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FG cracks down on illegal crypto traders

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FG cracks down on illegal crypto traders
• Crypto currencies
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The Securities and Exchange Commission (SEC), Monday, vowed to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

It said this Is aimed at ridding the virtual assets space of illegal trading activities.

Daily Trust reports that the activities of speculators in the digital marketing space had a few weeks ago exerted serious pressure on the naira, at a time the federal government and the Central Bank of Nigeria (CBN) were trying to address its downward slide occasioned by inflation that affected prices of goods and services in the country.

Acting Director General of the SEC, Dr Emomotimi Agama, who spoke during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body of all major blockchain and cryptocurrency associations in Nigeria, said tough decisions must be taken to stabilise the economy.

The meeting was coming amidst the tightening of the noose on crypto exchanges in the country.

Our correspondent reports that the federal government had earlier in January blocked crypto users in Nigeria from accessing the platforms of key operators like Binance, and OctaFX, among others, even as SEC earlier proposed an increase in registration fees from N30m to N150m.

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The crypto market in Nigeria is estimated at over $57bn, even as the clampdown by the CBN recently was linked to the negative impact it was having on the foreign exchange market, prompting Binance to shut down its services in Nigeria.

The CBN further warned fintech companies in Nigeria against onboarding new customers as part of measures to prevent any illegal trading activities on their platforms.

We’ll unleash our powers

As a follow-up to the ongoing noose-tightening measures, SEC Nigeria yesterday reiterated that it will not hesitate to use all the powers within its mandate to handle issues that are negative and pose a threat to the national interest.

Agama stated that the Commission had come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

The SEC boss said recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira underscored the need for collective action and dialogue within the financial market ecosystem.

‘Delisting naira from P2P best option’

Agama stated that one of the things that needed to be done is delisting the naira from the Peer-to-Peer (P2P) space in order to avoid the level of manipulation that is currently happening, warning participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

“I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licensed. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

The SEC DG said the federal government expects players in the crypto space to play by the rules as enshrined in the Investments and Securities Act 2007.

“Some may say there are no rules to play by, but do not forget that we have the Investments and Securities Act 2007, which some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, for the specific digital asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market,” he said.

The DG stated that the proposed regulatory guidelines being fine-tuned with suggestions by various stakeholders will encompass various activities within the cryptocurrency ecosystem ranging from wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services, etc., ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.

“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like Real World Asset Tokenisation (RWA) that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.

“We have a great market ahead of us and we have the talents and the people to make the market great. Mr. President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermine our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of Section 13 of the ISA speaks to the regulation of all capital market activities.”

Agama commended the leadership of the Blockchain Industry Coordinating Committee of Nigeria (Biccon) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, and assured them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all of us.

“With our deep understanding of this industry and the cryptocurrency sub-sector, we recognise the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market. However, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading poses.”

We’ll key into the process

Chairman of the Fintech Association of Nigeria, Dr Babatunde Oghenobruche Obrimah, commended the SEC for its bold steps and the relationship with the ecosystem and pledged their commitment to the success of the initiative. (Daily Trust)

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INEC appeals ruling against Election Guidelines

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INEC Chairman, Professor Joash Ojo Amupitan (SAN)
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The Independent National Electoral Commission (INEC) has asked the Abuja Division of the Court of Appeal to set aside the judgement of the Federal High Court, Abuja, which nullified part of the the election guidelines put in place by the commission for the conduct of the 2027 general election.

Justice Muhammed Umar of the Federal High Court sitting in Abuja, had last week nullified guidelines issued by the INEC directing political parties to submit their membership registers and databases by May 10, 2026, as a condition for participation in the 2027 general election.

A political party, the Youth Party, had filed a suit challenging the legality of the electoral body’s directive or guidelines.

The court said in its judgement that INEC could not lawfully shorten the timeline already provided under Section 29(1) of the Electoral Act 2026 for the submission of party membership records and candidates’ particulars.

But, in the appeal notice dated May 25, 2026, filed by INEC, through its Counsel, Chief Alex Izinyon, SAN, the electoral umpire prayed the court to set aside the judgement of the lower court.

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How Businessman Lucky Adimike was stabbed to death by his son – Sources

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Lucky Godwin Adimike
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Businessman Chief Lucky Adimike, also referred to as Lucky Godwin Adimike, was allegedly stabbed to death by his 19-year-old son in Abuja.

The incident is said to have happened after an argument at their home in Guzape.

A report says the son, who was reportedly keeping late nights and returning from a night club allegedly stabbed him multiple times and is currently in police custody while investigations continue.

The police reportedly confirmed that a homicide investigation is ongoing.

The incident allegedly happened at his residence in Guzape, Abuja.
He was described as a businessman and electrical dealer.

Sources claimed there was an argument between him and his son, reportedly a nightcrawler, in which he scolded him to be more serious with his studies and life instead of roaming aimlessly, spending lavishly and getting into substance abuse.

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The disagreement allegedly also involved money, lifestyle expectations, and accusations about business funds.

Police reportedly found him injured after a distress call and later confirmed him dead at the hospital.

The Nigeria Police Force reportedly said several people, including a relative, were taken into custody while investigations continue.

Why youth corps member stabbed billionaire father dead -Associate

Friday, May 15, 2026, will linger in the memories of family members of the late multi-billionaire business tycoon, Chief Godwin Adimike, as the day he was allegedly killed by his 21 -year-old son.

Chief Adimike, popularly known as Egonaejeije Na Awka-Etiti, was killed in the early hours of that fateful day at his Number 3, Hassan Adamu Street, Guzape home in the Federal Capital Territory (FCT), Abuja.

Findings revealed that Adimike, a native of Awka Etiti in Anambra State, a major figure in Nigeria’s electronics and import business, was renowned for his strong presence and influence at the Alaba International Market in Lagos.

Having built a vast business empire over the decades, he was widely respected as one of the leading merchants in the popular market.

Findings revealed that Adimike was killed by his son, a member of the National Youth Service Corps (NYSC), on that night following a heated argument at their Guzape home.

When our correspondent visited the Guzape home of the deceased on Friday, the premises were cordoned-off with security operatives still carrying out forensic analysis in his apartment.

One of his close friends resident in Abuja and pleaded anonymity told our correspondent that Adimike owned houses in Lekki, Lagos and in Guzape and Maitama, Abuja, frequently shuttling between the two cities for his business interests.

He explained that the news of the incident reached the union after reports emerged that the businessman was allegedly stabbed three times by his son, who had returned from a club before the confrontation.

He said: “We received news that one of our members, one of the big boys in the market, was involved in a tragic incident. He is an importer, a major dealer, and also involved in real estate.

“He travelled to Abuja to see his first son who is working there as a youth corps member and also manages some of his father’s real estate business.

“Godwin shuttles between Abuja and Lagos because of his business.

“We were told that his son went to a club and later returned to his Guzape home, one of the estates he manages for his father.

“Apparently, a heated argument ensued after the son confronted his father about being unfair with money, citing how some of his friends’ fathers, who are not as wealthy, buy cars for their children.

“Following the confrontation and an argument over mismanagement of business funds, the son allegedly stabbed his father three times in different parts of the body as seen in the body of the deceased.

“The boy is currently in police custody in Abuja, and the wife of the deceased has also been invited for questioning”.

Adimike belongs to the Electrical Dealers Association of Nigeria (EDAN).

A neighbour, who also pleaded anonymity, said: “It was my husband that his son called at about 1am that day that he should come and see his father on the floor.

“When my husband got to their apartment, because we have six flats here, our own is the first while Adimike’s own is the second. My husband got there and saw Adimike on the floor, and he was the one that called the police. The son did not call the police.

“That day, the son was with two ladies and another of his friends.”

Another neighbour described the incident as unfortunate, saying: “That night to the following morning, there is a dog in the neighborhood that barks whenever there is a stranger.

“But that day, the dog did not bark, and this tells a lot about the situation.

“My prayers are that the police should do their investigation and come out with results. This is not funny.”

Details of the incident remain sketchy as investigations are ongoing. The motive behind the incident is yet to be established by the police.

The death of Adimike has left many people in deep shock and mourning. A man widely known for his generosity, kindness and support for the less privileged, whose name echoed across Awka-Etiti and beyond because of his philanthropic lifestyle.

Another close friend said: “What an abomination and painful tragedy. A man known for helping widows, supporting the church, empowering people and touching lives positively did not deserve such an ending.

“This heartbreaking incident is a reminder that anger, lack of self-control and family conflicts can destroy lives within seconds.

“It is also a painful lesson that wealth, fame, and influence cannot replace peace at home.

“The entire Awka-Etiti community, friends, business associates and loved ones are mourning the fall of a great iroko tree.”

Many people who knew him described him as a humble and cheerful giver whose doors were always open to the needy.

During the COVID-19 period, he reportedly distributed food items and cash worth millions to members of his community in Awka-Etiti, showing his heart for humanity and the welfare of others.

It will be recalled that the FCT Police Command on Tuesday issued a statement confirming the incident and the arrest made.

FCT Police Public Relations Officer, SP Josephine Ade, said the police had commenced investigation into the death of Adimike, whose body was discovered following a distress call from concerned persons.

Reacting to the incident, Adeh said the police responded to the report and discovered the victim lying injured in a pool of blood at his residence.

Adeh said he was immediately rushed to Karu General Hospital where doctors on duty confirmed him dead.

“Following the incident, the police swung into action and arrested five suspects, including a relative of the deceased, as part of ongoing investigations.

“The Commissioner of Police, FCT Command, Ahmed Muhammed Sanusi, ordered a discreet investigation into the circumstances surrounding the death.

“The Command urged residents to remain calm and cooperate with investigators by providing any useful information that could assist the investigation,” Adeh said.

As of Friday, Adeh told our correspondent that investigation was still ongoing. “I would not want to disclose any information now till we conclude our investigation. This is a very serious case,” he said.

While all of these are unfolding, the family members issued a statement over the circumstances surrounding his death, frowning at growing speculations and unverified claims over the tragedy.

In a statement issued on Wednesday and signed by the Adimike Family, a copy of which was obtained by THE NATION, the family cautioned the public against what it described as misinformation, speculation and false narratives circulating across social media and some news platforms regarding the gruesome killing of the businessman.

The family said many of the claims being circulated about the circumstances surrounding Adimike’s death were speculative, misleading and unsupported by facts emerging from the ongoing police investigation.

“The Adimike Family of Awka Etiti, Anambra State, wishes to strongly caution the public against the growing wave of misinformation, speculation and false narratives being circulated across social media and certain news platforms regarding the tragic circumstances surrounding his death,” the statement said.

The family stressed that contrary to widespread reports, no official determination had been made regarding the identity of the perpetrator or the brains behind the killing.

“As of this moment, no official determination has been made regarding the identity of the perpetrator(s), and the family considers it irresponsible and deeply hurtful for individuals and platforms to spread unverified allegations and assign blame without evidence,” the statement added.

The family further appealed to members of the public and media organisations to avoid sensational reporting and allow law enforcement authorities to conclude investigations professionally.

“The family respectfully appeals to the public and media organisations to refrain from sensationalism, allow the police to conclude their investigations professionally, and keep the family in prayers during this difficult period,” it stated.

News of Adimike’s death had sparked widespread reactions after reports emerged alleging that the prominent businessman and philanthropist was killed inside his Abuja residence following a domestic altercation.

However, the family’s statement appears to push back against what it described as premature conclusions while police investigations continue.

Our correspondent also saw a viral audio sound of the deceased’s wife crying and saying in Igbo language that she is being accused of killing her husband.

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DISCLAIMER: NDC disowns John Paul Anih

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…Says he’s neither Enugu State Chairman, nor represents NDC

The attention of the National Working Committee (NWC) and entire leadership of the Nigeria Democratic Congress (NDC) has been drawn to the nefarious activities of a certain John Paul Anih who is purporting to be the Enugu State Chairman of NDC, there by impersonating the authentic and legally recognised Enugu State Chairman, in the person of Engr. Ibuchukwu Obeta.

Apart from impersonating our state Chairman, the said Mr. John Paul Anih, we learnt also conducted a kangaroo state Congress where he allegedly installed himself as state chairman. He has also approached a court in Enugu, seeking to compel NDC to recognise him as our state Chairman for Enugu State.

Mr. John Paul Anih did not stop at that. While his case is yet to be heard, he went ahead to forge and reproduce copies of the NDC Expression of Interest Forms which he sold to unsuspecting prospects.

The NDC hereby warns unsuspecting members of the public that Mr. John Paul Anih does not represent the NDC in any category whatsoever, and whoever transacts any business with him on behalf of the NDC does so at his/her own risk.

Earlier today, we learnt that John Paul Anih has also seized the opportunity of the ongoing screening of aspirants by the party and set up what he called an aspirant screening Committee for Enugu State, which he is using to further defraud and extort some gullible politicians.

For the avoidance of doubt, the National leadership of the NDC has set up screening committees to screen aspirants for the state houses of assembly across the 36 states of the Federation. The three-man team for Enugu State comprises the following:

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Hon. Sylvester O. Nwankwo – Chairman
Barr. Ifeanyi Emmanuel Agbom- Secretary
Ngene Helen Funmilola – Member

Any other person outside of the above mentioned, purporting to be a member of the Enugu State House of Assembly aspirants screening Committee is a fraud and should be treated as such.

We reiterate that John Paul Anih is a fraud, does not represent the NDC, and is not by any stretch of the imagination, the Enugu State Chairman of NDC.

Signed:

Osa Director Esq.
National Publicity Secretary,
Nigeria Democratic Congress (NDC)

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