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SEC warns Nigerians against unregistered Silverkuun investment scheme

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The Securities and Exchange Commission has warned Nigerians against investing in unregistered investment schemes, specifically naming Silverkuun Investment Cooperative Society and Silverkuun Limited.

In a circular issued on Wednesday, the Commission stated that it had been alerted to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission (‘the Commission’) has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an investment adviser/fund manager,” the statement read.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian capital market.”

SEC therefore advised the public to refrain from engaging with the company or its representatives for any form of capital market business.

The Commission further warned that transacting with unregistered and unregulated entities poses significant financial risks, including fraud and the potential loss of investments.

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“The Commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment. The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the statement added.

The Director-General of the SEC, Emomotimi Agama, also stressed that the Commission will not hesitate to take enforcement actions against such firms.

“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Agama warned.

He added that under the new Investment and Securities Act 2025, digital assets are now officially under the SEC’s regulatory scope, requiring all virtual asset service providers and digital asset exchanges to register with the Commission.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers and digital asset exchanges,” he stated.

Agama further noted that the Commission is focusing on investor education through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities.

“This is part of our strategy to equip Nigerians with the knowledge to detect and avoid dubious investments,” he said.

The Securities and Exchange Commission, however, warned traders against investing in Ponzi schemes, urging them to verify any investment opportunity with the commission before committing their funds.

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FCT police arrest suspected k!dnappers in viral video wearing military camourflage and brandishing AK-47 rifles

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The FCT police command have arrested suspected k!dnappers seen in a viral video openly brandishing AK-47 rifles, ammunition, and walkie-talkies, while dressed in military camouflage.

Confirming their arrest to newsmen, the FCT Commissioner of Police, CP Ahmed Sanusi, said immediately he received the viral video and pictures, he directed a detailed forensic analysis into the origin of the content and ordered the immediate arrest of the suspects.

Sanusi mentioned that following digital forensic analysis and actionable intelligence, he directed operatives of the FCT Police VCRU Sector 5 and personnel from Zuba Division, led by the DPO, CSP Ogu Caleb Ikechukwu, on a coordinated operation at Runji Village, Zuba, on May 25 at about 3:22am, where three suspects featured in the videos were arrested at their hideout.

He gave the names of the suspects as Umar Babangida, 25 years old; Adamu Yeti, 22 years old; and Yahaya Idris, 24 years old, all residents of Rijana, Kaduna State.

The police boss said investigations revealed that the suspects had previously been in possession of the AK-47 rifles, which were obtained from their gang leader identified only as “Esco” from Rijana, Kaduna State who is currently at large.

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He mentioned that further investigations also led to the recovery of additional videos and photographs from the suspects’ mobile phones showing them dressed in military camouflage while brandishing AK-47 rifles and carrying walkie-talkies.

The suspects are currently in custody undergoing further investigation, while efforts are ongoing to apprehend Esco the gang leader and other members of the gang who are at large and recover the firearms.

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Political Rallies: No market closure – Enugu Govt warns

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The Enugu State Government has warned against an alleged plan by some market leaders to shut down major markets within the state capital on Saturday to show support during a rally backing reelection of Governor Peter Mbah and President Bola Tinubu.

The government stated that such a move contradicts the Mbah Administration’s determined effort to boost investment, business and productivity in the state, and therefore does not have the government’s blessing.

The government made its position known in a statement issued by the Commissioner for Information and Communication, Dr. Malachy Agbo, on Friday.

It said that people should feel free to go about their businesses, a predisposition it said prompted the decision of Mbah Administration to end illegal Monday sit-at-home effective June 5, 2023.

The statement equally maintained that political association remains an individual right and choice, saying participation in the Saturday rally and subsequent rallies by any group should never truncate businesses or involve any form of compulsion.

“The attention of the Enugu State Government has been drawn to an alleged plan to shut markets in the state capital as a demonstration of solidarity with the Enugu East zonal rally to drum up support for His Excellency, President Bola Ahmed Tinubu, GCFR, and His Excellency, Governor Peter Mbah, ahead of the 2027 general election.

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“While the government appreciates the enormous demonstration of goodwill by traders across the state, it frowns, however, at any attempt by any market leader to shut down major markets in the Enugu East Senatorial District on account of the planned rally.

“This is not only contrary to the administration’s vision and drive to grow Enugu State’s economy from $4.4 billion to $30 billion, and also to position the state as the preferred destination for investment, business, tourism and living, but also the decision of the administration to ban illegal sit-at-home effective June 5, 2023.

“Furthermore, the 1999 Constitution (as amended) guarantees freedom of association and assembly. Thus, nothing should be seen to detract from these rights in this or future rallies by any group whatsoever.

“For emphasis, political participation should be voluntary and without any attempt to deny the people access to markets or other public spaces where they earn their daily living.

“Therefore, members of the public, particularly leaderships of various markets in the state should take note, please, as government will not hesitate to impose sanctions on any action to the contrary,” the statement read.

DR. MALACHY AGBO
Commissioner for Information and Communication
Enugu State
05/06/2026

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Security guard kidnaps employer’s two children, demands ransom

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A private security guard has escaped with two kids from his employer in Minna, with the police suspecting abduction.

The security guard, named Sani Abdulrahaman, a Fulani by tribe, on Sunday, reportedly took Umaru and Anas, both six years old, on Sallah picnic without the knowledge of their father, Alhaji Danjuma, a businessman, and failed to bring them back home.

The father of the children raised the alarm asking the public and security agencies to help him locate the fleeing security guard and his children.

Danjuma said someone called him on Sunday evening and said he was in Erena forest in Shiroro Local Government Area with the children.

According to him, the caller asked for undisclosed ransom before his children who were in their custody would be released.

When contacted, Niger State Command Police Public Relations Officer, SP Wasiu Abiodun, confirmed the incident, which he said occurred about one o’clock on Sunday, May 31.

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Abiodun explained that the security man pretended that he was taking the children for Sallah celebration in the town, but did not return.

He said the police suspected abduction but disclosed that “investigation has commenced and efforts to locate the children are ongoing.”

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