
News
FG cracks down on illegal crypto traders
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.
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)
News
Law School Student dies in suspected suicide at Lagos Hostel
A 23-year-old student of the Nigerian Law School has died in a suspected suicide incident at the school’s hostel in Victoria Island, Lagos.
The incident occurred in the early hours of Friday, Aug. 7, 2026, when the deceased, identified as Alayande Faith Ajoke, was found dead within the hostel premises.
According to sources, the Chief Matron of the Law School, Mrs. Igbokwe Juliana, reported the incident at the Victoria Island Police Division at about 6:30 a.m.
The report stated that at about 4:30 a.m., a student who had just completed her internship, Ojo Abisoye Tinuola, informed the matron about a suspected suicide involving her roommate, Alayande.
The matron subsequently proceeded to the scene, where the deceased was found lying on the ground within the hostel premises.

Preliminary observations indicated that the deceased may have jumped from the rooftop of the four-storey hostel building.
Police sources said preliminary investigation further revealed that the deceased allegedly left behind two notes addressed to her stepfather and roommate.
Following the report, a team of police detectives visited the scene, documented the area and took photographs of the scene and the body.
The remains were subsequently evacuated to the Mainland General Hospital Mortuary, Yaba, for preservation and autopsy.
The police said investigation into the circumstances surrounding the death is ongoing. (Zagazola)
News
Ihuezeofia’s attacks on Enuogu-Nkerefi leaders, commissioner act of mischief – Stakeholders
…Accuse subversive elements of reign of terror, blackmail, anti-state activities
Community leaders and stakeholders of Enuogu Autonomous Community, Nkerefi, Nkanu East Local Government Area of Enugu State, have launched a rebuttal against what they described as a calculated campaign of blackmail, intimidation and misinformation targeted at the leadership of the community and the Enugu State Commissioner for Chieftaincy and Town Union Matters, Dr. Charles Egumgbe.
The leaders as well as other stakeholders in the community alleged that the recent publications accusing the Commissioner of bias and alleging marginalisation of Ihuezeofia Village was not only false but formed part of a long-standing pattern of subversive activities orchestrated by individuals determined to plunge the community into perpetual crisis for selfish political interests.
In a statement jointly signed by the Traditional Ruler of Enuogu Autonomous Community, Igwe Emmanuel Onukwube, the Chairman of the Caretaker Committee, Mr. Isaac Ugbor, the Committee Secretary, Barr. Abel Ani, and other prominent stakeholders, the community called on security agencies to investigate what it described as “dangerous acts of impersonation, incitement and sustained attempts to undermine constituted authority.”
The leaders urged members of the public and the Enugu State Government to disregard the publications, insisting that those behind it neither represented Ihuezeofia Village nor possessed the mandate to speak on behalf of Enuogu Autonomous Community.
According to the statement, the individuals behind the petition were “known crisis merchants and skeletal moles” whose stock-in-trade had become sponsoring petitions, false narratives and propaganda each time government interventions or development projects were attracted to the community.

“The alarmists are invidious impostors claiming to be what they are not. They do not have the mandate of Ihuezeofia Village or Enuogu Autonomous Community. They are not recognised officers of the Town Union and therefore cannot speak for the people.
“Every time government, non-governmental organisations or public-spirited individuals attract development to Enuogu, these same elements immediately manufacture crises, circulate falsehoods and attempt to frustrate progress. Their objective is neither justice nor development, but personal relevance through instability,” the statement declared.
The stakeholders further accused the purveyors of the fake news of deliberately distorting history by alleging marginalisation of Ihuezeofia Village despite what they described as overwhelming evidence of equitable distribution of opportunities and government patronage.
They recalled that the village had produced elected and appointed office holders, including a Councillor of the electoral ward, Financial Secretary of the Town Union, Deputy President-General and other strategic officers, while also benefiting from government-backed infrastructure, including electricity transformer and other electric infrastructure, road improvements, healthcare interventions and employment opportunities.
“It is therefore astonishing that those who have benefited immensely from the collective goodwill of the community now seek to deceive the public by painting a false picture of exclusion,” the statement noted.
The stakeholders also questioned the credibility of some of the petitioners’ signatories, alleging that they deliberately adorned themselves with academic and political titles they neither possessed nor earned in order to mislead government officials and members of the public, challenging them to produce their credentials.
They added that the deliberate use of false titles amounted to impersonation capable of misleading public institutions and undermining confidence in legitimate processes.
The community leaders equally dismissed allegations that the Ministry of Chieftaincy Affairs had imposed a caretaker committee or manipulated the affairs of Enuogu, explaining that the committee was lawfully constituted by the state government in March 2026 as a temporary peace-building mechanism after intelligence reports indicated a looming breakdown of law and order from the said subversive elements.
They alleged that one Mr. Edeson Chukwudi had openly recruited armed youths and mobilised thugs with threats to unleash violence should the suspended Town Union election fail to produce him as president of the town union.
According to the statement, the armed displays and repeated threats created widespread fear within the community, forcing elders and stakeholders to petition the state government to suspend the election and intervene before lives were lost.
“The intervention of government prevented what could have degenerated into bloodshed. The caretaker committee was not created to favour anybody but to restore peace and create an atmosphere conducive for a free, fair and violence-free election.
“It is therefore both mischievous and irresponsible for those who precipitated the crisis to now turn around and accuse the Commissioner of bias simply because government refused to surrender to intimidation,” the leaders stated.
The stakeholders further alleged that the same individuals had consistently rejected constitutional processes because they realised they lacked the popularity required to emerge victorious in a transparent election.
Rather than submit themselves to democratic contest, they alleged, the petitioners had resorted to blackmail, false accusations, media propaganda and attempts to discredit respected community leaders and government officials.
The stakeholders further raised fresh security concerns, alleging that Edeson and members of his armed group had openly marked out and compiled the names of certain community leaders and prominent individuals whom they had allegedly vowed to “deal with” over the leadership dispute.
They described the alleged threats as disturbing and capable of igniting violence if left unchecked, warning that the lives of the affected leaders and members of their families were now under serious threat.
Consequently, they called on security agencies to immediately place Edeson and his associates under close surveillance and hold them accountable should any attack, harassment, disappearance, injury or other harm befall any of the named community leaders or their relatives.
According to the stakeholders, “those issuing threats should bear full responsibility for any breakdown of law and order, as well as any violence directed against innocent members of the community.”
The statement also raised concerns over what it described as anti-government tendencies among the principal actors, alleging that one of the arrowheads of the campaign was pursuing personal political ambitions through clandestine opposition activities aimed at dragging the community into needless confrontation with the Enugu State Government.
While reaffirming their confidence in Dr. Charles Egumgbe’s neutrality and commitment to due process, the stakeholders commended Governor Peter Mbah’s administration for acting swiftly to preserve peace in the community.
They maintained that the matter had gone beyond mere political disagreement, insisting that it had assumed dangerous security dimensions requiring urgent intervention by law enforcement agencies, appealing to the police, the Department of State Services (DSS) and other security agencies to investigate the alleged threats, protect vulnerable community leaders and ensure that those accused of issuing violent threats were prevented from carrying them out.
The statement stressed that any future attack on any community leader, stakeholder or member of their families should not be treated as an isolated incident but viewed within the context of the alleged threats already brought to the attention of the authorities.
The community leaders also reaffirmed that Enuogu Autonomous Community remained united, committed to constitutional democracy, fairness among its constituent villages and the pursuit of peace, warning that no amount of propaganda or intimidation would derail the community’s determination to protect law, order and sustainable development.
They appreciated the governor for his efforts in transforming Nkerefi, pointing at the massive road infrastructure, bridges, Smart Green Schools, healthcare facilities, rural electrification, human capital development and appointments of the people of the community into various sectors of his administration, pledging continuous support and loyalty.
News
Police arrest five Pakistanis in Benue, recover 35 phones
The Benue State Police Command has arrested five Pakistani nationals and recovered 35 mobile phones in separate intelligence-led operations in Otukpo and Ugbokolo areas of the state.
The arrests, according to the Command, followed credible intelligence received on the activities and movements of the foreigners in the state.
The Police Public Relations Officer, DSP Peter Aondongu, disclosed this in a statement, saying three of the suspects were arrested on August 4, 2026, at Adoka Motor Park in Otukpo Local Government Area, LGA.
Those arrested were identified as Younas Mohammad, 36; Ahmad Nunil, 38; and Aslam Muhammad, 46.
Aondongu said the suspects were intercepted while attempting to board a vehicle to Adoka village, adding that they told the police during preliminary questioning that they were in Otukpo to market cosmetics and mobile gadgets.

He, however, said none of the claimed products was found in their possession, making their explanation, activities and movements in the area suspicious and requiring further investigation.
In a separate operation on August 5, the PPRO said two other Pakistani nationals, Juma Sharif, 30, and Muhammed Sharif, 25, were also arrested at a hotel in Ugbokolo following credible intelligence.
According to him, the two suspects claimed to be dealers in Android phones, but a search of their belongings led to the recovery of 11 Tecno Camon 50 Pro mobile phones.
He said further investigation and operational follow-up led to the recovery of an additional 23 Tecno Camon 50 Pro phones and one Infinix Hot 60 phone, bringing the total number of recovered devices to 35.
The Command said the five suspects had been transferred to the State Criminal Investigation Department, SCID, Makurdi, where “discreet and comprehensive investigations are ongoing” to establish the circumstances surrounding their presence, activities and movements within the state.Vanguard
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