Author: Damilola Olufemi

The Economic and Financial Crimes Commission (EFCC) has assured Nigerians that efforts are ongoing to recover funds lost to CryptoBank Exchange (CBEX), a now-collapsed digital investment platform accused of defrauding investors of approximately N1.3 trillion. Speaking on Channels Television’s The Morning Brief, EFCC spokesperson Dele Oyewale emphasized that the agency had previously warned the public about the risks of Ponzi schemes. “You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list—that shows that we’re proactive…

Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new ex-depot price is now set at N835 per litre, down from N865, representing a 3.5 per cent decrease. This adjustment follows a recent drop in global crude oil prices, which have fallen to $64 per barrel from over $70 in recent weeks. This marks the second price cut from the refinery, which had earlier reduced its gantry price from N880 to N865 per litre. However, oil marketers did not reflect that reduction in retail pump prices. On…

Despite numerous warnings from financial authorities and experts, Nigerians continue to fall prey to Ponzi schemes promising unrealistic returns. From the infamous MMM to the recent collapse of CBEX, here’s a look at some of the most notable scams that have drained billions from citizens over the past decade: 1. MMM Nigeria (2016)Arguably the most notorious Ponzi scheme in Nigerian history, MMM promised 30% returns within 30 days. It attracted millions of participants and collapsed in December 2016, leaving a trail of financial devastation. 2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)Riding on MMM’s…

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into the collapse of CryptoBank Exchange (CBEX), a digital investment platform accused of defrauding investors of up to ₦1.3 trillion (approximately $847 million). The platform, operated by a network of foreign nationals and Nigerian collaborators, reportedly crashed on Monday, locking thousands of users out of their accounts and demanding fresh deposits before access could be restored. Confirming the investigation, EFCC spokesperson Dele Oyewale said the commission had already been monitoring CBEX before its collapse. “We had our intelligence before the incident. We were already working on it, but…

Former Kaduna State governor, Nasir el-Rufai, has launched a scathing critique of President Bola Tinubu’s administration, describing it as the “worst and most corrupt” government in Nigeria’s history. Speaking in Katsina on Monday night during an interview with journalists, el-Rufai did not mince words, branding the current federal administration as the most deceitful and intolerant since Nigeria’s return to democracy in 1999. “This is the worst federal government in Nigerian history and all the indices have shown it,” el-Rufai stated. “This is the most corrupt and most intolerant government in Nigeria. This is the most lying government that depends on…

On Tuesday, April 15, 2025, Nigeria’s unofficial currency market continued to experience fluctuations in the value of the naira, largely influenced by a strong appetite for U.S. dollars and limited access through formal financial channels. Current Street Market Rates: These figures come from local exchange dealers and may shift slightly depending on the location and size of the transaction. For the most accurate and timely updates, sources such as Aboki Forex, Investors King, or the Central Bank of Nigeria provide useful benchmarks. What is the Dollar-Naira worth in Nigeria’s parallel market today? One of the most searched questions in Nigeria…

The National Bureau of Statistics on Tuesday announced Nigeria’s headline inflation rate edged up to 24.23 per cent in March 2025 while stating the increase in its consumer price index (CPI) for March. The new rate indicates an increased move from the 23.18 per cent reported in February. It also signals a return to levels (24.48 per cent) recorded at the beginning of the year following the CPI rebasing. “In March 2025, the Headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%,” the bureau said. “Looking at the movement, the March 2025 headline…

The House of Representatives has inaugurated a 21-member ad hoc committee to supervise the implementation of the state of emergency declared in Rivers State. Speaking during the inauguration on Tuesday, Speaker Tajudeen Abbas emphasized that the move reflects the House’s commitment to “transparent governance and the rule of law in our country.” President Bola Tinubu declared a state of emergency in Rivers on March 18, citing a political crisis. In the wake of the announcement, Governor Siminalayi Fubara, his deputy Ngozi Odu, and all members of the Rivers State Assembly were suspended for six months. The president appointed Ibok-Ete Ibas,…

The Federal Government has revealed that it is taking concrete steps to settle over N4 trillion owed to Power Generation Companies (GenCos) for electricity generated and fed into the national grid. Mr. Bola Tunji, Special Adviser on Strategic Communications and Media Relations to the Minister of Power, disclosed this during an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. Tunji was reacting to a public plea issued by the Association of Power Generation Companies (APGC), which had called for urgent intervention from the government and key stakeholders to clear the debt backlog, warning that the situation…

Tinubu stated that the country had more than 3.1 million hectares of irrigable land located around key river basins such as the Niger and Benue.