Section 155 Investments and Securities Act

Section 155 of the Investments and Securities Act 2025 is about Requirements for administration of a collective investment scheme. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) A person shall not perform any act or enter into any agreement or transaction for the purpose of administering a scheme, unless such person is —
(a) incorporated under the Companies and Allied Matters Act; and
(b) registered as a fund or portfolio manager by the Commission.

(2) A person who contravenes the provisions of this section is liable to a penalty of not less than N10,000,000 and a further sum of N100,000 for every day the violation continues.

(3) Notwithstanding the provisions of subsection (2), any person in breach shall restitute to the investors any loss suffered, with interest at the prevailing prime lending rate of the bankers to the person in breach.