Crime
EFCC Charges Nigerians To Shun Ponzi Schemes
EFCC Charges Nigerians To Shun Ponzi Schemes
EFCC charges Nigerians to shun Ponzi schemes. In line with the prevention mandate of the Economic and Financial Crimes Commission, EFCC and its commitment to sensitize and enlighten Nigerians on the negative impact of Ponzi schemes on the economy, the Acting Zonal Director, EFCC, Enugu Zonal Directorate, Assistant Commander of the EFCC, ACE I Aisha Abubakar has charged Nigerians to shun Ponzi schemes, as they have destroyed lives, eroded trust and undermined national development.
Abubakar gave this charge on Friday, May 9, 2025 during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.
Speaking on the topic, “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi scheme-The Role of Law Enforcement in Prevention and Disruption”, Abubakar said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.
She said that the get-rich-quick syndrome is a mindset characterized by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes.
They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.
While citing the causes of get-rich-quick syndromes among the youths, Abubakar said that greed, financial illiteracy, peer pressure, social pressure, digital and technological exposure, drugs, disappearance of cherished family and societal values, extravagant lifestyle, depression, unproductive lodging in hotels, impatience, frustration with traditional systems and psychological factors are some of the things that cause many to fall prey to schemes “even when they suspect it’s too good to be true”.
“Notable examples in Nigeria include, MMM Nigeria, MBA Forex, Chinmark Group and CBEX. In April 2025, Nigeria witnessed one of its most devastating financial scams with the collapse of CBEX, a digital asset trading platform that operated as a Ponzi scheme. It promised investors a 100% return on investment within 30 days, leveraging on the allure of cryptocurrency trading and artificial intelligence-driven strategies”, she said.
Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others. She said that cybercrimes, which she identified as an activity of get-rich-quick syndrome, have adverse effects on the country’s economy.
EFCC
She lamented that cybercrime has earned the nation a bad reputation in the global world, thereby reducing foreign investments in Nigeria, which has affected in totality, the growth of our economy. She said that the reputational damage affects even individuals in Nigeria, as the global world has no confidence in Nigerians, within and outside the borders of the country.
“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business. A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks.
I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.
She thereafter discussed the roles the Commission has played in the prevention and disruption of these schemes.
“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme.
We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.
The Retreat, themed “Developing Leadership for a New Paradigm”, had in attendance, One hundred and forty (140) NSCDC top management staff, drawn from across the agency’s formations in Enugu State.
Navy Uncovers 182,000 Litres of Suspected Stolen Crude Oil in Rivers Community
The Nigerian Navy has uncovered approximately 182,000 litres of substance suspected to be stolen crude oil in Bethel Creeks, Rivers State, in another major disruption of illicit crude oil storage and transfer activities within the area.
Eereporter.com
The discovery was made by FOB BONNY on 22 September 2026 during a follow-up operation based on actionable information concerning suspicious activities around the creeks. The operation uncovered 8 dugout pits, 5 of which contained the suspected stolen crude oil, while 3 were empty. Hoses associated with the movement of crude oil were also discovered and subsequently handled in accordance with established procedures.
The latest discovery comes barely two weeks after FOB BONNY uncovered approximately 87,000 litres of suspected stolen crude oil at 4 newly activated illegal refining sites around Aworkiri on 8 September 2026. The earlier operation also exposed 19 dugout pits and associated infrastructure, indicating attempts to establish facilities for the storage and handling of stolen crude oil.
The successive discoveries highlight the Nigerian Navy’s expanding focus on denying criminal operators the storage and transfer infrastructure required to sustain crude oil theft, rather than allowing illicit activities to become re-established after previous disruptions.
Navy
The latest operation further constrains the availability of crude oil and supporting infrastructure for illegal exploitation within the area.
ABIODUN FOLORUNSHO
Navy Captain Director Naval Information Nigerian Navy
Eereporter.com
UniCal Suspends Nine Students for One Academic Session Over Examination Misconduct
The Senate of the University of Calabar has suspended nine students for one academic session over their involvement in examination misconduct.
Eereporter.com
According to a statement by the university’s Public Relations Unit, made available to newsmen in Calabar on Monday, the suspension was conveyed to the affected students in letters signed by the Registrar, Dr Chukwuka Icha.
The action, the university said, followed the approval of the Senate based on recommendations by its Examination Misconduct Committee.
“The affected students have been suspended for the 2026/2027 academic session and are expected to resume their studies in the 2027/2028 academic session.
UniCal
“Five of the affected students are from the Department of Theatre and Media Studies, Faculty of Arts.
The university directed the Acting Chief Security Officer, deans, heads of departments and other relevant units to take note of the suspension and ensure full compliance with the directive.
Eereporter.com
Nigerian Police Arrest Suspect Over ₦3m Kidnap-and-kill Threat in Oyo
The Oyo State Police Command has arrested a suspect in connection with a kidnap-and-kill threat made against a 50-year-old resident of Seni Salla Village, Saki, and members of his family.
Eereporter.com
The Command said the arrest followed a report received by the police and a subsequent intelligence-led intervention.
This was contained in a statement signed by the Police Public Relations Officer, DSP Ayanlade Olayinka, and issued on Monday.
According to the statement, the case was brought to the attention of the police on September 19, 2026, at about 6:20pm when the complainant, Metu Jilani, reported that he had received threatening telephone calls from unknown persons on September 13.
“According to him, the callers claimed that they had been contracted to kidnap and kill him and his family, while warning that any attempt to flee would result in the abduction of his younger brother,” the statement said.
The police said that after establishing the nature of the threat, the callers proceeded to make a financial demand.
“To facilitate the payment, they provided him with an account belonging to a Point-of-Sale operator, one Muhydeen Salihu of Gwasoro Village, via Kosubosu, Baruten Local Government Area of Kwara State, and directed him to pay the sum of ₦3 million into the account,” the statement said.
According to the Command, the complainant transferred ₦100,000 into the designated account instead of the full amount demanded.
“The transaction subsequently provided an investigative lead, as attention was focused on the persons who would attempt to access the money and their possible connection to the threats,” it said.
“While attempting to collect the funds, Abdullahi was apprehended, whereas Liman escaped from the scene,” the statement said.
The Command said that following the arrest, the suspect was attacked by an angry mob before police operatives intervened.
“Following the arrest, the suspect was attacked by an angry mob before Police operatives intervened and took him to the Hospital, for medical attention,” the statement said.
“He is currently on admission, while concerted efforts are ongoing to apprehend his fleeing accomplice and determine the full circumstances surrounding the threat, including the identities and roles of other persons who may be connected with the case,” it added.
The Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, psc, mnips, has directed a thorough investigation into the matter and ordered sustained efforts to apprehend all persons found to be connected with the offence, according to the statement.
Police
The Command further urged members of the public to promptly report threats, suspicious movements and other actionable information to the police.
“Timely reporting remains critical to enabling effective intervention and preventing criminal activities,” the statement concluded.
Eereporter.com
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