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Ponzi schemes promoters in Nigeria now face 10 years jail
Ponzi schemes promoters in Nigeria now face 10 years jail
The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon conviction as prescribed by the provisions of the newly signed Investments and Securities Act 2025.
The SEC’s Director-General, Dr. Emomotimi Agama who stated this in Abuja, said the goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.
He explained that previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice.
However, under the new law, those convicted of operating Ponzi schemes face a jail term of 10 years or more. “With the new law, they now face a 10-year jail term and beyond,” he said.
He further explained that the Act stipulates a minimum fine of N10 million for anyone operating a Ponzi scheme in Nigeria.
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“So, N10 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator. It is just part of the penalties and or the sanctions that will be meted against such persons,” Agama explained.
The SEC Director-General also said that sanctions will include “disgorgement,” meaning that any profits or gains obtained from defrauding Nigerians will be recovered adding “It is not about the quantum of the fraud, it is about sanctions that would deter people from even getting into it”.
Also, Agama said the new ISA has also provided the SEC with the power to be able to obtain and request telephone conversations and all other conversations that are required to Prosecute Ponzi operators.
“We recognize that a lot of Nigerians have fallen prey to these sponsor schemes and the reason why that is the case is because there were no sanctions. You know enough to deter them from doing this so what this Act has done is to introduce measures for Ponzi scheme operators and intending Ponzi scheme operators not to be able to do this again against the wish and will of Nigerians.
“Protecting the investors in Nigeria is a cardinal responsibility of the SEC and this law has provided the SEC with stronger powers to be able to do that. This law has also been able to provide the SEC with the power to be able to search phones and get phone records for people who are interested in dealing with Nigerians or interested in duping Nigerians. We are able to get these records and quickly provide enforcement actions for the people that are involved so for us it is limitless,” he added.
Ponzi schemes promoters in Nigeria now face 10 years jail
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Emir of Ilorin Appoints Sheikh Muhammad Bashir Dasuki as New Chief Imam of Ilorin
Emir of Ilorin Appoints Sheikh Muhammad Bashir Dasuki as New Chief Imam of Ilorin
ILORIN – The Emir of Ilorin, His Royal Highness Alhaji (Dr.) Ibrahim Sulu-Gambari, CFR, has officially appointed Sheikh Muhammad Bashir Dasuki, the Imam Fulani of Ilorin, as the new Chief Imam of Ilorin.
The appointment followed a keenly contested selection process in which Sheikh Muhammad Bashir Dasuki emerged successful among prominent Islamic scholars considered for the revered position.
The new Chief Imam, 42, is a respected Islamic scholar with deep roots in Ilorin’s religious leadership. He is the grandson of the 8th Chief Imam of Ilorin, Sheikh Ibrahim Dasuki Imam Fulani Agaka, and the son of the 10th Chief Imam of Ilorin, Sheikh Maliki bn Dasuki Agaka.
Prior to his elevation, Sheikh Muhammad Bashir Dasuki served as the Imam Fulani of Ilorin and was actively involved in Islamic propagation and education. He is the founder and proprietor of Darul Bisharah Arabic and Islamic Studies, Airport, Egbejila, Ilorin, and led prayers at Afsat Oloriegbe Memorial Mosque, Oko Olowo, Ilorin.
He is also known for presenting the Al-Bisharah Islamic Foundation programme on Radio Kwara during Ramadan and serves as a lecturer at Darul Kitab College of Arabic and Islamic Studies, Gaa Akanbi, Ilorin.
Academically, Sheikh Dasuki holds a Bachelor of Arts degree in Islamic Shari’ah from Al-Azhar University, Cairo, Egypt, and a Diploma in Arabic Islamic Education from Ahmadu Bello University, Zaria. He is currently pursuing a Master’s degree in Islamic Studies at Al-Hikmah University, Ilorin.
In his remarks, the Emir of Ilorin prayed for the new Chief Imam, asking Allah to grant him wisdom, sound health, long life and success in leading the Muslim Ummah in Ilorin Emirate.
The appointment was announced in a statement signed by the Emir’s Personal Assistant, Dr. Abdulraheem Muritala. :::
Note: The headline should be “Emir of Ilorin Appoints Sheikh Muhammad Bashir Dasuki as New Chief Imam of Ilorin” rather than “Chief Imam Fulani of Ilorin,” if the appointment is indeed to the office of Chief Imam of Ilorin.
Emir of Ilorin Appoints Sheikh Muhammad Bashir Dasuki as New Chief Imam of Ilorin
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Bandits Attack Kogi School, Vice Principal, Two Others Killed
Bandits Attack Kogi School, Vice Principal, Two Others Killed
The Kogi State Police Command has confirmed that armed bandits invaded a secondary school in Kabba/Bunu Local Government Area of the state on Wednesday, killing a vice principal, a six-year-old child and another resident in a failed abduction attempt.
The attack occurred at Government Secondary School, Iluke Bunu, at about 10 a.m., when a large group of gunmen riding on about 40 motorcycles reportedly stormed the community and the school premises, triggering panic among students, teachers and residents.
In a statement issued by the Police Public Relations Officer, ASP Saliu Afusat, the Command said preliminary intelligence indicated that the attackers intended to abduct students and other members of the community.
According to the police, the Divisional Police Officer of Kabba ‘A’ Division swiftly mobilised a joint security team comprising personnel from the police division, the Police Mobile Force and other tactical units following distress calls from the area.
Military personnel and local vigilante operatives already deployed in the community also joined the operation, leading to a fierce gun battle with the attackers.
“The combined security operatives engaged the hoodlums in a fierce gun duel, forcing the criminals to flee into the surrounding bush,” the statement said.
The Command noted that investigations had not established any successful mass abduction of students or residents, adding that security agencies were continuing assessments to determine the full circumstances surrounding the incident.
Police, however, confirmed that three persons lost their lives during the attack. The victims were identified as Mr Ganiyu Anifowose, Vice Principal of UBE Secondary/Primary School, Iluke; Mr Sunday Jacob Alhassan, 70; and six-year-old Sunday Ayele.
The Command further disclosed that one of the attackers was neutralised during the exchange of gunfire, while a member of the joint security team sustained gunshot injuries and is receiving medical treatment.
The Commissioner of Police has ordered sustained bush-combing operations and confidence-building patrols across the affected area as security operatives intensify efforts to apprehend the fleeing suspects and prevent further attacks.
The police urged residents to remain calm and support ongoing operations by providing credible information that could assist in tracking down the perpetrators.
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DSS Raises Alarm Over Planned Mass Abduction of Schoolchildren in Edo
DSS Raises Alarm Over Planned Mass Abduction of Schoolchildren in Edo
The Department of State Services (DSS) has raised a security alert over an alleged plot by suspected bandits to carry out a mass abduction of schoolchildren in Edo State, prompting the state government to close vulnerable schools and strengthen security measures across affected communities.
According to intelligence reports obtained by the DSS, schools in the Edo North Senatorial District have been identified as potential targets for a planned kidnapping operation by criminal groups seeking to exploit students for ransom.
The security alert was contained in an internal memo issued by the Edo State Command of the DSS after operatives reportedly intercepted conversations between two suspected bandits identified as Bawa and Nuhu.
The suspects were said to have discussed changing tactics after previous attempts to kidnap wealthy individuals failed to generate the financial returns they expected. Intelligence gathered by the agency indicated that the criminals believed abducting schoolchildren could attract wider government attention and potentially result in larger ransom payments and other concessions.
The DSS further disclosed that on June 4, 2026, security operatives arrested a 25-year-old suspect, Emmanuel Momidu, who was allegedly conducting surveillance around Makeke Secondary School in Makeke Community, Akoko-Edo Local Government Area.
Investigators suspect the reconnaissance operation may have been linked to preparations for a possible attack on the school, heightening concerns about the safety of students and teachers in the area.
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In response to the threat, the Edo State Government ordered the immediate closure of three secondary schools considered vulnerable to attack. The affected institutions include Ososo Grammar School, Ososo Comprehensive High School, and Makeke Secondary School, all located in Akoko-Edo Local Government Area.
The decision was conveyed in a circular issued by the Edo State Ministry of Education, which cited credible security intelligence and the need to protect students, teachers and school personnel from potential danger.
Despite the temporary closure, authorities clarified that candidates participating in the ongoing West African Senior School Certificate Examination (WASSCE) would be allowed to sit for their examinations under enhanced security arrangements.
The DSS has advised security agencies to immediately reinforce protection around schools and educational facilities, especially in vulnerable communities across Edo North.
The agency also recommended the deployment of additional security personnel, increased surveillance operations and stronger collaboration among the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), the Edo State Security Corps, local vigilante groups and hunters.
Parents, guardians and school administrators have been urged to remain vigilant and promptly report suspicious movements or activities around schools and residential communities.
The latest alert comes amid growing concerns over school kidnappings in Nigeria, following recent incidents involving students and teachers in states such as Oyo and Borno, where dozens of victims remain in captivity.
Security experts have warned that educational institutions continue to be attractive targets for criminal gangs due to their perceived vulnerability and the publicity generated by attacks on schools.
Authorities insist that the latest measures are preventive and aimed at ensuring that criminal groups do not disrupt academic activities or endanger the lives of children.
As security agencies intensify intelligence gathering and patrol operations, residents have been assured that every effort is being made to prevent any attack and maintain safety across Edo State.
DSS Raises Alarm Over Planned Mass Abduction of Schoolchildren in Edo
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