CBEX: SEC threatens to jail celebrities promoting unregistered schemes - Newstrends
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CBEX: SEC threatens to jail celebrities promoting unregistered schemes

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CBEX: SEC threatens to jail celebrities promoting unregistered schemes

Influencers, bloggers, and celebrities have been warned by the Securities and Exchange Commission (SEC) against promoting unregistered investment schemes.

In a statement made available to the press on Sunday, the commission stated that those who promote such schemes risk legal consequences.

The warning comes following the enactment of the Investments and Securities Act 2025, signed into law by President Bola Tinubu.

Explicitly defining Ponzi schemes, the new law empowers the SEC to impose a minimum fine of N20 million and a jail term of 10 years on promoters of such schemes.

SEC’s Director-General, Emomotimi Agama, who spoke on the provisions of the new law, said the commission is collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.

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“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment.

“We are therefore using this medium to warn such persons to desist from promoting unregistered entities,” Agama stated.

He added that following the collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians of over N1.3 trillion, the SEC has intensified its crackdown on Ponzi operators.

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

 

CBEX: SEC threatens to jail celebrities promoting unregistered schemes

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Police rescue abducted Oyo headmaster after coordinated security operation

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Police rescue abducted Oyo headmaster after coordinated security operation
Mr. Matthew Kolawale Owoade

Police rescue abducted Oyo headmaster after coordinated security operation

The Oyo State Police Command has confirmed the release of Mathew Owoade, the abducted headmaster of Nomadic Basic School, Ogodu-Igbojaye, in Itesiwaju Local Government Area of Oyo State, following a coordinated security operation that mounted intense pressure on his abductors and compelled them to abandon him.

The 60-year-old educator and farmer regained his freedom on Monday evening, less than 48 hours after he was kidnapped by suspected gunmen along the Igbojaye–Budo Aare bush road, ending an ordeal that had sparked anxiety among residents, education stakeholders and the wider Oke Ogun community.

According to the Oyo State Police Command, the victim was rescued through a sustained joint operation involving police tactical teams and other security agencies, launched immediately after the incident was reported.

In a statement issued in Ibadan, the Police Public Relations Officer, DSP Olayinka Ayanlade, said the swift deployment of security personnel and relentless investigative efforts forced the kidnappers to abandon the victim.

The police stated that the operation formed part of ongoing efforts by security agencies to combat kidnapping and other violent crimes across Oyo State.

“Following the immediate deployment of a coordinated joint security operation and sustained investigative efforts by the Command, the intense operational pressure mounted on the abductors forced the hoodlums to abandon the victim, who regained his freedom on the evening of July 13, 2026,” the statement said.

Following his release, Owoade was taken to a medical facility for evaluation and treatment to ensure he was in stable condition after the traumatic experience.

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The command disclosed that investigators would formally debrief the headmaster after his medical assessment to obtain useful intelligence that could assist in identifying the kidnappers, tracking their movements and bringing all those involved in the crime to justice.

Police authorities stressed that investigations remain ongoing, with operatives already pursuing credible leads aimed at dismantling the criminal network responsible for the abduction.

The Commissioner of Police in Oyo State, CP Olugbenga Abimbola, commended the professionalism and collaboration demonstrated by security agencies, local vigilantes, hunters and members of the host community whose timely information contributed to the victim’s safe recovery.

He also appreciated residents for remaining calm and cooperating with security operatives throughout the rescue operation.

The police chief reaffirmed the Command’s commitment to protecting lives and property, assuring residents that no effort would be spared in ensuring that those responsible for the kidnapping are apprehended and prosecuted.

He further warned criminal elements operating within the state to desist from their activities or face the full weight of the law, stressing that Oyo State would not become a safe haven for kidnappers and other violent criminals.

The successful rescue comes just days after security agencies secured the release of dozens of pupils, teachers and caregivers abducted from schools in Oriire Local Government Area, reinforcing what security officials describe as improved intelligence sharing and inter-agency collaboration in tackling insecurity across the state.

Although the circumstances surrounding Owoade’s release have not been fully disclosed, security experts say the operation reflects the growing emphasis on intelligence-led policing and coordinated security responses to kidnapping cases in Oyo State.

Residents of Itesiwaju and neighbouring communities have welcomed the headmaster’s release, while renewing calls for increased security patrols along rural roads and farming settlements that have increasingly become targets for armed kidnappers.

The Police Command appealed to members of the public to remain vigilant and continue providing credible information that would assist security agencies in preventing crime and responding swiftly to security threats across the state.

Authorities assured residents that investigations would continue until every individual connected with the abduction is identified, arrested and prosecuted in accordance with the law.

Police rescue abducted Oyo headmaster after coordinated security operation

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‘Highest Degree of Human Wickedness’: Appeal Court Upholds Death Penalty for Hafsoh’s Killer

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‘Highest Degree of Human Wickedness’: Appeal Court Upholds Death Penalty for Hafsoh’s Killer

The Court of Appeal sitting in Ilorin has affirmed the death sentence imposed on self-acclaimed Islamic cleric, Abdulrahman Bello, for the gruesome murder of his lover, Hafsoh Yetunde Lawal, a 24-year-old final-year student of the Kwara State College of Education, Ilorin. In a unanimous judgment delivered on Thursday by a three-member panel led by Justice Gabriel Omoniyi Kolawole, the appellate court dismissed Bello’s appeal, holding that the prosecution proved beyond reasonable doubt that he murdered the victim and was unlawfully in possession of human parts. The court consequently upheld the judgment of the Kwara State High Court, which sentenced Bello to death by hanging and imposed an additional 10-year jail term for unlawful possession of human parts, with an option of a ₦100,000 fine. The ruling brings a significant step toward justice for Lawal, whose brutal murder on February 10, 2025, at the Olunlade area of Ilorin sparked widespread public outrage across Kwara State and beyond. The case exposed the dark underbelly of social media-facilitated crimes, as Bello had lured his victim through Facebook before killing and dismembering her body for ritual purposes.

Bello, who presented himself as an Islamic cleric, met Lawal on Facebook and lured her to his residence in the Olunlade area of Ilorin on February 10, 2025. What followed was a premeditated and cold-blooded act of violence that shocked the nation. Police investigations revealed that Bello killed Lawal and dismembered her body, removing her palms and other body parts for ritual purposes. The gruesome discovery sent shockwaves through the community, with residents calling for swift justice. When security operatives stormed Bello’s apartment, they recovered a chilling array of evidence, including two human palms and other body parts, a container of human blood, an axe and a cutlass, a table and a wooden box of black soap, a sack of charms, and a book relating to money-making charms. The recovered items formed the cornerstone of the prosecution’s case against Bello and his alleged accomplices.

The appellate judgment followed a July 2025 verdict of the Kwara State High Court, where Justice Hannah Ajayi sentenced Bello to death after finding him guilty of murdering and dismembering Lawal. Delivering the trial judgment, Justice Ajayi described the crime as “the highest degree of human wickedness,” saying it was a “premeditated and cold-blooded act.” She held that Bello’s claim that he loved the deceased and intended to marry her was merely an afterthought designed to deceive the court. The trial judge also ruled that Bello’s conduct after committing the crime and before his arrest suggested that it might not have been his first involvement in such an act. The judge noted that Bello did not show himself as a witness of truth, as his denials were all afterthoughts. Justice Ajayi further held that the video and written confessional statements obtained by operatives of the Department of State Services (DSS) and the police were lawfully admitted in evidence. She dismissed Bello’s allegation that he was tortured into making the confessions, ruling that the statements were voluntary and credible.

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Bello and four others were initially arraigned on charges bordering on conspiracy, murder, unlawful removal and possession of human parts and blood. Bello alone also faced a rape charge, of which he was eventually acquitted by the trial court. The five-count charge included conspiracy to murder, culpable homicide, dealing in human parts, and rape. While acquitting Bello of the rape charge, the trial court convicted him of murder and unlawful possession of human parts, sentencing him to death by hanging for the murder and imposing a 10-year prison term, with an option of a ₦100,000 fine, for the human parts offence. The court also discharged and acquitted the four other defendants — Ahmed Abdulwasiu, Suleiman Muhydeen, Jamiu Uthman and Abdulrahman Jamiu — after holding that the prosecution failed to establish their involvement in the offences.

At the appellate level, the prosecution was led by the Kwara State Attorney General and Commissioner for Justice, Senior Ibrahim Sulyman, alongside the Chief State Counsel, Issa Zakari, and Assistant Chief State Counsel, B.L. Abdulsalam. The appellate court held that there was no merit in the appeal and consequently affirmed both the conviction and the sentence imposed by the trial court. According to the appellate court, the trial court properly evaluated the evidence before it and rightly concluded that the prosecution established the offences beyond reasonable doubt. The court held that Bello still retains any further rights of appeal available to him under the Constitution and other applicable laws, including the Supreme Court of Nigeria.

Reacting to the judgment, the Kwara State Ministry of Justice described the decision as another significant milestone in the state’s criminal justice administration. “The judgment underscores the commitment of the Kwara State Ministry of Justice and the judiciary to ensuring that criminal cases are determined strictly in accordance with the law and the evidence presented before the courts,” the ministry stated in a release. “It also reaffirms the principle that persons found guilty of grave offences, after a fair trial, will be held accountable under the law.” The ministry further stated that the appellate court’s decision would strengthen public confidence in the justice system. “The affirmation of the conviction and sentence represents another milestone in the administration of criminal justice and reinforces public confidence in the rule of law and the appellate process.”

Reacting to the High Court judgment at the time, the Emir of Ilorin and Chairman of the Kwara State Traditional Rulers Council, Ibrahim Sulu-Gambari, described the killing as tragic and commended the judiciary for ensuring justice. “The gruesome murder of Hafsoh Yetunde Lawal was pathetic, unfortunate, regrettable and worrisome,” the monarch said in a statement issued by his Press Secretary, Abdulazeez Arowona. “The judgment has further brightened the hope and trust of the people in the judiciary and security agencies. May Almighty Allah repose the soul of the late Hafsoh Lawal and comfort her family members.” The monarch also urged parents and guardians to be vigilant and closely monitor the activities and movements of their children and wards to prevent a recurrence of such incidents. Earlier, immediately after the murder in February 2025, the Emir had directed Imams across the state to use their Friday sermons to preach against ritual killings and other inhuman acts, emphasising the need to uphold morality and dignity in society.

Justice Ajayi, in her trial judgment, used the opportunity to caution the public, especially young people, on the dangers of social media interactions. She noted that the victim might still have been alive had she informed her family or friends about her plans to visit someone she met on Facebook. The case has since become a cautionary tale about the risks of online relationships and the importance of exercising caution when interacting with strangers on social media platforms.

With the appeal court’s decision now affirming the death sentence, Bello’s legal options are limited. He may exercise his right to appeal further to the Supreme Court, Nigeria’s highest judicial authority. However, legal practitioners note that while death sentences may be pronounced by Nigerian courts, executions can only be carried out after the exhaustion of all available appeals and subject to applicable constitutional and legal procedures. Until then, Bello remains in custody, awaiting the final determination of his case as the nation watches to see whether the ultimate justice will be served for the brutal murder of Hafsoh Yetunde Lawal.

‘Highest Degree of Human Wickedness’: Appeal Court Upholds Death Penalty for Hafsoh’s Killer

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PFIPC Scandal: Fugitive DG Defies Tinubu, Insists on Independent Probe Before Surrender

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PFIPC Scandal: Fugitive DG Defies Tinubu, Insists on Independent Probe Before Surrender

PFIPC Scandal: Fugitive DG Defies Tinubu, Insists on Independent Probe Before Surrender

Adeniyi Adeyemi Matthew, the man at the centre of Nigeria’s biggest ghost agency scandal, has declared he will not surrender to authorities unless President Bola Tinubu sets up an independent panel to investigate the alleged ₦1.3 billion fraud. In a dramatic open letter dated July 13, 2026, the self-styled Director-General of the controversial Presidential Foreign Investment Promotion Council (PFIPC) rejected President Tinubu’s directive for the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to handle the probe. Adeyemi, who is facing an eight-count charge of forgery and impersonation, claims he fears for his life and argues that the government “cannot credibly investigate itself.”

The scandal has exposed severe weaknesses in Nigeria’s public service, revealing how a fictitious agency secured ₦1,302,978,784 in the 2026 Appropriation Act despite having no legal basis. Investigations show the PFIPC, also listed as the Presidential Economic Advisory Council (PEAC) , successfully secured office space within the Federal Secretariat in Abuja, opened multiple accounts with the Central Bank of Nigeria including a Treasury Single Account, domiciliary account, and pounds sterling account, and received approval for 314 staff positions from the Office of the Head of the Civil Service of the Federation. The council also obtained diplomatic recognition and engaged foreign missions, and received a budget of over ₦1.3 billion without undergoing mandatory legislative defence. The budget breakdown reportedly allocated ₦573 million for personnel salaries₦182.5 million for a proposed World Investment Summit, and ₦300 million for capital projects.

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In his open letter to President Tinubu, Adeyemi stated: “I write to you not as a fugitive evading accountability, but as a Nigerian citizen who maintains an unwavering belief in equity, justice, and the rule of law.” While commending the President’s ICPC directive as “a vital first step,” he argued that “true accountability cannot be achieved when the agency conducting the investigation answers directly to the branch of government within which the core allegations lie.” Adeyemi raised serious concerns about his safety, claiming he has received “verified, highly reliable intelligence” that he faces elimination if taken into custody. He pointed to the mysterious death of Dolapo Babatunde Tanimola, whom he described as “a central intermediary,” who reportedly died in a fire at Kachi Hotel in Abuja—a scene he claims was later demolished, “effectively erasing a vital physical crime scene.”

At the heart of the political storm are Adeyemi’s explosive allegations against President Tinubu’s Chief of Staff, Femi Gbajabiamila. Adeyemi claims he paid ₦400 million through intermediaries to secure his appointment, with part of the funds allegedly reaching Gbajabiamila. He further alleged that Gbajabiamila demanded 48 per cent of the agency’s take-off grant, estimated at ₦27.4 billion. The Presidency has exonerated Gbajabiamila, with police forensic analysis confirming the signature on Adeyemi’s disputed appointment letter was forged. Gbajabiamila is listed as a prosecution witness in the criminal case against Adeyemi.

The scandal has triggered widespread calls for accountability from opposition parties and civil society organisations. The Nigeria Democratic Congress (NDC) has demanded Gbajabiamila’s immediate removal to allow for an independent investigation, while BudgIT, a civic technology organisation, called the incident “a collapse of institutional safeguards” and demanded an independent probe into how the fictitious agency secured budget allocation. The NDC further questioned how an agency disowned by the Presidency could open multiple high-level financial accounts with the CBN. The Presidency has dismissed Adeyemi’s claims, with Special Adviser Temitope Ajayi accusing him of “exploiting public anger over corruption to evade criminal responsibility.”

President Tinubu has ordered the ICPC to investigate the PFIPC scandal, with a 30-day deadline to submit a comprehensive report. The investigation will examine forged appointment letters and official documents, the opening of multiple bank accounts using forged documents, the role of any public officials, private individuals, or financial institutions involved, and the systemic weaknesses that allowed the fictitious body to gain official legitimacy. Adeyemi is scheduled for arraignment before the Federal High Court in Abuja on Tuesday, July 14, 2026. He maintains he will cooperate fully with an independent, multi-stakeholder panel comprising civil society organisations, the Nigerian Bar Association (NBA) , independent media, international observers, and anti-corruption agencies.

PFIPC Scandal: Fugitive DG Defies Tinubu, Insists on Independent Probe Before Surrender

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