Uganda crypto founder forced to transfer $500,000 at gunpoint – Newstrends
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Uganda crypto founder forced to transfer $500,000 at gunpoint

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Uganda crypto founder forced to transfer $500,000 at gunpoint

The alarming trend of crypto-related abductions continues, with the latest victim being Festo Ivaibi, founder of the cryptocurrency education hub Mitroplus Labs.

Ivaibi was kidnapped at gunpoint on May 17 near his residence on Bunamwaya Road in Kampala, Uganda, and coerced into transferring $500,000 worth of cryptocurrency to his attackers.

According to an official statement from Mitroplus’s Afro Token Project on X, the kidnappers were armed, dressed in military uniforms, and falsely claimed to be security operatives of the Uganda People’s Defence Forces (UPDF).

The attackers allegedly forced Ivaibi to unlock his crypto wallets, initiating unauthorized transactions.

A portion of Afro Token, a meme coin linked to Mitroplus Labs, was also sold under duress, resulting in further financial losses.

“This is not just an attack on one person, it’s an attack on a growing vision,” the project stated, emphasizing the broader implications of crypto-targeted crimes. 

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Impact on Afro Token and Market Reaction

Afro Token, created on SunPump, a meme coin platform built on the Tron blockchain, saw a sharp decline in value following the attack.

Data from DEX Screener reveals that Afro Token’s market cap dropped by approximately 16.7% post-incident, standing at $1.6 million, significantly lower than its $7.3 million valuation in December 2024.

While some of the stolen crypto was reportedly transferred to Binance wallets, the specific cryptocurrencies involved in the attack remain unclear.

Crypto-Related Kidnappings on the Rise 

Mitroplus Labs alleges that this attack is part of a broader, coordinated pattern involving informants posing as crypto traders, rogue law enforcement officers, and two Chinese nationals.

The firm claims that at least 48 similar abduction attempts have been identified, yet many cases have been dismissed due to the influence of the perpetrators’ network.

These types of crimes, commonly referred to as “wrench attacks”, involve physical threats against crypto holders to force them into transferring digital assets. In recent months, such attacks have proliferated worldwide.

Uganda crypto founder forced to transfer $500,000 at gunpoint

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FRSC, NADDC, NRC, others to discuss sustainable transportation at 11th Nigeria Transport Lecture Thursday

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FRSC, NADDC, NRC, others to discuss sustainable transportation at 11th Nigeria Transport Lecture Thursday

The National Automotive Design and Development Council (NADDC), Federal Road Safety Corps (FRSC), the Nigerian Railway Corporation (NRC), Nigerian Shippers’ Council, among others, are expected to dissect and discuss sustainable transportation in Nigeria: Prospects and Challenges, the theme of the 11th Nigeria Transport Lecture (NTL).
The event billed to take place on Thursday, June 19, 2025, at Radisson Blu Hotel, Ikeja GRA, Lagos, is organized by Transport Day Media (www.transportday.com.ng), a monthly hard copy and daily online publication.
The discourse, which will involve industry players from both the public and private sectors, will x-ray sustainability, cutting across all modes of transportation in Nigeria.
According to the Editor of Transport Day Media, Mr. Frank Kintum, the topic is relevant in contemporary times because Nigeria cannot be left behind in the embrace of cleaner and sustainable transportation.
He said, “We cannot run away from the fact that we have to continuously discuss and take action on issues concerning sustainable transportation because it comes with a lot of benefits in terms of cost cutting, life style and general productivity”.
He added that the annual Transport Lecture which had held in Lagos and Abuja in the past, remains a platform for relevant stakeholders in the transport and logistics value chain to discuss and exchange ideas on key contemporary topics as they unfold.
Some lead paper presenters in past editions included MD, Lagos Metropolitan Area Transport Authority (LAMATA), 1st Edition, 2013; DG, Nigerian Maritime Administration and Safety Agency (NIMASA), 5th Edition, 2018; Former Federal Permanent Secretary, Dr. Anthonia Ekpa, 9th Edition, 2022, and Corps Marshal of the FRSC, 10th edition, 2024.

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CIIN Insurance Week to focus on securing Nigeria’s future

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CIIN Insurance Week to focus on securing Nigeria’s future

The Chartered Insurance Institute of Nigeria (CIIN) is set to hold its 2025 edition of the Insurance Awareness Week with the theme, “Insurance for All: Securing Nigeria’s Future”.

This, it said, aimed at deepening the public understanding of insurance and highlighting its critical role in personal, business and national security.

Running from June 28 to July 4, 2025, this week-long campaign is focused on creating nationwide awareness about the value of insurance, encouraging more Nigerians to embrace insurance coverage as a vital tool for financial protection, business continuity, and economic resilience.

The President, CIIN, Mrs. Yetunde Ilori, said, “The aim of this campaign is to break the myths, bridge the knowledge gap, and help Nigerians understand that insurance is not a luxury— it is a necessity.

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“With the right coverage, individuals, families, and businesses can protect themselves against unforeseen risks, ensuring a more secure and sustainable future.”

Programme highlights for the upcoming events have been listed as the Insurance Awareness Walk, to draw public attention to the importance of insurance in everyday life.

The opening ceremony will feature official launch with key stakeholders and policymakers discussing the role of insurance in national development and economic security.

There will also be awareness for secondary schools and MSMEs, market outreach, insurance hackathon, and a celebration of achievements from the awareness week, with awards, entertainment, and reflections on Nigeria’s journey toward greater insurance inclusion.

The Insurance Awareness Week 2025 reaffirms CIIN’s commitment to building a culture of insurance in Nigeria—one where citizens are empowered with knowledge and the right tools to secure their lives and livelihoods.

“Insurance gives peace of mind, and peace of mind is priceless. We invite every Nigerian to join us in this movement to secure our future—together,” the CIIN president added.

CIIN Insurance Week to focus on securing Nigeria’s future

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NAJA announces date for 2nd Nigeria Auto Industry Summit

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NAJA announces date for 2nd Nigeria Auto Industry Summit

…to focus on Nigeria first, local content development

 

The Nigeria Auto Journalists Association (NAJA) has announced that the second edition of the Nigeria Auto Industry Summit (NAISU) will hold on Thursday, July 31, 2025, at the Lagos Chamber of Commerce and Industry (LCCI) Conference Centre in Alausa, Ikeja, Lagos.

This year’s summit, themed “Nigeria First: Local Content as Catalyst for Automotive Economy”, will bring together key stakeholders in government, manufacturing, trade, among others to chart a forward-thinking path for the nation’s automotive industry.

Organised in partnership with the National Automotive Design and Development Council (NADDC), the Nigeria Association of Automotive Manufacturers (NAMA), and the African Association of Automobile Manufacturers (AAAM), the summit aims to deepen the national conversation around local content integration and the long-term viability of Nigeria’s automotive sector.

It will also dwell on the Federal Government recently launched Nigeria’s First initiative and the buying of the locally assembled automobiles.

The event will be declared open by the Honourable Minister of Industry, Trade and Investment, Jumoke Oduwole, while Joseph Oluwemimo Osanipin, Director-General of the NADDC, will be the Chief Host.

Commenting on the importance of the summit, Mike Ochonma, Chairman of the NAISU Planning Committee, said: “This year’s summit focuses on how local content can drive sustainable industrialization in Nigeria’s auto sector.

“We are bringing the right voices together—from regulators and customs officials to local manufacturers and traders—so that policies and actions can align.

“Local content is more than policy; it’s the foundation for job creation, skill transfer, and industrial sovereignty. NAISU 2025 will help unify efforts and challenges to go beyond imported solutions.”

Some of those expected to make presentations at the summit are Chief Anselm Ilekuba, Chairman, Association of Local Content Manufacturers (ALCMAN); Bashir Adewale Adeniyi, Comptroller-General, Nigeria Customs Service (NCS); Dr. Ifeanyi Chukwunonso Okeke, Director-General, Standards Organisation of Nigeria (SON); Hon. Ngozi Emechebe, President, Auto Spare Parts and Machinery Dealers Association (ASPAMDA).

Theodore Opara, Chairman of the Nigeria Auto Journalists Association (NAJA), the umbrella body for journalists covering the automotive sector in Nigeria, said, “As auto journalists, we understand the power of information in shaping national policy. NAISU is our contribution to a better-informed, locally driven auto economy.”

“The future of Nigeria’s auto sector lies in how we leverage our local resources, manpower, and innovation. NAISU offers a platform for strategic collaboration that reflects NAJA’s own mandate to build a resilient automotive ecosystem.”

“Local content is more than policy; it’s the foundation for job creation, skill transfer, and industrial sovereignty. NAISU 2025 will help unify efforts and challenges to go beyond imported solutions.”

The 2025 NAISU will feature keynote addresses, panel sessions, and networking engagements centred on how Nigeria can reduce dependency on imported components and increase domestic production capacity.

Issues slated for discussion include: Custom tariff frameworks and local assembly incentives; Supply chain localization and small-scale manufacturing; Technology transfer and skilled workforce development and Regulatory compliance and standard enforcement.

The Nigeria Auto Industry Summit is fast becoming the premier annual forum for strategic discourse on the automotive future of Africa’s largest economy.

For participation, partnership, or media inquiries, stakeholders are encouraged to contact the NAJA Secretariat or visit the association’s official communication channels.

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