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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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Ogun Govt Warns Public Against Fraudulent ₦20,000 Youth Empowerment Scam

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The Ogun State Government has issued a strong alert to residents over a circulating fraudulent social media message falsely claiming that Governor Dapo Abiodun is offering a ₦20,000 Youth Empowerment Cash Transfer through an online registration link.

In a statement issued by the Special Adviser to the Governor on Information and Strategy, Kayode Akinmade, the government described the message as “entirely false and fraudulent,” labelling it the handiwork of unscrupulous individuals attempting to defraud unsuspecting members of the public by exploiting the Governor’s name and image.

The government emphasised that no ₦20,000 cash transfer programme is currently being offered by the state. It clarified that the online link being circulated has no connection whatsoever with the Ogun State Government or the Office of the Governor.

Residents have been strongly advised to refrain from clicking the suspicious link, providing any personal or banking details, or forwarding the message to others, as doing so could expose them to financial fraud and identity theft.

“Members of the public should disregard the fake message completely and rely only on information released through the official communication channels for authentic announcements on government programmes and initiatives,” Akinmade said.

The statement further revealed that security agencies have been notified to track down and prosecute those behind the criminal impersonation.

The Ogun State Government reiterated its commitment to protecting residents from such fraudulent schemes and urged the public to remain vigilant against online scams designed to exploit innocent citizens.

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Kano Gov Yusuf Nominates Garo as Deputy Governor for 2027 Re-election

The Governor said that the decision followed Garo’s outstanding loyalty, commitment, and unwavering passion for the development of Kano State since assuming office as Deputy Governor.

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Kano State Governor, Alhaji Abba Kabir Yusuf, has officially announced the nomination of his deputy, His Excellency Murtala Sule Galadima Garo, as his running mate for the 2027 governorship election.

This was contained in a statement issued by the Governor’s spokesman, Sunusi Bature Dawakin Tofa, on Monday.

Governor Yusuf made the announcement during a strategic meeting with Federal Political Appointees of President Bola Ahmed Tinubu held at the Kano Governor’s Lodge in Abuja.

The Governor said that the decision followed Garo’s outstanding loyalty, commitment, and unwavering passion for the development of Kano State since assuming office as Deputy Governor.

He expressed satisfaction with the working relationship between them, noting that Garo had demonstrated competence, dedication, and a strong sense of responsibility in the discharge of his duties.

“I have no regrets for choosing Garo as my Deputy in the last few months, and he has proven to be the right choice so far. I want to confirm to you that I have every confidence in him,” Governor Yusuf declared.

The Governor also passed a vote of confidence on the Deputy Governor, describing him as a dependable partner whose contributions have strengthened the administration’s drive to deliver meaningful development across Kano State.

Governor Yusuf urged party leaders, political appointees, and supporters to remain united and committed as the administration continues to consolidate on its achievements while preparing for the 2027 general elections.

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Gbadebo Rhodes-Vivour loses mum

Rhodes-Vivour disclosed the development in a statement posted on his official X account on Monday.

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Nkechi Stella Rhodes-Vivour image credit: Instagram

The governorship candidate of the African Democratic Congress (ADC) in Lagos State, Gbadebo Rhodes-Vivour, has announced the death of his mother, Nkechi Stella Rhodes-Vivour.

Rhodes-Vivour disclosed the development in a statement posted on his official X account on Monday.

The statement, issued on behalf of the family by Olawale Rhodes-Vivour, described the deceased as a loving wife, devoted mother and grandmother.

” With sadness in our hearts and gratitude to God for a life well spent, we announce the call to glory of Nkechi Stella Rhodes-Vivour (née Waboso). A loving wife, devoted mother and grandmother. The epitome of love,” the statement read.

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