Category: News

  • Capacity Building in Focus: Adamawa Police Launch Refresher Training for Officers

    Capacity Building in Focus: Adamawa Police Launch Refresher Training for Officers

    Adamawa State Police Command begins in-house refresher training to boost officer professionalism, discipline, and service delivery under IGP Egbetokun’s vision.

    Capacity Building in Focus: Adamawa Police Launch Refresher Training for Officers

    CAPACITY BUILDING: ADAMAWA POLICE COMMAND KICKS OFF IN-HOUSE REFRESHER TRAINING FOR PERSONNEL

    In alignment with the Inspector General of Police, IGP Kayode Egbetokun, Ph.D., NPM’s strategic vision for a redefined and professional Nigeria Police Force, the Adamawa State Police Command has officially commenced an in-house refresher training program for its personnel.

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    Gunmen Kill 6 in Ilesha Baruba as Kwara Police Launch Crackdown on Banditry

    The Adamawa Police Refresher Training, which began on April 22, 2025, at the Police Officers Mess, Karewa, Yola, was formally declared open by the Commissioner of Police, CP Dankombo Morris, PSC (+). The training is aimed at enhancing the capacity, discipline, and operational efficiency of officers across the Command.

    This capacity-building initiative will be conducted in phases, featuring structured modules that address key areas of modern policing such as police ethics, civil engagement with the public, emotional intelligence, and professionalism under pressure. It is tailored to support the IGP’s agenda of repositioning the Nigeria Police Force for improved service delivery.

    The Command reiterates its unwavering commitment to continuous officer development and the promotion of global best practices in policing for the safety and security of all residents of Adamawa State.

  • Gunmen Kill 6 in Ilesha Baruba as Kwara Police Launch Crackdown on Banditry

    Gunmen Kill 6 in Ilesha Baruba as Kwara Police Launch Crackdown on Banditry

    Gunmen killed 6 people in Ilesha Baruba, while a vigilante was slain during a patrol in Kemanji. The Kwara State Police Command has arrested a bandit informant and deployed tactical teams to restore order in affected areas.

    Gunmen Kill 6 in Ilesha Baruba as Kwara Police Launch Crackdown on Banditry

    The Kwara Police launch crackdown on banditry following two deadly attacks in Baruten and Kaiama LGAs. Gunmen killed six in Ilesha Baruba, while a vigilante lost his life during a clash with suspected bandits in Kemanji. Police have arrested an informant as tactical operations intensify across the troubled regions.

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    Kwara Police Launch Full-Scale Operations in Response to Armed Violence in Ilesha Baruba and Banditry in Kemanji

    The Kwara State Police Command has initiated comprehensive security operations in response to two violent incidents that occurred on Sunday, April 21, 2025, in Baruten and Kaiama Local Government Areas.

    At approximately 9:30 p.m., suspected armed assailants—numbering about ten—carried out a brazen attack at the Ilesha Baruba Motor Park, indiscriminately opening fire on civilians near a local relaxation spot. Six individuals—identified as Alhaji Ja’awire, AbdulJabar, Mohammed Nasamu, and three others—tragically lost their lives, while two others sustained severe gunshot injuries. The deceased have been transported to the Ilesha Baruba General Hospital morgue for autopsy, and the injured victims are currently receiving medical care.

    Earlier that same day, around 11:30 a.m., members of a local vigilante group conducting a routine patrol within the Kainji National Park in Kemanji encountered suspected bandits. A fierce gun battle ensued, during which three bandits were fatally wounded. Sadly, one vigilante member, identified as Yusuf Samba, sustained gunshot injuries and was later confirmed dead.

    In the course of investigations, the Command arrested an individual who confessed to acting as an informant for a bandit syndicate. This suspect is currently assisting law enforcement with valuable intelligence, significantly advancing the ongoing investigation.

    The Kwara State Police Command has since activated a robust security architecture, deploying tactical teams and enhancing intelligence-driven surveillance across the affected regions. These efforts are aimed at restoring peace and ensuring the safety of residents.

    The Commissioner of Police, Kwara State Command, reassures citizens that every effort is being made to identify and apprehend all individuals involved in these heinous acts. The Command urges members of the public to remain vigilant and to cooperate with security agencies by providing useful information.

    Let it be unequivocally stated: anyone found aiding, abetting, or participating in criminal activities in any part of Kwara State will face the full force of the law.

  • Nigerian Army Officer Nabbed Selling Stolen Toyota Corolla in Abuja

    Nigerian Army Officer Nabbed Selling Stolen Toyota Corolla in Abuja

    A Nigerian Army officer, Lance Corporal Yusuf Yunnusa, has been arrested in Abuja for attempting to sell a stolen Toyota Corolla. The incident raises serious concerns about crime within the military ranks.

    Nigerian Army Officer Nabbed Selling Stolen Toyota Corolla in Abuja

    A Nigerian Army officer sells stolen Toyota Corolla in Abuja and gets caught in the act. Lance Corporal Yusuf Yunnusa, aged 33, was arrested while attempting to offload the vehicle at a filling station in Kwali. The car had been stolen from the Federal Secretariat two days earlier.

    A shocking case of betrayal has rocked the Nigerian Army as one of its own, Lance Corporal Yusuf Yunnusa, has been arrested in Abuja for attempting to sell a stolen Toyota Corolla.

    Yunnusa, 33, attached to the 82 Battalion in Rukuba, Plateau State, was apprehended by security operatives at Mamu Filling Station in Lambata, Kwali Area Council, on Friday, April 19, 2025.

    His arrest followed an intelligence-led operation triggered by the theft of a silver Toyota Corolla LE, bearing registration number ABC 570 FJ, stolen just two days earlier from a parking space at the Federal Secretariat in Abuja.

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    Nigeria ministry of defence

    Investigations revealed that Yunnusa had used his position as a serving soldier to avoid suspicion while driving the stolen vehicle out of the city. However, his cover was blown when he attempted to discreetly sell the car without ownership documents in Kwali.

    The arrest was confirmed by sources close to security intelligence specialist, Zagazola Makama, who disclosed that the vehicle was recovered at the point of sale. Yunnusa, upon interrogation, reportedly confessed to stealing the vehicle and planning to sell it for quick cash.

    As of the time of filing this report, the disgraced soldier is in police custody, and further investigations are ongoing.

    This incident has reignited public concern about the growing trend of uniformed men engaging in criminal activity, sparking urgent calls for more stringent internal vetting and discipline within the armed forces.

  • 2027 Election: Atiku-Obi Alliance May Use CPC or SDP as Platform—Obidients Insist Obi Must Lead

    2027 Election: Atiku-Obi Alliance May Use CPC or SDP as Platform—Obidients Insist Obi Must Lead

    Talks intensify over a potential 2027 coalition between Atiku Abubakar and Peter Obi, with a proposed one-term presidency and power shift in 2031. But Obidients insist Obi must be the presidential flagbearer. SDP and CPC emerge as possible platforms.

     

    2027: Obidients Push Back as Atiku-Obi Coalition Takes Shape—Inside Talks of One-Term Deal, New Party Platform

    As Nigeria’s political tide begins to shift in preparation for the 2027 general elections, conversations around a possible alliance between former Vice President Atiku Abubakar and Labour Party’s Peter Obi have gained new traction. What began as quiet speculation following a 2024 “friendly meeting” between the two political heavyweights now appears to be blossoming into a serious conversation.

    Atiku, in a BBC Hausa interview, openly hinted at a coalition, saying, “We can merge to achieve a common goal. So, it’s possible, and nothing can stop it if we so wish.” His comments reignited speculation that plans may be in motion to create a united front against the ruling All Progressives Congress (APC).

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    Top 4 candidate presidential election 2023

    But the most telling sign came when Atiku visited former President Muhammadu Buhari in Kaduna. He was not alone. Accompanying him were notable political players—ex-Kaduna governor Nasir El-Rufai, Senator Aminu Tambuwal, Senator Bindu Jibrilla, Senator Gabriel Suswan, and Chief Achike Udenwa—all of whom have deep roots in Nigeria’s political landscape.

    Though officially framed as a Sallah visit, insiders suggest the meeting had more to do with strategic planning than holiday greetings. The objective? To brief Buhari on coalition groundwork being laid and potentially secure his blessings.

    Interestingly, Atiku’s visit followed closely behind separate meetings some APC governors had with Buhari—further fueling talk of realignments within and beyond the ruling party.

     

    Plotting a Comeback: CPC and SDP in the Picture

    The former vice president and his allies are reportedly considering alternatives to the troubled PDP and Labour Party. Two platforms being eyed are the defunct Congress for Progressive Change (CPC), once Buhari’s political base, and the resurging Social Democratic Party (SDP).

    The SDP option may carry more weight than assumed. El-Rufai, now leaning towards the party, is said to be courting influential figures in the North. A source close to the former Kaduna governor disclosed that the SDP’s national leader, who was the party’s 2023 presidential candidate, has declared he won’t contest in 2027—opening the door for new power players.

     

    The Game Plan: Atiku in 2027, Obi in 2031

    Multiple sources confirm that the proposed alliance includes a detailed power-sharing agreement: Atiku will run for President in 2027 with Obi as his running mate, but serve only one term. In 2031, the plan is for Obi to take over and contest the presidency under the same coalition.

    The move is seen as a balancing act—Atiku brings northern clout and decades of political structure, while Obi carries the youth momentum, grassroots appeal, and regional strength in the South-East.

    Their combined votes in 2023—over 13 million—surpassed President Tinubu’s 8.7 million. And with the growing dissatisfaction toward the current administration, analysts believe a united front could pose a real threat in 2027.

     

    Lagos as a Telltale Sign

    Supporters of the alliance point to the 2023 election result in Lagos State as proof of its potential. Obi secured 582,454 votes, edging out Tinubu’s 572,606—a remarkable feat in the President’s own backyard. Many argue that the internal fractures within Lagos APC, amplified by unresolved legislative crises and public discontent, could make the state more vulnerable in the next election.

     

    Arewa Support and Northern Calculations

    The Arewa Consultative Forum (ACF) has, in recent times, voiced frustration with the Tinubu-led administration. Sources say Atiku has already received tacit assurances from key Northern stakeholders, including ACF elders, who are reportedly disillusioned with the status quo.

    With this backing, Atiku is expected to consolidate more Northern votes than he did in 2023. Combined with Obi’s influence, the alliance might cover both geographic and demographic gaps.

     

    Obidients Draw a Line

    However, the proposed Atiku-Obi ticket isn’t sitting well with all. Members of the Obidients movement, known for their zealous support of Peter Obi, have voiced firm opposition to any ticket that does not have Obi as the presidential candidate.

    They argue that the South hasn’t completed its eight-year rotation and that it’s Atiku’s turn to step aside. “Why repeat what didn’t work?” asked Samuel Ajayi, an Obidient advocate. “It’s time for Obi/Atiku, not the other way around.”

    Another supporter, Jonathan Ajere, warned: “Fielding another northern candidate after Buhari would only guarantee Tinubu an easy path to a second term. Obi is the only candidate with cross-regional credibility to win.”

    Challenges Ahead

    Despite the potential of this alliance, hurdles remain. Differences in political ideology, ambition, and party structure could create internal friction. Also, any coalition built on power-sharing must be carefully managed to avoid collapse midway.

    Yet, if successful, this coalition could significantly alter Nigeria’s political equation.

    APC’s Response

    Meanwhile, loyalists of the Tinubu administration appear unfazed. Daniel Bwala, a presidential spokesperson, dismissed the alliance as “a coalition for a wild goose chase.” In a post on X (formerly Twitter), he said: “They are still struggling to convince Nigerians that they have any plan at all, needless alternative plan.”

    The Road to 2027

    As the political chessboard rearranges, all eyes are on how this proposed coalition will evolve. Will Atiku step down for Obi or will Obi agree to serve as vice president? Will a new party emerge, or will they salvage a battered PDP?

    One thing is clear: 2027 won’t be business as usual.

     

  • Lagos Building Collapse: Resident Recounts Chilling Escape From Popular Ojodu Berger Restaurant

    Lagos Building Collapse: Resident Recounts Chilling Escape From Popular Ojodu Berger Restaurant

    A Lagos resident narrowly escaped a building collapse at a popular Ojodu Berger restaurant. The two-storey building came down Saturday morning. Details here.

     

    Lagos Building Collapse: Resident Recounts Chilling Escape From Popular Ojodu Berger Restaurant

    Lagos building collapse Ojodu Berger 2025

    “I almost ate there this morning,” said Chike, a resident of Ojodu, Lagos, who narrowly escaped being caught in the building collapse that occurred on Saturday morning, April 19, 2025, in the Ojodu Berger area of Lagos State.

    The two-storey structure, which housed a popular local restaurant on Oremeta Street, reportedly caved in at approximately 8:00 a.m., just minutes after some of the staff resumed for the day.

    According to officials of the Lagos State Emergency Management Agency (LASEMA), five individuals had been rescued from the rubble as of press time. However, eyewitnesses and local residents feared that more victims might still be trapped beneath the debris.

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    Chike, speaking to our correspondent, shared his chilling story:

    “I live in Ojodu, and that restaurant is where I usually eat. Last night, I planned to eat there, but something didn’t feel right. I ended up buying ingredients and cooking at home instead. That decision may have saved my life.”

    He added that he was heading towards Berger to pick up an item when he heard about the incident.

    “I was getting ready to go out when I heard something had happened at EqualRight. By the time I arrived, I saw people injured and chaos everywhere.”

    Chike expressed concern over the number of people who may still be inside the collapsed structure.

    “That place is always busy. They serve over 100 customers daily, especially during football matches when up to 70 people gather there to watch. It’s heartbreaking.”

    He noted that the building had aged visibly and speculated that there might have been some reconstruction or extension work ongoing before the collapse.

    Meanwhile, emergency response teams battled to manage the crowd, as onlookers and anxious relatives gathered at the scene. Two bulldozers were seen navigating through the debris as police officers urged residents to keep clear, although many refused to leave.

    Efforts to get a comment from the Lagos State Police Command were unsuccessful, as calls to the spokesperson, Benjamin Hundeyin, went unanswered.

    Residents and families of potential victims remain hopeful as rescue operations continue. The state government has yet to release an official statement on the incident or confirm if there were any fatalities.

  • NDLEA Bursts International Drug Syndicates, Uncovers Cocaine in Religious Books, Arrests Suspects Nationwide

    NDLEA Bursts International Drug Syndicates, Uncovers Cocaine in Religious Books, Arrests Suspects Nationwide

    NDLEA operatives intercepted a cocaine shipment hidden in religious books heading to Saudi Arabia and made major drug seizures across Nigeria. Read the full report.

    NDLEA Bursts International Drug Syndicates, Uncovers Cocaine in Religious Books, Arrests Suspects Nationwide

    In a major crackdown on international drug trafficking, the National Drug Law Enforcement Agency (NDLEA) has intercepted multiple illegal drug consignments and made several high-profile arrests across Nigeria between April 13 and 18, 2025.

    At a courier company in Lagos on Tuesday, April 15, NDLEA officers from the Directorate of Operations and General Investigation (DOGI) uncovered 500 grams of cocaine ingeniously concealed within 20 religious books bound for Saudi Arabia. The discovery was made during a routine inspection of export cargo.

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    The same day, officers at another Lagos courier facility seized 2.8 kilograms of Loud, a potent cannabis variant, hidden in a carton shipped from the United States.

    NDLEA drug bust Nigeria April 2025

    Meanwhile, in Kano, a 22-year-old suspected drug supplier to criminal elements, Muhammad Mohammed, was apprehended while en route to Katsina with 277 ampoules of pentazocine injection strapped to his thigh and private area with tape. Another suspect, Mohammed Abdulrahman Abdulaziz (43), was arrested in the Nasarawa area with 30kg of cannabis skunk.

    In Bayelsa State, NDLEA operatives raided a residence on Major General Isaiah Allison Street in Yenagoa, seizing 557.2kg of skunk, 5.6kg of methamphetamine, and 29.8g of heroin. Four suspects Sarimiye Suwa Kurtis, Roland Prosper, Sarimiye Tare Paul, and Fidelis Ugbesla were taken into custody.

    Also in Lagos, a delivery van loaded with 1,100kg of skunk was intercepted in Surulere on April 17, leading to the arrest of Ismail Abdullahi, the driver. In Zaria, Kaduna State, NDLEA agents raided the hideout of Ike Ani (30) and recovered 31,950 pills of Tramadol 225mg and Diazepam.

    In Kebbi State, a vehicle transporting sacks of charcoal from Benin Republic was found to be concealing 97kg of skunk. Three men—Abubakar Ibrahim (50), Mustapha Aliyu (32), and Bashar Lawali (28)—were arrested.

    In the southeast, Okafor Marcel (48) was nabbed with 11.5kg of skunk in Abatete, Anambra State. Similarly, in Osogbo, Osun State, operatives arrested Ajala Mercy (27) after recovering 43 litres of “skushi,” a cocktail of cannabis, opioids, and blackcurrant, from her residence.

    Two illicit cannabis farms in Egbeta Forest, Edo State, spanning 1.48 hectares, were also dismantled. Over 3,717kg of cannabis plants were destroyed and 136.5kg of processed cannabis recovered.

    At Tincan Seaport, Lagos, Basorun Usman Kayode (40), wanted since 2023 for the importation of 107kg of Loud from Canada, was finally arrested. Another suspect, Dauda Yakubu, allegedly involved in local distribution within the seaport area, was also apprehended.

    The agency’s nationwide War Against Drug Abuse (WADA) sensitization campaign also gained momentum. Awareness lectures were held in schools, markets, and transport parks across Lagos, Ekiti, Niger, Osun, Cross River, and Anambra States.

    Commending the successful operations, NDLEA Chairman/CEO Brig. Gen. Mohamed Buba Marwa (Rtd) applauded the dedication of officers in Lagos, Kano, Kaduna, Kebbi, Osun, Edo, Zone 13, and Tincan Commands. He emphasized the importance of balancing supply reduction with demand reduction strategies in the country’s fight against illicit drug use.

  • PTML Customs Breaks Record with ₦189.5Bn Revenue via B’Odogwu System, Hits ₦5.6Bn in One Day

    PTML Customs Breaks Record with ₦189.5Bn Revenue via B’Odogwu System, Hits ₦5.6Bn in One Day

    PTML customs Command of Nigeria Customs sets a historic revenue record with ₦189.5bn using the B’Odogwu system, achieving its highest-ever daily collection of ₦5.6bn in April 2025.

    PTML Customs Sets New Revenue Record with ₦189.5 Billion Collection via B’Odogwu System

    In a historic performance, the Ports and Terminal Multi services Limited (PTML) Area Command of the Nigeria Customs Service (NCS) has announced a total revenue collection of ₦189,516,818,316.92 between November 2024 and mid-April 2025. This milestone was achieved through the innovative Unified Customs Management System (UCMS), popularly known as B’Odogwu.

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    FAAC Disburses N1.578 Trillion March Revenue to Federal, State, and Local Governments

    During the first quarter performance briefing held on Tuesday, April 15, 2025, the Customs Area Controller (CAC), Comptroller Tenny Daniyan, highlighted that the indigenous system had not only resolved early challenges but is now a key driver in enhancing revenue generation and trade facilitation.

    PTML Customs Revenue B’Odogwu System

    Making history, PTML recorded a daily revenue of ₦5,612,887,374.99 on April 14, 2025 the highest single-day collection in the command’s twenty year history.

    For the first time in the history of this command, we’re recording a ₦5.6 billion duty collection in a single day. It has never happened before. It’s so glorious, and we thank God for it,” said Comptroller Daniyan.

    He credited the remarkable achievement to the forward-thinking leadership of the Comptroller-General of Customs, CGC Adewale Adeniyi, and disclosed that PTML’s first quarter collection of ₦90.2 billion in 2025 reflects a 38.8% increase from the ₦66.9 billion recorded in first quarter 2024.

    As the pilot command for the B’Odogwu system, PTML’s success has paved the way for the system’s full-scale rollout across other commands nationwide, following the CGC’s approval.

    On trade facilitation, Daniyan emphasized that PTML maintains the fastest cargo clearance time in Nigeria—just two hours for compliant Roll-on/Roll-off (RoRo) consignments. Efforts are underway to reduce this to one hour, guided by the Time Release Study (TRS) metrics.

    We still boast a two-hour clearance window for compliant traders. We are reducing it to one because TRS has guided us. Once you do the proper thing, nobody will delay you. But the moment you’re dubious in your declaration, you forfeit the right to a 24-hour exit,” he warned.

  • Easter 2025: Enugu Police Commissioner Assures Christians of Maximum Security During Celebrations

    Easter 2025: Enugu Police Commissioner Assures Christians of Maximum Security During Celebrations

    Enugu CP Mamman Giwa extends Easter greetings to Christians, emphasizing peace, faith, and security, while assuring residents of robust police presence across the state.

    Easter Celebration 2025: Enugu CP Mamman Giwa Felicitates Christians, Vows Unwavering Security Across the State

    Easter 2025: Enugu Police Commissioner Assures Christians of Maximum Security During Celebrations

    As Christians across Nigeria celebrate the resurrection of Jesus Christ, the Commissioner of Police, Enugu State Command, CP Mamman Bitrus Giwa, psc, has extended heartfelt Easter greetings to all Christian faithful in the state. He urged them to observe the season with reverence, embracing the true spirit of Easter which symbolizes love, sacrifice, and renewed faith.

    Describing Easter as a period of spiritual reflection and communal unity, CP Giwa called on all residents of Enugu State to promote peace, compassion, and goodwill throughout the festivities.

    Reaffirming the Command’s unwavering commitment to public safety, CP Giwa assured citizens of a robust and strategic security arrangement designed to ensure a peaceful and hitch-free celebration. He has issued firm directives to Area Commanders, Divisional Police Officers, and Heads of Tactical Units to deploy all available intelligence and operational assets effectively across the state.

    In addition to increased visibility patrols and enhanced surveillance operations, CP Giwa emphasized the importance of proactive intelligence gathering. He stressed that all supervisory officers will be held accountable for any security lapses in their jurisdictions.

    While wishing the good people of Enugu State a joyful and peaceful Easter celebration, the Commissioner urged all citizens to remain vigilant, law-abiding, and cooperative with security agencies.

  • FAAC Disburses N1.578 Trillion March Revenue to Federal, State, and Local Governments

    FAAC Disburses N1.578 Trillion March Revenue to Federal, State, and Local Governments

    The Federation Account Allocation Committee (FAAC disburses N1.578 trillion to the federal, state, and local governments in March 2025, with revenue from VAT declining. Get full details on the breakdown and fiscal implications.

    FAAC Disburses N1.578 Trillion March Revenue to Federal, State, and Local Governments

    The Federation Account Allocation Committee (FAAC) has shared a total of N1.578 trillion among the three tiers of government federal, states, and local councils as revenue generated in March 2025.

     

    FAAC Disburses N1.578 Trillion March Revenue to Federal, State, and Local Governments

    The allocation was confirmed during the April 2025 FAAC meeting held in Abuja. It marks the second consecutive month of decline in revenue shared by the committee.

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    According to the official communiqué issued after the meeting, the total distributable revenue for the month comprised N931.325 billion from statutory sources, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion from exchange rate differentials.

    Gross revenue for March stood at N2.411 trillion. From this amount, N85.376 billion was deducted for the cost of collection, while N747.180 billion was earmarked for transfers, interventions, and refunds.

    Despite the overall decline in net distributable revenue, the statutory revenue for March which totaled N1.718 trillion recorded an increase of N65.422 billion compared to the N1.653 trillion generated in February. However, VAT revenue declined to N637.618 billion from N654.456 billion recorded in the previous month, representing a shortfall of N16.838 billion.

    Out of the total N1.578 trillion shared, the federal government received N528.696 billion, while state governments got a combined N530.448 billion. Local governments were allocated N387.002 billion. Additionally, N132.611 billion, representing 13 percent of mineral revenue, was distributed to oil-producing states as derivation.

    A breakdown of the N931.325 billion statutory revenue shows that the federal government received N422.485 billion, the states N214.290 billion, and local governments N165.209 billion. Oil-producing states received an additional N129.341 billion from this pool.

    From the VAT revenue of N593.750 billion, the federal government took N89.063 billion, states received N296.875 billion, and local councils got N207.813 billion.

    Regarding the EMTL revenue of N24.971 billion, N3.746 billion was allocated to the federal government, while the states and local governments received N12.485 billion and N8.740 billion respectively.

    Exchange Difference revenue of N28.711 billion was also distributed: N13.402 billion to the federal government, N6.798 billion to states, and N5.241 billion to local governments. An additional N3.270 billion from this component went to oil-producing states as 13 percent derivation.

    While Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) witnessed a significant boost during the period under review, revenues from other key sources including Oil and Gas Royalties, EMTL, VAT, Excise Duty, Import Duty, and Common External Tariff (CET) levies  experienced notable declines.

  • Ponzi Schemes in Nigeria: What the Law Says about it

    Ponzi Schemes in Nigeria: What the Law Says about it

    Understand the legal implications of Ponzi schemes in Nigeria under the EFCC Act, SEC regulations, and other laws. In this Post you will Learn how fraudsters are prosecuted and what penalties they face for financial crimes.

    Ponzi Schemes in Nigeria: What the Law Says and How Offenders Are Prosecuted

     Investment and Securities Act (ISA) 2025

    This is the primary legislation addressing Ponzi schemes in Nigeria. The recently enacted ISA 2025 explicitly bans Ponzi schemes and provides the Securities and Exchange Commission (SEC) with the power to prosecute their promoters.

    Ponzi Schemes in Nigeria: What the Law Says and How Offenders Are Prosecuted

    What is the meaning of Ponzi scheme

    Definition: The Act provides a comprehensive definition of Ponzi schemes, outlining characteristics such as paying existing investors with funds from new investors, promising high returns with low risk, restricting entry, and emphasizing recruitment over genuine product sales.

    Ponzi scheme is a fraudulent investment scam where returns are paid to earlier investors using funds from new investors rather than profits from legitimate business operations. These schemes typically promise high returns with minimal risk, rely on recruitment to sustain payouts, and collapse when new investments dry up.

    How offender are prosecuted

    Penalties for ponzi scheme

    Promoters and operators of Ponzi schemes are liable to a jail term of 10 years or a fine of five million naira, or both.

    Powers of the SEC The ISA 2025 empowers the SEC to shut down prohibited schemes, obtain court orders to freeze and forfeit assets, and request telephone and other conversations for prosecution purposes. They can also ensure the disgorgement of profits made from the fraudulent schemes to victims.

     Economic and Financial Crimes Commission (EFCC) Establishment Act: While not specifically targeting Ponzi schemes by name in the Act itself, the EFCC is mandated to investigate and prosecute economic and financial crimes, which includes fraudulent schemes like Ponzi schemes. The EFCC also enforces other related laws such as the Advance Fee Fraud and Other Fraud Related Offences Act.

    Advance Fee Fraud and Other Fraud Related Offences Act 2006: This Act covers various forms of fraud, including obtaining money by false pretenses, which is a key element of Ponzi schemes.

    What the Law Aims To Do:

    Prohibit and Criminalize: The law clearly prohibits the operation and promotion of Ponzi schemes, making it a criminal offense.

    Punish Offenders: The legislation outlines penalties, including imprisonment and fines, to deter individuals from engaging in these activities.

    Protect Investors: The law aims to safeguard the public from financial exploitation by empowering regulatory bodies like the SEC and law enforcement agencies like the EFCC to take action against Ponzi schemes.

    Recover Funds: A key aspect is the effort to recover funds and assets obtained through Ponzi schemes to compensate the victims.

    The Securities and Exchange Commission (SEC) is the primary regulatory body responsible for overseeing the capital market and enforcing the ISA 2025. They have been actively cracking down on Ponzi schemes, leveraging the new powers granted by the updated Act.

    The Economic and Financial Crimes Commission (EFCC) also plays a crucial role in investigating and prosecuting individuals involved in Ponzi schemes, often collaborating with the SEC.

  • Unity Bank sort codes for all branches in Adamawa state

    To know all the official Unity Bank sort codes for all branches in Adamawa State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…

  • Unity Bank sort codes for all branches in abia state

    To know all the official Unity Bank sort codes for all branches in Abia State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…

  • Wema Bank sort codes for all branches in Sokoto state

    To know all the official Wema Bank sort codes for all branches in Sokoto State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…

  • Wema Bank sort codes for all branches in Rivers state

    To know all the official Wema Bank sort codes for all branches in Rivers State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…

  • Wema Bank sort codes for all branches in Plateau state

    To know all the official Wema Bank sort codes for all branches in plateau State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…

  • Wema Bank sort codes for all branches in OYO state

    To know all the official Wema Bank sort codes for all branches in OYO State, this post is for you. Whether you’re making a local transfer, setting up a direct debit, or filling out payment forms, having the correct sort code is essential to ensure your transaction is processed smoothly. In this article you’ll find…