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Exchange Commission Partners Police To Tackle Illegal Scheme Operators, Crypto Fraudsters

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Exchange Commission

Exchange Commission Partners Police To Tackle Illegal Scheme Operators, Crypto Fraudsters

Exchange Commission partners police to tackle illegal scheme operators, crypto fraudsters. The Securities and Exchange Commission (SEC) and the Nigeria Police Force have forged an alliance against illegal scheme operators, investment frauds, and cryptocurrency frauds in a bid to protect the hard-earned savings and the financial dreams of the Nigerian people.

The director-general of the SEC, Dr Emomotimi Agama, stated this during a meeting with the Inspector General of Police, Kayode Egbetokun, held yesterday in Abuja.

Agama said the SEC, as the sentinel at the gate of Nigeria’s formal capital markets, had the mandate to protect investors, maintain fair, efficient, and transparent markets, and promote the growth of a vibrant economy built on trust, which is done by setting rules, licensing operators and market surveillance.

He, however, stated that the Commission faced adversaries who operate in the shadows, outside regulated gates by exploiting the trust of people and promising miraculous returns such as 200 per cent in 30 days.

“Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalised collaboration with the following pillars: Joint Intelligence and Operations Task Force: Capacity Building and Knowledge Transfer; Streamlined Processes for Enforcement and National Public Awareness Campaign,” he stated.

The SEC DG advocated, “the establishment of a dedicated SEC-NPF team that combines market intelligence, forensic accounting, and understanding of complex financial schemes with investigative and intelligence-gathering capabilities. This team will be the rapid-response unit to new frauds.”

Agama also sought the permission of the IGP to go into a Memorandum of Understanding with the Cyber Security Unit of the Police Force in a bid to ensure that cyberspace is safe for all Nigerians

In his response, the IGP Kayode Egbetokun assured the SEC team that the Nigerian police Force is ready to collaborate with the Commission, strengthen partnership in all the ways possible, and ensure that the Commission achieves its aims.

He said, “Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our supervision and support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make such an impact on your enforcement drive.

Exchange Commission Partners Police

Exchange Commission Partners Police

What you said speaks so much to your determination to ensure effective drive in the Capital market, and when we can achieve effective enforcement, it comes with so many benefits.

Egbetokun also congratulated the Commission on the recent achievement of the N100 trillion market capitalisation mark, adding that it will aid economic growth and development.

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Brazil Fines TikTok $30m Over Failure to Implement Child Safety

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TikTok Not A Social Media Platform, Official Reveals

Brazil Fines TikTok $30m Over Failure to Implement Child Safety

Brazil’s data protection agency on Tuesday fined TikTok nearly $30 million for failing to implement child safety measures in what it said was a “powerful signal” to social media companies.
Eereporter.com

Brazil has taken a tough stance on the regulation of social media platforms, cracking down on disinformation and requiring users under 16 years to have their accounts linked to those of their parents.

An enforcement director with the ANPD data protection agency, Fabricio Lopes, told a press conference that TikTok “was not taking the necessary measures to prevent adolescents from accessing the platform and from having the data of these children and adolescents processed.”

This data was “being used to offer advertising to adolescents.”

He said the fine of 153.7m reais ($29.9 million) was a “powerful signal to other platforms regarding how seriously the ANPD takes this work” and that the agency hoped they “get the message.”

TikTok agreed last week to pay $400m to settle a lawsuit with the US Department of Justice over claims that the video-sharing platform collected children’s personal data without parental permission.

– Tougher enforcement –
This month, the ANPD also ordered popular streaming platform Discord to suspend livestreams and video calls after a teenage girl was allegedly encouraged to take her own life during a broadcast.

The agency told AFP that an appeal filed by Discord on Monday against the suspension is under review.

ANPD director Lorena Coutinho said the agency had, last week, initiated proceedings to verify the compliance of 22 social media networks and platforms with a law passed this year to protect children and teens online.

In addition to the fine, the ANPD ordered TikTok parent company ByteDance to delete data collected in violation of regulations.

Coutinho said TikTok had committed to suspend all adverts for users who are not logged in.

TikTok has committed to “implementing a compliance plan to improve the protection of children and adolescents,” the ANPD said.

Brazil Fines TikTok

Brazil Fines TikTok

The platform will be required to automatically apply stricter privacy settings to accounts belonging to children under the age of 16, strengthen parental supervision systems, and implement stricter content filters.

TikTok did not immediately respond to requests for comment from AFP.

In 2024, the platform X was blocked for 40 days in Brazil, until the social media network owned by the world’s richest person, Elon Musk, complied with the Supreme Court’s orders to remove accounts spreading disinformation.
Eereporter.com

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EFCC Grills Raheem Abiodun Wasiu for Alleged $12,000 Fraud in Enugu

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EFCC Arraigns Gidado Ibrahim

EFCC Grills Raheem Abiodun Wasiu for Alleged $12,000 Fraud in Enugu

Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC have commenced investigations into the activities of one Raheem Abiodun Wasiu, an alleged serial fraudster, for an alleged case of fraud to the tune of $12,000 (Twelve Thousand United States Dollars).
Eereporter.com

Wasiu, 38, was arrested by operatives of the Nigeria Security and Civil Defence Corps, NSCDC, following a complaint by one Ezekulie Stanley Chukwuamuanya, a Bureau De Change operator who claimed that he was defrauded the sum of $5000 (Five Thousand United States Dollars) by the suspect.

In the course of investigation by operatives of the EFCC, it was discovered that the suspect rents different Toyota Hilux trucks, disguises as a wealthy contractor, moves with escorts and meets BDC operators in the south-east and allegedly tricks them into parting with their had earned money, by presenting fake alerts in Naira to them, after collecting their money.

According to Chukwumuanya, “I gave him the dollar and he counted it by himself. After confirmation, he then asked for my bank details. After giving him my account number, he mentioned my name that popped up on his bank application, I confirmed it. The next thing he told me was that it had gone through, which I waited for the alert to come, to no avail. Because of time, he asked me to go and that I will get it, that it could be network issues and I left because of his personality”. He alleged that soon after that, the suspect became incommunicado.

Another petitioner, based in Owerri, Imo State, one Chief Nwaoha Ubaferem equally alleged that Wasiu defrauded him of the sum of $7,000. He said, “the dollar on me was $2,600, then I called my office to bring additional $4,400 to me to complete it as he requested for $7,000. As we were waiting, he complained that he was running late and we decided to move to Royce Road from Port Harcourt Road where he finally collected the money from me, resumed transfer, called my name and informed me that the transfer had gone which I believed but continued to expect alert from him”.

EFCC Arraigns Gidado Ibrahim

EFCC

Further investigations revealed that the suspect has toured the South-east, and Akwa Ibom State, using the same pattern to allegedly defraud BDC operators.

Items recovered from the suspect include: A Hilux truck (Akwa Ibom KTR 379 AA), various bank ATM cards, different bank transfer tokens, digital National Identification Number slip with the name Sunday Abiodun, two complimentary cards with the name Engineer Abiodun, a designer bag (Emporio Amani), One iPhone 17 Promax, One Samsung phone, 4G internet pocket WIFI, One Patek Philip wrist watch, vehicle particulars, One gold bangle and a pair of shoes (Alexandra MC Queen).

The suspect will be charged to court as soon as investigations are concluded.
Eereporter.com

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EFCC Boss Orders Withdrawal of Charges Against Maryam Shehu, Abubakar Shuraim Abdulhamad

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Ola Olukoyede

EFCC Boss Orders Withdrawal of Charges Against Maryam Shehu, Abubakar Shuraim Abdulhamad

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has compassionately ordered the withdrawal of charges preferred against Maryam Isah Shehu and Abubakar Shuraim Abdulhamad, who were, on Thursday August 20, 2026 arraigned before Justice Joyce Abdulmalik of the Federal High Court, Abuja, for alleged cybercrime and peddling malicious information against the Commission.
Eereporter.com

While the Commission considered the arraignment of the two defendants for cyber stalking to be contrary to Section 24(2) (c) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (As Amended) 2024 and punishable under Section 24 (2) (c) (ii) of the same Act, the Executive Chairman, nonetheless, considered the passionate pleas and apologies of Shehu’s father and appeals of well-meaning Nigerians for leniency.

To this end, he has directed that charges filed against the two young Nigerians be dropped and warned that the EFCC would no longer tolerate any wilful attack on its image in any form, medium or platform.

Ola Olukoyede

Ola Olukoyede

The EFCC’s boss assured Nigerians that the Commission would continue to function in line with its assigned mandate and in the best interests of the nation.
Eereporter.com

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