Section 195: Foreign collective investment schemes.

(1) The Commission may approve an application by a manager or operator of a scheme administered in a foreign jurisdiction to solicit investment in such scheme from investors in Nigeria where:
(a) the application complies with the conditions prescribed by the Commission;
(b) a copy of the approval or registration by the relevant foreign jurisdiction authorising the foreign collective investment scheme to act as such is filed with the Commission.
(2) Any person who solicits investment in a foreign collective investment scheme which is not approved by the Commission, is liable to a penalty of not less than N100,000 and a further penalty of N5,000 for every day the contravention continues.