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Ponzi schemes threat to national security, economy, EFCC warns

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EFCC Head of Media and Publicity, Dele Oyewale
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The Economic and Financial Crimes Commission has issued a stern warning to Nigerians, particularly the youth, to steer clear of Ponzi schemes.

The commission described them as not only destructive to individual lives but also a serious threat to national security and economic growth.

A statement on Monday by the EFCC’s Head of Media and Publicity, Dele Oyewale, said the Acting Zonal Director of the EFCC in Enugu, Assistant Commander Aisha Abubakar, sounded the alarm on Friday, during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps in Enugu.

Speaking on the topic “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi Scheme—The Role of Law Enforcement in Prevention and Disruption,” Abubakar decried the growing influence of the get-rich-quick mentality among Nigerian youths, stating that it has become both a security and economic menace.

He stated, “The get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt. She said that the get-rich-quick syndrome is a mindset characterised by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.

“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk, unregulated investments.”

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She cited infamous cases such as MMM Nigeria, MBA Forex, Chinmark Group, and the recent April 2025 collapse of CBEX — a digital asset trading platform that lured thousands with promises of 100% returns in 30 days, only to vanish with investors’ funds.

Abubakar warned that cybercrime, often driven by the same get-rich-quick mindset, has further damaged Nigeria’s international reputation and deterred foreign investment.

“Fraudsters now obtain a competitive advantage over legitimate businesses. This distortion of market systems has far-reaching implications on national security and economic stability,” she said.

The EFCC, she noted that continues to tackle these issues through preventive efforts, including roadshows, public sensitisation, and collaborations with institutions such as the Central Bank of Nigeria, the Securities and Exchange Commission, commercial banks, and INTERPOL to track and disrupt fraud networks.

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Burkina Faso releases 11 Nigerian officers after Abuja claims the aircraft was en route to Portugal

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Burkina Faso has released the 11 Nigerian military officers who were detained after their Nigerian Air Force (NAF) C-130 aircraft made what authorities described as an unauthorised landing in Bobo-Dioulasso on Monday.

According to Business Insider, the officers — two crew members and nine military passengers — were allowed to return to Nigeria after Burkinabè authorities completed preliminary security checks amid suspicions that the team may have been linked to Nigeria’s involvement in the Benin coup response.

The Nigerian government had maintained that the landing was purely a technical emergency while the aircraft was en route to Portugal. However, Burkina Faso countered this explanation, saying the aircraft violated national protocols by entering its airspace without permission.

Territorial Administration Minister Emile Zerbo said the unexpected arrival of the aircraft triggered an immediate and heightened security response.

“The aircraft flew into Burkina Faso without clearance,” Zerbo stated, noting that defence and intelligence units were deployed promptly to assess the situation.

The Alliance of Sahel States (AES) — comprising Burkina Faso, Mali, and Niger — issued a joint statement late Monday describing the incident as a confirmed “airspace violation” and an “unfriendly act.” The bloc further announced that its air forces had been placed on maximum alert with orders to neutralise any aircraft that breached AES-controlled airspace.

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Despite the strong language, Burkinabè security officials told the BBC that the Nigerian officers were questioned, cleared, and later permitted to leave.

The Nigerian Air Force, in its own account, stressed that a technical fault necessitated the diversion and that the emergency landing followed standard international aviation safety procedures. While the NAF confirmed its personnel were safe and treated respectfully, it did not directly acknowledge their detention.

The episode comes amid worsening relations between Nigeria and the AES governments. Burkina Faso, Mali, and Niger — all under military rule — have repeatedly accused Nigeria of overstepping in regional security matters, particularly in Benin, where Nigeria has coordinated responses to coup attempts.

The three Sahel states formally withdrew from ECOWAS earlier this year, alleging political interference and the bloc’s inability to effectively tackle jihadist violence. Since then, they have strengthened military ties within the AES, distanced themselves from Western partners such as France, and expanded security cooperation with Russia.

In a related development, Niger has imposed new restrictions on goods entering from Nigeria, citing growing security concerns and suspicion over Nigerian military activities across the Sahel.

“For security requirements, all goods originating from Nigeria must be unloaded and inspected at the entry offices before any transit formalities,” announced Colonel Mohamed Yacouba Siddo in a Tuesday directive.

SaharaReporters had earlier revealed that Burkina Faso’s junta detained the 11 Nigerian officers and impounded the NAF C-130 after its emergency landing — an incident now adding to the escalating tension between Abuja and the Sahel military regimes.

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Senate approves Tinubu’s request to deploy troops to Benin for peace mission

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The Nigerian Senate
The Nigerian Senate
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The Senate on Tuesday approved President Bola Ahmed Tinubu’s request to deploy Nigerian troops to the Republic of Benin on a peace mission aimed at restoring democratic order and stability.

The resolution followed the Senate’s consideration of the President’s request in the Committee of the Whole during plenary.

Tinubu had, in a letter read on the floor by Senate President Godswill Akpabio on Tuesday, urged the Senate to approve the troop deployment to help restore governance following a recent coup attempt in Benin.

The President had initially deployed members of the Nigerian Armed Forces on Sunday to assist in restoring democracy after a group of soldiers attempted a coup.

In the letter titled, “Deployment of Nigerian troops to the Republic of Benin for a peace mission”, Tinubu cited Section 5(5), Part 2 of the 1999 Constitution (as amended) and stated that, following consultation with the National Defence Council, he sought the Senate’s consent for the deployment.

“This request is made further to a request received from the Government of Benin Republic for the exceptional and immediate provision of air support by the Armed Forces of the Federal Republic of Nigeria.

“The Distinguished Senate may wish to note that the Government of the Republic of Benin is currently faced with an attempted unconstitutional seizure of power and disruption and destabilization of democratic institutions.

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“The situation as reported by the Government of Benin requires urgent external intervention.

“The Distinguished Senate considers the close ties of brotherhood and friendship which exist between Nigeria and the Republic of Benin, as well as the principles of collective security upheld within ECOWAS.

“It is our duty to provide the support as requested by the Government of the Republic of Benin.”

After reading the letter, Akpabio committed the President’s request for consent to the Committee of the Whole for immediate action.

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Rivers Governor Fubara finally dumps PDP for APC

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Fubara suspends Rivers LGA caretaker committee boss
Rivers State Governor, Siminalayi Fubara
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Rivers State Governor, Siminalayi Fubara, has officially left the Peoples Democratic Party (PDP) to join the ruling All Progressives Congress (APC).

Announcing his defection on Tuesday evening, Fubara said the move was made “in the interest of the people of Rivers State” and in appreciation of the “overwhelming support” the state has received from President Bola Ahmed Tinubu.

According to him, President Tinubu personally gave his approval for the move, clearing the path for Fubara’s official entry into the ruling party.

His switch to the APC comes on the heels of several closed-door meetings with the President and the recent defection of 17 members of the Rivers State House of Assembly, fueling expectations that the governor would eventually align with the APC as part of a broader peace arrangement.

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