Section 156 Investments and Securities Act

Section 156 of the Investments and Securities Act 2025 is about Prohibition of misleading names and actions. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) A person may not, unless registered as a manager under this Act, include in or have as part of the name of its business or in any description of his business any reference to a collective investment scheme, open-ended investment company, unit trust or real estate investment scheme and no person who is not registered as a manager or trustee or custodian under this Act may perform any act calculated to lead the public to believe that any business carried on by such person consists of or is connected with the administration of a collective investment scheme.

(2) Any person who contravenes the provision of this section is liable to a penalty of not less than N5,000,000 and a further sum of N100,000 for every day that the violation continues.