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Ponzi Scheme: Senate wants FG to investigate the proliferation of Ponzi Scheme in Nigeria

By George Mgbeleke
Alarmed at the increasing proliferation and sophistication of Ponzi scheme operators and the devastating consequences of their victims, the Senate on Wednesday urged the Federal Government to take drastic steps in protecting the citizenry by investigating the lapses that allowed various schemes by the predators to thrive unchecked.
The Senate as well berated the lack of coordinated oversight, real-time monitoring, and strict enforcement by relevant government agencies which has “created an enabling environment for such schemes to flourish, eroding public trust in legitimate financial institutions and posing systemic risks to the economy”.
Consequently, the upper chamber mandated the Joint Committees on Capital Market; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes, and ICT & Cybercrime to conduct a comprehensive investigative hearing, including public hearing, on the operations of Ponzi schemes in Nigeria, and report back in four weeks.
The resolution followed the debate during plenary yesterday on a motion titled “Investigative Hearing into the operations of Ponzi Schemes in Nigeria, with particular reference to the recent Crypto Bullion Exchange (CBEX) incident”.
Sponsored by Sen. Abiru, Mukhail Adetokunbo (Lagos East) and Sen. Izunaso, Osita Bonaventure (Imo West), the motion insisted that it is the duty of government to protect the populace from exploitative, predatory, and fraudulent financial practices and schemes that threaten their livelihoods.
Presenting the motion, Sen. Abiru said the Senate is “deeply concerned about the rapid proliferation and alarming rise of unregulated and fraudulent investment schemes-commonly known as Ponzi or pyramid schemes such as MMM Nigeria in 2016; MBA Forex in 2020, to mention a few-which have repeatedly defrauded millions of Nigerians, causing severe financial hardship and, in some cases, driving victims to depression, family breakdowns, and even suicide.
“Notes in particular the recent case of Crypto Bullion Exchange (CBEX), a digital investment platform which lured millions of Nigerians with the promise of outrageous returns, before suddenly collapsing and resulting in investors losing over N1.3 trillion (about $847 million), making it one of the most devastating financial scams in the country’s history;
“Also notes that the CBEX incident is not an isolated case, but part of an existing and growing pattern of unregulated and fraudulent schemes leveraging technology, and social media to deceive the public, often using tactics such as referral commissions, celebrity endorsements, and fake testimonials to build credibility and drive recruitment”
Sponsors of the motion said it is shocking that despite the scale of operations and visibility of CBEX, it operated for an extended period without facing sanctions by either the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), or the Economic and Financial Crimes Commission (EFCC).
It recommends robust mechanisms for monitoring, prevention, and prosecution.
The Senate recognized that the growing sophistication of such fraudulent platforms, combined with high youth unemployment, widespread poverty, low levels of financial literacy, and a lack of access to formal investment opportunities, makes the Nigerian population increasingly vulnerable to such schemes.
“Conscious that Section 88 (1) (a) and (b) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) empowers the National Assembly to conduct investigations into “any matter or thing with respect to which it has power to make laws,” and “the conduct of affairs of any person, authority, ministry or government department charged, or intended to be charged, with the duty of or responsibility for executing or administering laws enacted by the National Assembly”;
“Also conscious that these constitutional powers empower the Senate to investigate the failure of regulatory agencies to monitor and prevent the CBEX fraud, as well as to propose necessary legislative or administrative reforms to forestall future occurrences”.
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2nd Phase Leaders Complete Training on Leadership and Mediation – Gen. Elaye Lauds Otuaro’s Visionary Drive

By David Owei,Bayelsa
The 2nd Phase Camp Leaders’ training on “Leadership, Alternative Dispute Resolution and Mediation”, sponsored by the Presidential Amnesty Programme (PAP), has successfully come to a close Friday on a commendable note.
The intensive leadership-building initiative, held under the distinguished leadership of the Administrator of the PAP, High Chief Dr. Dennis Brutu Otuaro, aimed to equip leaders with practical skills in peacebuilding, mediation, and conflict resolution—critical tools for sustaining peace in the Niger Delta region.
Reacting to the successful completion of the programme, General Elaye ThankGod Dollar Slaboh, National Chairman of the Third Phase Presidential Amnesty Programme, alongside his national leadership, congratulated the participants for their commitment and active engagement throughout the training.
General Elaye commended Dr. Otuaro for his visionary leadership and strategic direction, which is rapidly changing the dynamics of the Presidential Amnesty Programme, shifting it towards human capital development and long-term peace.
He emphasized that such initiatives are essential for reinforcing grassroots leadership and consolidating the peace already being enjoyed in the region.
> “This training is not just a success for the 2nd Phase; it is a win for the entire Niger Delta. The wisdom of High Chief Otuaro in investing in leadership and conflict resolution will continue to bear fruit,” General Elaye stated.
The Presidential Amnesty Programme continues to champion developmental engagements that bridge gaps, empower beneficiaries, and promote sustainable peace in the Niger Delta.
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Regional Development Minister,Engr Momoh bags Awards

Regional Development Minister,Engr Momoh bags Awards
By Our Correspondent
Minister of Regional Development, Engineer Abubakar Momoh has been conferred with two Awards by the Institute of Professional Economists and Management Policy (IPEPM) tagged ‘ Excellent Leadership Award and Professional Doctorate Fellowship Award”.
Receiving the Awards today in his office, Engr. Momoh, expressed profound gratitude for the recognition and reiterated that true governance is about leaving a lasting legacies.
He further said “My track record speaks for itself and is a testament to the awards I have received “.
He used the opportunity to commend the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu for his visionary leadership and resilience in ensuring the holistic development of the country.
According to him, the establishment of the Federal Ministry of Regional Development is a bold step to integrate all Regional Development Commissions under one coordinated umbrella.
The Ministér said that the recognition bestowed upon him further reinforces his commitment to service and to impact mankind.
Earlier, the leader of the delegation who is the Executive Secretary/ National Coordinator of the Institute, Dr. Musa Aliu Yakub Okhumeode, said the courtesy visit was to present the prestigious Awards in recognition of his exceptional leadership and contribution to regional and national Development, as well as to seek partnership in strategic training programmes.
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Minna Lack of Sensitisation responsible for transporting small arms and light weapons to criminal gangs-Enanch and offi officials

By Uthman-Baba Naseer,Minna
The Zonal Director, North Central, National Centre for Small Arms and Light Weapons Mr Abdul Adamu Enenche made the submission during a visit to the Niger State Council of the Nigeria Union of Journalists NUJ in Minna.
Of recent, many Nigerians have been apprehended with cache of arms and ammunitions meant for delivery to bandits, kidnappers and other criminals.
This has raised questions as to why some individuals will willingly allow themselves to be used as couriers of illegal weapons to criminals.
The Zonal Director, National Centre for the Control of Small Arms and Light Weapons, Mr Abdul Adamu Enenche said lack sensitisation on dangers of such acts and intelligence from people are contributing to the spread of arms.
He observed that porous or poorly managed borders and activities of local fabricators who manufacture guns are other sources of weapons proliferation that the Centre is trying to address.
Mr Adamu Enenche who solicited the support of members of the NUJ to enable the Centre to achieve its objectives, promised to synergize with other sister agencies.
The Chairman, Nigeria Union of Journalists NUJ, Niger State Council, Comrade Abu Nmodu expressed optimism that there would be great reduction of criminal activities once the issue of small arms are resolved.
Comrade Nmodu urged the Centre to be open for collaboration with the Union especially in the area of training members on it’s activities.
Across section of members of the Union who spoke on the occasion stressed the need for the National Centre for the Control of Small Arms and Light Weapons to deploy officers of the Centre to the grassroots for easy intelligence gathering.
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