
News
SEC probes 79 Ponzi schemes
The Securities and Exchange Commission (SEC) has announced it is currently investigating 79 suspected Ponzi schemes operating across Nigeria.
In a statement released on Tuesday, the commission revealed that findings from the ongoing probes would be made public upon completion.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.
Among the entities under scrutiny is a firm identified as FF Tiffany, which the regulator says has come under widespread accusations of running a fraudulent investment operation that has allegedly duped thousands of Nigerians, both at home and abroad.
According to the SEC, early investigations suggest that the company lured investors with promises of unrealistic and extremely high returns, leading to the loss of several billions of naira.
The commission described the situation as a grave threat to public trust in the financial system and a blow to investor confidence.

To ensure accountability, the SEC said it is working in collaboration with law enforcement agencies and other regulatory institutions to track down and prosecute those behind the schemes.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement said.
Reiterating its previous warnings, the SEC cautioned Nigerians to steer clear of Ponzi and unregistered investment schemes that guarantee implausible profits, stressing that such ventures lack regulatory approval and legal safeguards.
The commission also urged members of the public to confirm the legitimacy of any investment firm or product through its official website or verified communication channels.
In a bid to prevent future occurrences, the SEC disclosed that it has embarked on a nationwide investor education campaign targeting major markets across the country.
Speaking during one of the sensitisation events, SEC Director-General Emomotimi Agama explained the rationale behind the grassroots outreach approach.
“We decided to do this sensitization to the market because we discovered that it is difficult for people to get the information that will protect them,” Agama was quoted as saying.
“Sitting in our offices and requiring them to go to our websites and getting to us through the telephone may not be the best way; we needed to come out to let them know the dangers of a Ponzi scheme.”
Agama reiterated the commission’s commitment to eradicating Ponzi operations and other forms of illicit investment schemes in Nigeria.
“President Bola Ahmed Tinubu has signed into law the new ISA 2025. Now, anyone involved in Ponzi schemes—whether influencers, bloggers, accomplices, or anyone else—faces a 20 million naira fine and up to 10 years in jail,” he said.
“We will not stop here. We will go to every market we can reach—every nook and cranny of this country. We will visit churches, mosques, hospitals, even the navy. We want everyone to hear this message.
“It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others.”
He added that while Ponzi schemes are a global menace, Nigeria can successfully confront them through increased awareness and collective action.
News
Political Rallies: No market closure – Enugu Govt warns
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.

“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
News
Security guard kidnaps employer’s two children, demands ransom
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.

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.”
News
Police arrest suspect behind AI-generated Tinubu voice note
The Nigerian Police Force has arrested Ifechukwu Dennis, the man identified as the originator of an AI-generated voice note that was widely circulated online as a leaked recording of President Bola Tinubu.
Presidential Special Adviser on Information and Strategy, Bayo Onanuga, announced the arrest on Thursday in a post on his official X account.
“The IGP crack team has arrested Ifechukwu Dennis who originated the fake voice that he passed on to his gullible targets as President Tinubu’s voice,” he said.
The arrest closes a week-long controversy that began on May 27, 2026, when a video of social media activist Martins Vincent Otse, popularly known as VeryDarkMan, went viral.
In the clip, an AI-generated voice resembling Tinubu’s was heard making inflammatory statements — including that insecurity in the South-East was deliberate, that he had pressured Peter Obi to step down ahead of the 2023 election, and that he was indifferent to Nigerians’ suffering.
Investigations by multiple news organisations, however, established that VDM had not posted the doctored audio.

An unidentified individual had extracted footage from VDM’s original Instagram video and superimposed the AI-generated voice notes before recirculating the manipulated version online.
Despite this, the Presidency had initially called for VDM’s prosecution.
Onanuga had described the incident as “a clear case of egregious abuse of the social media platform,” drawing criticism after fact-checkers confirmed VDM’s original video contained none of the fabricated audio.
Further details on the circumstances of Dennis’s arrest and the charges he may face were not immediately available at the time of filing this report.
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