Section 216 Investments and Securities Act

Section 216 of the Investments and Securities Act 2025 is about Notice calling for claims against the investor protection fund. It is under Part XIV (Investor Protection Fund) of the Act. It provides as follows:

(1) The Commission or an exchange may cause to be published in any two national daily newspapers circulating in Nigeria, a notice, in or to the effect of a form prescribed by the Commission, specifying a date, not being earlier than one month after the publication, on which claims for compensation from the investor protection fund, in relation to the person specified in the notice, may be made.

(2) A claim for compensation under this Part shall be made in writing to the board of trustees within six years from the date of occurrence of the defalcation, revocation or cancellation of the registration of the dealing member firm and insolvency or bankruptcy of the dealing member firm, and any claim which is not so made shall be barred unless the Commission by its rules and regulations determines otherwise.

(3) An action for damages shall not lie against an exchange or against any member or employee of an exchange or of a board of trustees or management subcommittee by reason of any notice published in good faith and without malice for the purposes of this section.