackle the menace of illegal investment operators within the capital market.
In addition to the sanctions, Azi highlighted other significant innovations introduced by the Act.
These include the recognition of digital assets as securities, legal acknowledgment of cryptocurrency, and provisions for virtual service providers.
He explained that these additions allow for the establishment of virtual exchanges and broaden the Tribunal’s jurisdiction to adjudicate disputes arising in these areas—after passing through the complaint management framework.
Speaking on the on boarding of the IST to the e-filing platform, Azi described it as a positive development that would enhance the investment climate in Nigeria. He stated that the initiative is poised to boost investor confidence and stimulate intentional capital investment in the country.
However, Azi issued a note of caution, stating that once the e-filing system becomes fully operational, the physical filing of cases will no longer be allowed. He said the stakeholders’ meeting was convened to ensure that legal practitioners are adequately trained on the new system.
In an interview, the Chairman of the Nigerian Bar Association (NBA), Gwagwalada Branch, Owhor Clever, appealed to the Tribunal to extend training opportunities to NBA members to ensure seamless court proceedings under the new system.
The stakeholders’ engagement on e-filing and case management also featured online participation from Abuja, Port Harcourt, and Enugu State. The Investments and Securities Tribunal is expected to go live with the e-filing platform, barring any changes, in July 2025
He noted that the PPI pilot phase under the current administration delivered 10 power transformers and 10 mobile substations, manufactured and delivered in October 2023.
The spokesperson said the several transmission projects executed by FGN Power Company have also added over 700MW in wheeling capacity for industries, universities, and homes.
Tunji said electricity generation in Nigeria peaked at 6,003MW on March 4, 2025, the highest ever, with a new record of 128,370.75MWh in daily energy delivery, and generation evacuation reached 5,801.44MW on the same day.
On grid infrastructure, he said over 70 transformers were added between 2024 and 2025 through TCN’s internally generated revenue (IGR) and support from the World Bank and African Development Bank, adding over 12,000 megavolt-amperes (MVA) to grid capacity.
“However, the minister is the first to acknowledge challenges in the sector. Such challenges include the N4 trillion in outstanding subsidies and unsustainable tariff regimes, rampant vandalism, electricity theft, and chronic bill non-payment, poor investment by some operators, especially in the distribution infrastructure and resistance to the sector commercialisation by the electricity consumers, which is impacting on the sector’s liquidity,” he added.
Tunji said that despite the challenges, the ministry has achieved significant progress in reforming the sector, expanding access, and upgrading infrastructure.
The spokesperson added that a solid foundation has been established for long-term transformation, driven by a commitment to inclusive, sustainable, and results-focused development of the power sector.
