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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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Osun Police Launch Investigation into Alleged Student Shooting in Osogbo
Osun Police Launch Investigation into Alleged Student Shooting in Osogbo
The Osun State Police Command has commenced a thorough investigation into an alleged shooting and reckless pursuit involving a student and his family in Osogbo, the state capital. The probe follows public uproar after a viral video surfaced, coupled with a press statement from the National Association of Nigerian Students (NANS), Southwest Zone D.
In an official statement on Monday, Police Public Relations Officer Abiodun Ojelabi confirmed that the command’s attention was drawn to both the video and NANS’ press release dated February 22, 2026, which described the incident along the road connecting Itaolokan Junction to Oke Ayepe.
“The Osun State Police Command has commenced an immediate review of the incident. Preliminary findings are being gathered, including operational records and eyewitness accounts,” the statement read. Ojelabi added that the investigation is ongoing, and authorities are committed to uncovering the full circumstances surrounding the alleged shooting.
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The command revealed that Commissioner of Police Ibrahim Gotan, accompanied by the Deputy Commissioner of Police in charge of Operations and other senior officers, visited the victims at the hospital. Ojelabi said the victims are responding to treatment, and the police have taken responsibility for covering their medical bills.
Police emphasized that any unauthorised or reckless discharge of firearms will not be tolerated. “Officers found culpable will face appropriate disciplinary actions in line with police regulations,” Ojelabi said, stressing the command’s commitment to professionalism and accountability.
In addition to urging the public and student stakeholders to remain calm, the police called on anyone with verifiable information, video evidence, or eyewitness accounts to come forward and assist the investigation. “Justice will be sought based on facts and evidence,” the statement affirmed.
The incident has raised concerns among residents and student bodies, who demanded clarity and accountability regarding police conduct and the safety of students. The Osun State Police assured the public that the inquiry will be conducted transparently and with due diligence.
Osun Police Launch Investigation into Alleged Student Shooting in Osogbo
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Nigeria Allegedly Paid Boko Haram to Free Abducted Schoolchildren, Teachers – AFP Report
Nigeria Allegedly Paid Boko Haram to Free Abducted Schoolchildren, Teachers – AFP Report
An Agence France‑Presse (AFP) investigation has reported that the Nigerian government may have paid a large ransom to Boko Haram, an extremist group, in exchange for the release of more than 200 abducted schoolchildren and teachers, although government officials reject the claim.
According to multiple intelligence sources cited by AFP, the payment — described as **“huge” and potentially amounting to billions of naira — was delivered to Boko Haram commanders to secure the freedom of victims seized during a November 2025 abduction at St. Mary’s Catholic School, Papiri, in Niger State. The incident saw both pupils and school personnel taken hostage by militants in the country’s northwest.
The purported ransom is reported to total around N10 billion, with sources telling AFP that sums of money may have been passed to insurgents in Borno State, near the border with Cameroon. The funds were allegedly handed over to a Boko Haram commander known locally as Ali Ngulde, who then released the hostages.
AFP’s report claims that, in addition to the cash, two suspected Boko Haram commanders were freed in the course of negotiations, a move that would directly contradict Nigerian law, which forbids ransom payments to kidnappers or terrorists and stipulates penalties for those involved in such transactions.
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However, the Nigerian government has strongly denied that any ransom was paid. Officials — including representatives of the Department of State Services — insist that “government agents don’t pay ransoms,” and that negotiations were conducted without financial settlements.
The differing accounts have ignited debate over how hostage negotiations are handled in Nigeria’s ongoing fight against insurgent groups. Security analysts warn that paying ransom could provide financial incentives for further abductions and strengthen militant groups’ resources, potentially worsening the country’s long‑running security challenges.
Critics of ransom payments argue that rewarding kidnappers with money or prisoner exchanges may embolden criminal networks. Supporters of negotiated releases stress the humanitarian imperative to secure the safe return of innocent victims, particularly children and educators.
The alleged ransom payment, if confirmed, would mark one of the largest such claims involving a government and an extremist group in recent Nigerian history, underscoring the complex balance between security policy, legal constraints, and efforts to protect civilians amid ongoing insurgency and instability.
Nigeria Allegedly Paid Boko Haram to Free Abducted Schoolchildren, Teachers – AFP Report
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Ijebu Ruling House Appeals to Tinubu to Resolve Awujale Stool Deadlock
Ijebu Ruling House Appeals to Tinubu to Resolve Awujale Stool Deadlock
The Keregbetu family of Ijebu-Ode, alongside members of the Fusengbuwa Ruling House, has formally petitioned President Bola Tinubu to intervene in the prolonged stalemate over the selection of the next Awujale of Ijebuland, warning that the delay threatens peace, cultural heritage, and socio-economic stability in Ogun State.
The petition follows the suspension of the selection process by the Ogun State government, which cited numerous petitions from security agencies and other stakeholders. The Awujale stool has remained vacant since July 2025, following the death of Oba Sikiru Kayode Adetona, who reigned for 65 years.
At a nomination meeting last year, 95 aspirants — 94 princes and one princess — emerged from the Fusengbuwa Ruling House to contest the throne. However, the suspension of the process has prevented the kingmakers from completing their constitutional duty, generating anxiety across Ijebuland and creating uncertainty over the future of the ancient kingdom.
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In a statement, the head of the Keregbetu family, Adegboyega Olowu, urged President Tinubu to prevail on Governor Dapo Abiodun to lift the suspension and allow the selection process to resume without further delay. Olowu said the deadlock is “illegal and capable of causing a breakdown of law and order in the kingdom,” adding that one of the aspirants had begun presenting himself as Awujale-elect without completing the traditional procedures.
The family emphasised that the Awujale stool is a symbol of Ijebuland’s cultural heritage and a pillar of peace, unity, and socio-economic development. They warned that failure to resolve the impasse before the upcoming Ileya (Eid-el-Kabir) festival could negatively impact the Ojude Oba Festival, an internationally renowned cultural event that attracts both indigenes from the Diaspora and tourists worldwide.
Over 500 members of the Keregbetu family and Fusengbuwa Ruling House met on February 22, 2026, to deliberate on the issue and resolved to make what they described as a third urgent appeal to the president. They stressed that restoring the selection process will safeguard peace, preserve the integrity of the stool, and protect the kingdom’s rich cultural traditions.
Observers note that while the Ogun State Government has denied endorsing any aspirant and maintains that the suspension was meant to ensure proper review of petitions, the appeal highlights the urgent need for leadership intervention to prevent further tension in Ijebuland.
Supporters of the appeal say a swift resolution is essential not only for maintaining social harmony but also for sustaining the kingdom’s tourism and cultural economy, which thrives during annual festivals. The royal family called on all stakeholders to respect traditional norms and allow the kingmakers to carry out their duties lawfully, transparently, and fairly.
Ijebu Ruling House Appeals to Tinubu to Resolve Awujale Stool Deadlock
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