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Senate Launches Investigation Into Ponzi Schemes

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The Senate has mandated a joint committee to investigate the alarming rise of Ponzi schemes across the country, following the collapse of the Crypto Bullion Exchange (CBEX), which has reportedly defrauded investors of over ₦1.3 trillion.

The decision followed a motion sponsored by Senator Adetokunbo Abiru (Lagos East).

In a motion, the lawmaker expressed deep concern over the unchecked spread of fraudulent investment schemes, including the infamous MMM Nigeria (2016), MBA Forex (2020), and most recently CBEX, which lured millions of Nigerians with promises of high returns on digital assets.

Lawmakers in a debate warned that CBEX’s collapse had devastating financial and psychological consequences, pushing victims into depression, family breakdowns, and in some tragic cases, suicide.

The Senate expressed shock that CBEX operated unchecked for months despite its large-scale activities and online visibility, with no timely intervention from regulatory agencies such as the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU) or the Economic and Financial Crimes Commission (EFCC).

The joint committee is expected to hold a public hearing in the coming weeks and submit its findings within one month.

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Nigeria Consul-General in Cameroon, Ambassador Coker dies

The Ministry noted that before his appointment as Consul General in Buea, Ambassador Coker had served Nigeria meritoriously in the country’s Missions in Conakry, Guinea, and Shanghai, China.

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The Ministry of Foreign Affairs has announced the sudden death of Ambassador Taofik Obasanjo Coker, Nigeria’s Consul General in Buea, Republic of Cameroon.

In a statement issued on Wednesday by the Ministry’s Spokesperson, Kimiebi Imomotimi Ebienfa, Ambassador Coker died on Saturday, August 16, after a brief illness.

Ebienfa described the late envoy as a hardworking and dedicated career diplomat who served Nigeria with distinction and professionalism in different capacities.

“His untimely death, therefore, is a great loss to the diplomatic community and the nation at large,” the statement read.

The Ministry noted that before his appointment as Consul General in Buea, Ambassador Coker had served Nigeria meritoriously in the country’s Missions in Conakry, Guinea, and Shanghai, China.

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NITDA shuts down 13.5 million social media accounts for code violations

Highlights of the 2024 Compliance Report include: Registered complaints: 754,629, Content removed: 58,909,112, Content reuploaded after appeal: 420,439, Accounts shut down/deactivated: 13,597,057.

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The National Information Technology Development Agency (NITDA) on Wednesday shut down 13,597,057 social media accounts on platforms including TikTok, Facebook, Instagram, and X (formerly Twitter) for posting offensive content and breaching Nigeria’s Code of Practice for online platforms.

The Vanguard reports that the enforcement action followed the submission of the 2024 Compliance Report by major service providers such as Google, Microsoft, and TikTok.

Despite the shutdown, NITDA commended the platforms for their cooperation and adherence to Nigeria’s regulations, which were developed in collaboration with the Nigerian Communications Commission (NCC) and the National Broadcasting Commission (NBC).

Highlights of the 2024 Compliance Report include: Registered complaints: 754,629, Content removed: 58,909,112, Content reuploaded after appeal: 420,439, Accounts shut down/deactivated: 13,597,057.

NITDA said the figures demonstrate the platforms’ efforts to protect users and remove harmful content in line with national laws.

The agency reiterated that all online platforms operating in Nigeria must be locally registered, comply with tax requirements, and adhere to the Code of Practice.

NITDA added that it will continue working with industry stakeholders, civil society, and regulators to promote user safety, digital literacy, and transparency across Nigeria’s digital ecosystem.

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Tinubu commiserates with Ododo over father’s death

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President Bola Tinubu has expressed deep condolences to Kogi State Governor, Ahmed Ododo, following the death of his father, Alhaji Momohsani Ododo, on Monday, August 18, 2025.

In a statement by his spokesman, Bayo Onanuga, on Tuesday, the President extended his sympathies to the Ododo family, their friends, and the people of Kogi State during this period of grief.

In his message, Tinubu said, “My thoughts and prayers are with the bereaved, acknowledging the profound loss felt by the Ododo family and the broader Kogi community.”

Alhaji Momohsani, who passed away at 83 after the 2pm Muslim prayers, was described by the President as a revered community leader whose legacy lives on through the achievements of his children.

Tinubu urged Ododo, his family, and the entire Ododo clan to take solace in their patriarch’s life of service to God and the moral and religious values that guided him.

He prayed for the peaceful repose of the soul of the departed and God’s comfort for the bereaved family, friends, and associates.

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