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Ponzi Scheme Operators Defraud Nigerians Over N300bn- SEC

October 31, 2025

The Securities and Exchange Commission, SEC, says Nigerians often fall victims of Ponzi Schemes because of their quest to get rich as soon as possible.

As a result, some Nigerians have lost close to N316 billion to these fraud schemes over the years, even as lessons are hardly learned from them, SEC said during a training programme for journalists in Abuja, the nation’s capital.

According to AbdulRasheed Dan-Abu, the Head of FinTech and Innovation Department at the Commission, greed and ignorance have played a major role for Nigerians who lost their hard earned income to Ponzi Scheme operators, saying those who participate in the fraudulent investment were unaware that operators pay returns to old investors from money collected from new investors, saying it’s not a genuine investment.

“These schemes are not really doing anything. They are just collecting people’s money and using it to pay the initial investors. At some point, when there are no new investors, the whole thing crashes and the operators disappear,” he said.

“Everybody just wants to get rich today. That is actually what makes people fall into this trap,’ he noted. ‘Even the people who are greedy now are more educated than those who experienced Charles Ponzi’s first scheme. Education has not stopped greed.”

He explained that some Ponzi Scheme operators such as MMM and New Nation had cashed on the ignorance and greed of many Nigerians to defraud them.

In spite of their huge loss to these evil schemes, he stated that many Nigerians have yet to learn their lessons. In the case of New Nation, he explained over 155,000 rural women were defrauded.

“Even after MMM shut down, they came back and told people that if you pay a certain amount, you will get access to your lost money. People still paid. That shows you how greed blinds people.”

The magazine reported that after MMM collapsed last year, not a few Nigerians who lost money in the schemes committed suicide because they could not withstand the huge loss they suffered.

New COAS Shakes-up Army, Appoints Senior Officers to Strategic Commands and Staff Roles

Adesina Soyooye

October 31, 2025

By Adesina Soyooye

Less than 24 hours after he was decorated with a new rank and sworn-in as the Chief of Army Staff, Lieutenant General Waidi Shaibu, has shaken-up the Army.

In the shake-up, the new Army Chief appointed senior officers to Strategic Commands and Staff roles.

The shake-up, of course, was expected as in an unwritten policy, all officers senior in rank and/or Course to the new COAS will retire.

The announcement was made of the shake-up was made in a statement signed by Lieutenant Colonel Appolonia Anele, Acting Director of Army Public Relation.

The appointments, she noted, reflect the COAS’s commitment to reinvigorating leadership and enhancing professionalism within the ranks.

The newly appointed officers include: Major General Bamidele Alabi now serves as Chief of Policy and Plans (Army), while Major General Jamal Abdulsalam moves to the Defence Headquarters as Chief of Defence Operations. Major General Peter Mala has been appointed Commander, Training and Doctrine Command (TRADOC), and Major General Samson Jiya becomes Chief of Defence Accounts and Budget.

They, also, include Major General Mayirenso Saraso as Chief of Operations (Army), Major General Isa Abdullahi as Chief of Administration (Army), and Major General Musa Etsu-Ndagi as Chief of Civil-Military Affairs. Major General Abubakar Haruna assumes command at the Nigerian Army Training Centre (NATRAC) Kontagora, while Major General Philip Ilodibia takes charge as Chief of Defence Space Administration.

At the Corps level, Major General Godwin Mutkut has been appointed Corps Commander Infantry, Major General Umar Abubakar as Commander Armour Corps, Major General John Adeyemo as Corps Commander Artillery, and Major General Mohammed Abdullahi as Corps Commander Signals.

In addition, Major General Taofik Sidick is now Chief of Accounts and Budget (Army), Major General Abdullahi Ibrahim becomes Corps Commander Ordnance, and Major General Adeyinka Adereti assumes command of the Electrical and Mechanical Engineers. Major General Nansak Shagaya now leads the Corps of Supply and Transport, while Brigadier General Yusha’u Ahmed takes charge as Acting Corps Commander Education.

Other appointments are: Major General Oluyemi Olatoye named Commandant of the Nigerian Defence Academy (NDA), Major General Emmanuel Mustapha as Commandant, Nigerian Army Signal School, and Major General Adamu Hassan as Commandant, Nigerian Army School of Artillery. Brigadier General John Bulus was also appointed Commandant, Nigerian Army School of Finance and Accounts.

In the field, Major General Saidu Audu takes over as Force Commander, Multi-National Joint Task Force (MNJTF) N’Djamena; Major General Warrah Idris takes over command of the Joint Task Force North West OperationFANSAN YAMMA; and Major General Oluremi Fadairo becomes General Officer Commanding 82 Division and Commander, Joint Task Force South East OperationUDO KA.

Major General Olatokumbo Bello was appointed Director of Defence Media Operations, while Brigadier General Samaila Uba becomes Director of Defence Information at the Defence Headquarters.

Customs Recruitment: Why Northern Lawmakers Are Angry With CGC Adeniyi

Tosin Olatokunbo

October 31, 2025

The Kano State House of Assembly has cried out over the recent recruitment exercise by the Nigeria Customs Service, NCS which it said did not favour the north. The recruitment is not only biased but also unfair to the region, the Assembly said during Plenary.

The allegation was contained in a statement issued by the Chief Press Secretary to the Speaker, Kamaluddeen Sani Shawai after the lawmakers deliberated on the matter.

The Assembly reached the decision after a motion raised by the Majority Leader, Lawal Dala, who argued that the recruitment process lacked transparency and equity, saying the list showed a deliberate plan to shortchanged the north.

The NCS under the leadership of Adewale Adeniyi, its Comptroller General recently released the recruitment list of cadets into the Service, which apparently did not favour the North, a situation that’s now generating protest from the region which has dominated the Service for years.

The region has produced more CGC than other regions in the country, a situation which analysts say accounted for its dominance. The current CGC is from the south west Nigeria.

His predecessor, Col Hameed Ali (rtd) is from the north, and was in charge of the Service under the administration of the late Muhammadu Buhari.

Hameed’s predecessor, late Abdullahi Diko Inde also hailed from the region.

Instructively, analysts have cited the number of Area Controllers from the north as a pointer to its dominance of the Service, while others says officers from the region, until recently, are in charge of the “juicy Area Commands’ such as Apapa and Tin Can Area Commands in Lagos.

According to the Kano lawmakers, the recent recruitment exercise was fraught with nepotism and “regional imbalance,” maginalised the North and against the federal character.

The lawmakers cited that of the 1,785 cadet officers recruited, over 1,000 were from the South, while the North secured fewer than 540 slots., warning that the development is dangerous for national cohesion.

“This lopsidedness is not only disheartening but dangerous for national unity,” the lawmakers said.

The lawmakers also called on their colleagues in the National Assembly to join them in calling for the cancellation of the recruitment exercise which they said violated the nation’s Constitution.

Gov Adeleke: Tinubu Using Federal Power To Intimidate States

Tosin Olatokunbo

October 31, 2025

Ademola Adeleke - Osun State Governor — Governor Ademola Adeleke of Osun State.

Governor Ademola Adeleke of Osun has cautioned the federal government against the use of federal power to intimidate sub-nationals in the country. He said the national government should apply dialogue and allow rule of law to prevail in its engagement with state governments, to deepen the nation’s democracy.

The state’s helmsman spoke while delivering an address at the South West Summit organised by South West Development Commission in Akure, the Ondo state capital.

Represented at the event by his Deputy, Prince Kola Adewusi, the governor stated that the state is willing to partner with the federal government so long it’s based on mutual respect, adding that a situation where the federal government will channel political appointments and infrastructure developments through party machinery threatens the relationship between nationals and sub-national.

For instance, he cited a situation where the state Local governments funds have been withheld for months by the federal government against a court ruling, saying federal security agencies have also refused to arrest APC members whenever they commit a crime, describing the situation as the “rule of the thumb.”

“A troubling dimension was introduced earlier this year when the rule of law was replaced with the rule of the thumb. The issue here relates to handling of the state Security and local government matters. It is trite in every democratic order that rule of law within the ambit of the constitution is the regulatory framework for wielding of state powers.

“In the case of Osun, federal power is being applied outside the regulation of the constitution as the public have known since the beginning of this year. Politicization of federal power application poses serious threats to peaceful and productive Intergovernmental relations.

“It would interest the audience to know that in Osun state ,some security agencies openly protect and defend ruling party operatives even when they act in ways and manners against the law and the constitution. In Osun today, federal party officials boast of powers to deploy security apparatus to witch-hunt state officials. On many occasions, officials of the federal ruling party have openly declared their readiness to hijack the state whether the people voted for them or not. Worst still, they have security cover when making such provocative declarations.

“As if that is not enough, the Osun local government fund was seized without any court order from earlier this year. Duly elected local government officials were not allowed to assume office and those sacked by a subsisting court order were forced on the local government secretariats by federal power and security apparatus. All the facts are in the public domain.

“I cite all above details to shed light on impunity and abuse of power as a major impediment to a virile national and subnational collaboration. As a government Osun State has demonstrated the willingness and readiness for productive partnership and interaction. Despite hostile posturing, Osun is always a top participant in federal peer review of the 36 states. In our engagements with the centre, several federal agencies have recognised Osun’ s positive records in governance delivery.”

The magazine reports that some political analysts claimed that the APC-led government has been using intimidation as a tactic to force some state governors to join the ruling party.

But Adeleke who had earlier been mentioned as one of the governors willing to defect to the ruling party, has suddenly made a-turn saying he will stay with his party, the Peoples Democratic Party, PDP.

Venerable Opara Appointed New General Secretary Of The Church Of Nigeria, Anglican Communion

The Source

October 30, 2025

The Primate of the Church of Nigeria, The Most Rev’d Dr. Henry Ndukuba has approved the appointment of The Venerable Barr. Festus Opara, PhD, as the new General Secretary of the Church of Nigeria, Anglican Communion.

A document released by the outgoing General Secretary, the Ven. Dr. Paul Dajur, Ven. Opara’s appointment followed a rigorous and merit-based selection process in which he performed excellently and emerged as the most suitable candidate for the office.

His appointment, according to a statement signed by Korede Akintunde, Communication Officer, Church of Nigeria, Anglican Communion, became necessary after the outgoing General Secretary, Dr. Dajur, was elected the Bishop of the newly created Diocese of Keffi-Karshi Missionary Diocese in September.

The General Secretary serves as the Chief Administrative Officer of the Church, working closely with the Primate to ensure the effective coordination of the Church’s national activities, communications, and governance in accordance with the Constitution and Canons of the Church of Nigeria.

His appointment takes effect from Saturday, 1 November 2025.

The Primate expressed his confidence that the passion, dedication, and wealth of experience will greatly contribute to his work in the Church of Nigeria, Anglican Communion, and prayed that the Lord who has called him to this role will grant him wisdom, grace, and strength to serve faithfully to the glory of His Name and for the good of His Church.

Change Of Guards At Defence House As Musa Hands Over To Oluyede

Ayodele Oni

October 30, 2025

By Ayodele Oni

Lt.-Gen. Olufemi Oluyede, on Thursday, assumed duty as the 19th Chief of Defence Staff (CDS), following the confirmation of his appointment by the National Assembly, along with other service chiefs.

Speaking at the brief handing and taking over ceremony at the Defence Headquarters (DHQ), Abuja, Gen. Oluyede reaffirmed his total commitment to the defence and security of the nation from insurgent activities.

Gen. Oluyede acknowledged the nature of threats confronting the nation, ranging from terrorism, insurgency, and banditry to emerging cyber, aerial, and maritime security challenges, which require the military to be ever vigilant, innovative, and united.

“My leadership will therefore be guided by the principles of professionalism, jointness, discipline, innovation, and accountability.

“We shall build on the achievements of my predecessor by strengthening synergy among the services and defence agencies.

“We shall also enhance intelligence-driven operations and deepen collaboration with other security and law enforcement agencies. Our objective, which is to restore and sustain peace, stability, and national cohesion in every part of our dear country, remains uncontestable.”

Gen. Oluyede, while promising to sustain the ongoing fight against terrorism, banditry, and other forms of criminality in the country, expressed optimism that whatever challenges the nation is currently facing, success will be achieved.

“We will prevail as a nation. It is a battle that must be fought on multiple fronts, and crucial among them is the battle space of public trust, information, and national morale.”

The CDS added that, apart from welfare for officers and men, he would prioritise capacity building, research, and technological innovation to enhance operational efficiency and strategic foresight.

“In doing so, we shall leverage the resources and intellect available across our defence institutions, as well as partnerships with local and international stakeholders. To our gallant soldiers, ratings, airmen, and airwomen, you remain the pride and backbone of our armed forces.”

Earlier, the outgoing CDS, Gen. Christopher Musa, said his tenure was challenging but incredibly rewarding.

According to him, “We faced a complex and dynamic security landscape, but we confronted it with unwavering resolve, guided by our constitutional mandate and a shared vision for a secure and prosperous Nigeria.

“We pursued a philosophy of jointness, people-centricity, inter-agency cooperation, and kinetic synergy.

“Under my watch, we worked tirelessly to deepen the integration of our Army, Navy, and Air Force. The establishment of Joint Task Forces across our theatres of operation stands as a testament to our commitment to a unified approach,” Musa said.

Gen. Musa lauded the role played by the media during his tenure, describing it as an invaluable ally of the military and a vital bridge between the front lines and the public—standing tall for the realities on the ground against the propaganda of the enemies, and carrying the stories of the troops’ courage, resilience, and sacrifice in the face of immense adversity.

“Emergence Of New Armed Groups Major Concern For Nigerians” – President Tinubu

Ayodele Oni

October 30, 2025

President Tinubu decorates new service chiefs

By Ayodele Oni

President Bola Tinubu has said Nigeria’s major concern is the emergence of new armed groups in the North-Central, North-West, and parts of the South, charging the new Service Chiefs to rise up to the challenge.

The president spoke on Thursday in Abuja while decorating the Service Chiefs with their new ranks.

Tinubu, who praised the armed forces about successes recorded in onslaught against banditry, charged that “As your Commander-in-Chief, I am entrusting you with a tremendous responsibility—one that you must approach with the highest standards of commitment and dedication.

“Today’s ceremony is beyond the symbolism of decoration. It marks the beginning of our renewed effort to ensure the peace and security of all Nigerians. Each of you has been carefully selected for this critical task.

“Security is an essential element without which everything else is rendered meaningless. There cannot be sufficient development if this fundamental aspect of human need is unmet. Our people and our nation must remain secure to enjoy the benefits of governance.

“The government’s foremost duty is to protect the citizens. Over the years, our military has remained steadfast in defending our nation’s territorial integrity, with many soldiers paying the ultimate price for their service.

” In dark times, when terrorists and armed marauders held significant portions of our land, our gallant armed forces rose to the challenge and reclaimed those occupied territories.

“We have restored peace to many areas previously under siege, rescued countless kidnapped citizens, and significantly diminished the capacity of the terror groups.

“I thank our armed forces for their patriotism, diligence, and dedication to their duty. As your Commander-in-Chief, I sincerely appreciate your sacrifices, as I have repeatedly acknowledged.

“However, challenges remain. Security threats are constantly evolving, constantly mutating. Of grave concern to our administration is the recent emergence of new armed groups in the North-Central, North-West, and parts of the South.

“We must not allow these new threats to fester. We must be decisive and proactive. Let us smash the new snakes right in the head.

“I charge you, as the heads of our nation’s armed forces, to carry out your duties with patriotic zeal. Nigerians expect results, not excuses.

“I charge you also to be innovative, pre-emptive, and courageous. Let’s stay ahead of those who seek to threaten our peace. Let us deploy technology where necessary. We cannot allow the crisis that began in 2009 to persist any longer.”

Atiku To Tinubu: “Reversal Of Clemency Act Of Shame Not Wisdom”

The Source

October 30, 2025

By Charles Igbo

Former Vice President Atiku Abubakar has dragged Predicted Bola Tinubu for reversing the clemency he granted a number of inmates.

Atiku, who was the Peoples Democratic Party’s Presidential Candidate expressed grave concern over the process that led to the earlier inclusion of some convicts on the list.

He demanded transparency from the Presidency.

In a statement made public by Phrank Shaibu, his Senior Special Assistant on Public Communications, Phrank Shaibu, Atiku dismissed the reversal of the clemency earlier granted some convicts as “an act of shame, not wisdom.”

The former Vice President was reacting, like not a few Nigerians, to the release of a reviewed list of inmates after President Tinubu revoked the presidential clemency he had earlier granted them.

In the new list, released on Wednesday by Tinubu’s spokesman, Bayo Onanuga, 140 inmates were affected.

In the earlier list, for example, Tinubu had granted full pardon to Maryam Sanda convicted to death by hanging for killing her husband, Bilyaminu Bello, in 2020. But in the reviewed list released on Wednesday, Tinubu reversed the full pardon, and commutted the death sentence to 12 years imprisonment. Having been awaiting the hangman’s noose for six years at the Kuje Medium Prisons, she will now serve six more years before embracing freedom.

But reacting to the many reversals and the decision that brought them about, Atiku questioned the process that led to the initial inclusion of many undeserving convicts on the list, and demanded transparency from the Presidency. The former Vice President said Nigerians were stuck with a “government that thinks after it acts.”

The statement reads:

“Once again, Nigerians have witnessed a government that doesn’t lead — it reacts. President Bola Tinubu has “cancelled” his own pardon for drug traffickers, kidnappers, and other hardened criminals, but only after Nigerians shouted loud enough to wake him from his moral slumber.

“Let’s be clear: this U-turn is not an act of wisdom, it’s an act of shame.

“If the public had kept quiet, would convicted drug lords and kidnappers be walking free today under the President’s blessing? Who thought it was a brilliant idea to reward crime and betray justice? Who signed off on such national embarrassment?

“These are the questions every Nigerian deserves answers to:

Who compiled the list of beneficiaries?

“What criteria justified freeing kidnappers and drug offenders?

Where was the Attorney-General when this absurdity was cooked up?

“And why does this government only “discover its conscience” after Nigerians express outrage?

“This pattern has become too familiar — announce the unthinkable, watch the country erupt, then hurriedly reverse course as if governance is a game of “trial and error.”

“A presidential pardon is not a social experiment. It is a sacred constitutional power meant to reflect justice, mercy, and national interest — not to reward impunity or test public patience.

“How can a government that pardons criminals lecture citizens about morality, order, or discipline? How can a Commander-in-Chief who nearly freed kidnappers claim to be fighting insecurity?”

He added that the entire episode exposes one bitter truth: “Nigeria is being governed without foresight, without empathy, and without shame.

“If the President truly means well, let him publish the list of all those who were meant to benefit from this scandal. Let Nigerians see the names, the crimes, and the hands that signed off on this reckless indulgence.

“Until then, this cancellation is nothing but damage control — too little, too late.”

Emir Of Kano, Sanusi, Commends Jonathan, Says Fmr. President Showed Leadership At Critical Times

The Source

October 30, 2025

Sanusi Lamido Sanusi and Goodluck Jonathan

By Gideon Njoku

The Emir of Kano, Muhammadu Sanusi II, has said that he is not a fan of President Goodluck Jonathan because the former President suspended him from office as the Governor of the Central Bank of Nigeria. But, said the outspoken Emir in a shared video, it does not stop him from commending the former President.

Emir Sanusi, who offered offered a balanced opinion on Jonathan’s actions as a President at critical periods in Nigeria’s economic history said of him:

“I’m not a fan of Jonathan. He suspended me because of my work, but you have to commend him.”

The Emir noted that there were, of course, moments of tension between him and Jonathan’s administration, especially, as it concerned transparency and fiscal policies, but he noted that the former President demonstrated admirable restraint and leadership when it mattered most.

For instance, said the .

Emir who cited the 2012 fuel subsidy controversy as a key example, Jonathan made a difficult compromise to prevent national unrest.

Sanusi: “He was determined to remove the subsidy, but he compromised to save Nigerian lives at a time when suicide bombings were rampant. That decision showed leadership and compassion.”

He pointed out that quite a number of the economic challenges Nigeria faces today could have been cushioned if the government had implemented, fully, subsidy reforms back then as pursued by Jonathan.

Sanusi maintained that despite his disagreements with Jonathan, the former President “deserves recognition for making tough choices in turbulent times.”

He added that “acknowledging good leadership, even from those one disagrees with, is essential for national growth and truthfulness in public discourse.”

Delta Targets N100b Security Trust Fund

Ayodele Oni

October 30, 2025

Governor Sheriff Oborevwori — Oborevwori

By Ayodele Oni

Delta state has set a target on N100 billion in the first phase of its drive to raise funds to support security agencies through trust fund.

The Director General of the Delta State Bureau for Orientation and Communications, Dr Fred Latimore Oghenesivbe, disclosed this in Asaba, at the Orientation Panorama Platform, a public enlightenment interactive programme on Delta Radio.

He explained that even though Delta State is safe and secured for investments, tourism and other socioeconomic activities, there is the need to enhance peace and security as encapsulated in the Renewed Hope for MORE Agenda of the state government.

Oghenesivbe commended Chief Government Ekpemukpolo aka Tompolo, and the management of Tantita Security Services Ltd, for donating N10 billion to the State Security Trust Fund, describing it as a clear demonstration of patriotism, and a well thought out Corporate Social Responsibility.

He said the N10 billion would go a long way to boost government efforts in enhancing peace and security in the state, while calling on other corporate citizens and wealthy individuals to emulate the generosity.

He noted that since the assumption of office, governor Sheriff Oborevwori, has been doing the needful to keep the state safe and secured, especially by procuring and distributing operational vehicles to security agencies, as well as assisting their operations with required logistics and other necessary support, adding that 0.5 percent of the State Internally Generated Revenue (IGR) is also allocated monthly to the Security Trust Fund.

Oghenesivbe stated that the law establishing the State Security Trust Fund was enacted in 2013, to provide the legal framework for a public-private partnership to enhance security in the state.

According to him, the law provides the foundation for a trust fund to raise and manage resources from various sources to support security agencies with equipment, lastest technology, strategic training, and provide facilities to combat crime and improve public safety in Delta State.

The Bureau Chief quoted governor Oborevwori as saying at the launching of the trust fund that the fund would focus on acquiring modern surveillance equipment, operational vehicles, and communication tools, as well as supporting the training and retraining of security personnel and community vigilante groups across the 25 local government areas of the state.

He commended the Commissioner of Police, Delta State Command, Olufemi Abaniwonda, and his special crack team for invaluable efforts and achievements in policing crime in the state

He noted that the Command made several arrests and recovered cache of sophisticated arms and ammunition from criminal elements, while also commending heads of other security agencies working round the clock on a daily basis to keep Delta safe and secured.

“The Oborevwori administration prioritize peace and security. Therefore, the initial target for the State Security Trust Fund is N100billion. It’s achievable, and all hands are on deck to ensure that government goals are achieved within a reasonable time.

“Chief Government Ekpemukpolo aka Tompolo, and the management of Tantita Security Services Ltd, deserves commendation for donating N10 billion to the State Security Trust Fund. Their patriotism and love for Delta cannot be overemphasized.

“This is clearly a remarkable display of uncommon corporate philanthropy, and solid public-private partnership. As a people and government we are very grateful to Chief Tompolo and Tantita.

“It’s important and very necessary for other corporate citizens and wealthy individuals to emulate the uncommon corporate social responsibility exhibited by Chief Tompolo and Tantita Security Services Ltd, because security is everybody’s business. Collectively, we can achieve the N100billion target.

“Our amiable working governor, Sheriff Oborevwori, is committed to the security of the state, and wellbeing of the people. Therefore, the need to upscale peace and security strategies cannot be overemphasized.”

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