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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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Gov. Diri To Bayelsa Businessmen: Emulate Berezi *Eulogises Late Ebonyi, Delta MILAD, Feghabo-Amain
Governor of Bayelsa State, Senator Douye Diri, has admonished business leaders of the state’s extraction to complement government’s development effort by investing in the state and their communities.
Governor Diri contended that government alone cannot be the sole employer of labour as it requires the support and encouragement of the private sector.
He stated this on Thursday when he commissioned the Major F.G Berezi Civic Centre, a 1000-seat magnificent civic centre built by young Bayelsa-born businessman and founder of the Preye Patrick Berezi Foundation, Engr. Preye Berezi, in his hometown, Kaiama, in Kolokuma/Opokuma Local Government Area of the state.
An impressed Governor Diri said government had proven not to be a good ‘businessman’ and expressed delight that Berezi heeded his call to Bayelsans to invest at home.
Describing the Chief Executive Officer of PFL Engineering Services, an oil and gas services company, as a “thorough-bred son of his parents,” Diri said the businessman has demonstrated love for his community through positive actions.
He cited the construction of the civic centre as an example of what was expected of citizens that had been blessed and affected by their immediate environment.
He said: “There is no monopoly on who can develop our communities. When you give back to society, everyone benefits.
“This project should be an eye opener to our youths. Being a youth is a beautiful thing. But they should dream big, work towards it, and realise that their destiny is not in the hands of any politician.”
He said his administration was opening up the state for investors and that growth attracted to any part of Bayelsa under his watch was a good omen.
Chairman of the event, Engr. Gesi Asamaowei, said he was not only proud of Berezi for building and donating the imposing edifice to his community but also that he did not wait for government in order to make an impact in society.
The prominent Bayelsa-born businessman noted that by honouring his late father with the legacy project, Berezi’s days would be long on earth, according to the Bible.
“Posterity will be kind to him for this laudable edifice,” Asamaowei said.
In his remarks, Engr. Preye Berezi expressed love for the people of Kaiama as this will continue to drive his commitment to community development.
He recalled that his childhood visits to his hometown with his parents inspired his gesture, having noticed that most social gatherings were held under the bridge, which had risks.
“I love the people of Kaiama and will never stop doing more for them from my hard-earned resources. They value me and I will never take that for granted.”
He urged the community to take good care of the facility, adding that he would not exercise further control over the edifice once he handed it over.
Berezi also promised to build a mini-stadium in Kaiama in furtherance of his community development initiative.
In their goodwill messages, retired Gen. Stanley Diriyai, the immediate past president, Nigeria Football Federation (NFF), Amaju Pinnick, and Bayelsa State Commissioner for Information, Orientation and Strategy, Mrs. Ebiuwou Koku-Obiyai, all congratulated the donor for giving his community something to cherish.
They also applauded his public-spirited gesture to not only his immediate environment but also the state at large.
Present at the ceremony were a former deputy governor of the state, Rear Admiral Gboribiogha John-Jonah (rtd), former Managing Director of the Niger Delta Development Commission, Chief Ndutimi Alaibe, service commanders, members of the state executive council, and traditional rulers from Kolokuma/Opokuma Local Government Area among others.
Also on Thursday, Governor Diri paid tribute to the late Chief (Navy Captain) Walter Aye Feghabo-Amain, describing him as an icon, dedicated leader, and a man whose legacy of service will endure for generations.
The Bayelsa governor spoke at the Night of Tribute held in honour of the late former Military Administrator of Ebonyi and Delta states at the Chief DSP Alamieyeseigha Banquet Hall in Government House, Yenagoa.
He said while the state mourned the loss of a distinguished son, it is also celebrating a life well lived.
“We are mourning, but we are also rejoicing. We mourn a man we expected would be with us for many years, yet we celebrate a leader who gave his best to our country and our state.”
He noted that although the late Feghabo-Amain passed on at the age of 68, his impact far outweighed his years, emphasizing that his contributions to Bayelsa, the military, and his community would not be forgotten.
Diri recalled the late officer’s exemplary service in the Nigerian Navy, his peaceful disposition, and his role as a unifying figure in Nembe Kingdom.
He also commended his effort in fostering peace between communities in Nembe, describing it as a lasting legacy.
Other dignitaries, including a former deputy governor of the state, Rear Admiral Gboribiogha John-Jonah (rtd), Senator Nimi-Barigha Amange, equally eulogised the late officer in their tributes.
In attendance were the Deputy Governor, Dr. Peter Akpe, the member representing Brass/Nembe Federal Constituency in the House of Representatives, Mrs. Marie Ebikake, the state’s Chief Judge, Justice Matilda Ayemieye, and President of the Bayelsa Customary Court of Appeal, Justice Daniel Ayah.
Others present were the Acting Chief of Staff, Government House, Mr. Irorodamie Komonibo, former APC state chairman, Dr. Dennis Otiotio, former Secretary to the State Government, Prof. Steve Azaiki, Her Royal Majesty Josephine Diete-Spiff, Commissioners, Technical Advisers, captains of industry, among others.
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Prosperity Cup 2026: Odi United Wins Kolokuma Opokuma LGA final … As LGA Finals’ Hostility Moves to Southern Ijaw
By David Owei,Bayelsa
Odi United have emerged champions of Kolokuma/Opokuma Local Government Area in Nigeria’s biggest grassroots football spectacle, the Bayelsa Governor’s Football Tournament, tagged the Prosperity Cup.
Odi United beat Mountain of the Lord Deliverance Ministry, MLDM FC 4-3 on penalties after a barren draw in regulation time in an encounter decided at the Kaiama pitch on Thursday, 16th April, 2026.
After a scoreless first stanza, the second half continued in a conservative approach from both teams but it was Odi United that should have taken the lead after a well delivered ball for Francis Idua but he blasted it wide.
Minutes after Odi United would have paid dearly for their earlier miss when MLDM FC had a good attempt to be in front but the goalkeeper of Odi produced a spectacular save to still keep his team in the game.
Champion, Odi United received ₦1,000,000 for their effort while runners-up MLDM FC got ₦500,000.
Chairman of Kolokuma/Opokuma Local Government Area, Hon. Tariye Isaac Lelei represented by the Head of Administration of the Council, Mr Ukiye Buruboyefe, lauded grassroots engagement of young people across the state.
He appreciated Governor Douye Diri for sustaining the tournament while also applauding the efforts of various stakeholders, particularly the organisers of the Prosperity Cup for their transformative initiative.
Assistant coach of Odi United, Seintonkumo Dift in his post-match reaction, expressed satisfaction with the victory, attributing it to hardwork and the determination of his lads.
MLDM FC Coach, Collins Robert, commended the efforts of his team despite the defeat, promising that his side would work on their lapses ahead of the tournament’s Round of 32.
Southern Ijaw LGA will be the next destination on Friday, 17th April, 2026 as enterprising NDU Oilers battle Onde United of Ondewari at 1.00p.m. at the NDU Sports field.
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Ijaw Traditional Rulers, elders suspend INC elections – Set up seven-man C’tte to resolve impasses
By David Owei,Bayelsa
The National Conference of Ijaw Traditional Rulers and Elders (N-CITRE-INC) has suspended the Ijaw National Congress (INC) till further notice.
The N-CITRE, after its meeting in Yenagoa deliberated extensively on all issues that led to the impasse in the INC elections, including petitions received.
The group, therefore, unanimously agreed to suspend the conduct of the INC elections and directed the electoral committee to stop all forms of electoral duties.
N-CITRE, which is empowered by the INC constitution to resolve all disputes, has also set up a seven-man Dispute Resolution Committee (DRC) to investigate all petitions.
The resolutions read in part ‘’ That the elections into the National Executive Council of the Ijaw National Congress (NE-INC), which were rescheduled for Monday, 13th April, 2026, by the National Electoral Committee, Ijaw National Congress(N-ELECO-INC), have been temporarily suspended until N-CITRE directs further after all pending disputes have been settled. N-CITRE-INC, as the appointing authority for N-ELECO-INC, also holds the constitutional power to resolve all disputes within the Congress
‘’ Consequently, N-ELECO-INC has been directed to stop performing any electoral functions until otherwise subsequently directed by N-CITRE.’’
The N-CITRE has directed the DRC to resolve the lingering dispute and probe all petitions, including the petitions against the n-ELECO- INC.
The DRC is headed by HRM, King Bubaraye Dakolo Agada IV, Ibenanaowei of Ekpetiama Kingdom, Chairman of Bayelsa Traditional Rulers Council, and Chairman of N-CITRE.
Other members are HRM, King Dr. Brig-Gen Bright Ateke Fiboinumama (Rtd), Chief Dr. Silas Eneyo (representing Eastern Zone), Dr. Loveth Ige (representing Central Zone), HRM, Pere Luke Kalanama III, HRM, Dr. Ekiomi Oweigbe John (Gbisa I) representing Western Zone, and Zonal Chairman of N-CITRE.
N-CITRE, which reminded all stakeholders of the principle of honesty that guides the Ijaws, therefore appealed for cooperation to achieve peace.
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