A company’s Corporate Affairs Commission (CAC) certificate does not give it the right to collect or manage people’s money. That was the strong warning from Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), as Nigeria battles a surge in Ponzi schemes disguised as legal businesses. “Being registered by CAC doesn’t mean you’re …
As Ponzi schemes evolve in Nigeria, many are no longer led by faceless scammers. Instead, they now wear the familiar faces of celebrities, social media influencers, and online content creators. From actors to comedians and even musicians, these public figures are lending legitimacy to illegal investment platforms, often unknowingly, but sometimes for a fee. When …
The Securities and Exchange Commission (SEC) has declared the rising wave of Ponzi schemes in Nigeria a national emergency, warning that the proliferation of unregulated investment platforms is not only wiping out life savings but threatening the country’s economic and social stability. “Ponzi schemes have become a dangerous epidemic,” says Dr Emomotimi Agama, Director-General of …
The federal government has issued over 3.5 million passports in less than two years while saving more than ₦1 billion annually through strategic reforms in the passport issuance system. Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this on Tuesday during the commissioning of a new passport front office in Abuja. He said the reforms align …
By Esther Ososanya Nigeria’s President Bola Ahmed Tinubu has assured Nigerians that savings from the removal of fuel subsidies will be used transparently to fund infrastructure, social welfare, and economic reforms. Speaking at the 2025 National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu reaffirmed his commitment to responsible fiscal leadership. Represented by …
By Esther Ososanya U.S. President Donald J. Trump has signed a sweeping executive order extending the deadline for his proposed reciprocal tariff regime to August 1, 2025, giving over a dozen nations a narrow window to renegotiate trade deals or face tariffs ranging from 25% to 40% on select goods entering the U.S. The executive …
By Esther Ososanya In a decisive move toward building a truly unified African financial market, the Kingdom of Morocco has joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to formally integrate into the pioneering platform. With Bank Al-Maghrib, the Moroccan central bank, officially signing the PAPSS membership agreement, the development marks …
By Esther Ososanya The Central Bank of Nigeria (CBN) has clarified that Bank Verification Number (BVN) registration remains free for all Nigerians residing in the country, amid widespread concerns over alleged new charges. Reacting to viral reports suggesting a hike in BVN-related fees, the bank on Friday confirmed that the $50 charge applies only to …
By Esther Ososanya With just hours to go before the July 9 deadline for sweeping tariff hikes, the United States has signalled that several trade announcements are imminent, sending global markets and foreign governments into a frenzy. U.S. Treasury Secretary Scott Bessent said on Monday that countries around the world have rushed in last-minute offers …
By Sunday Michael Ogwu Nigeria is witnessing a sustained and troubling return to cash dominance, with recent data from the Central Bank of Nigeria (CBN) revealing that currency outside the banking system hit ₦4.63 trillion in May 2025, continuing a steady rise that has defined the past two years. The data shows that currency in …
