News
Senate Launches Investigation Into Ponzi Schemes
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.
News
Nigerian Law school student dies after falling from hostel rooftop
The deceased was a student of the Nigerian Law School, Enugu campus, who was undergoing externship programme at the Lagos campus.
•Faith Alayande
A Nigerian Law School student identified as Faith Alayande, is dead after she fell from the rooftop at Lagos campus.
In a statement on Monday, Aderonke Osho, secretary to the council and director of administration, said that the deceased was a student of the Nigerian Law School, Enugu campus, who was undergoing externship programme at the Lagos campus.
Osho said preliminary findings revealed that the student died from injuries sustained after falling from the rooftop of the campus hostel around 4am on Friday.
The Nigerian Law School is deeply saddened by this tragic development.
“Management is working closely with the appropriate authorities and the family to establish the circumstances surrounding the incident, ensure that all necessary procedures are duly followed, and provide further information as appropriate.”
News
Ekwulobia Suspends New Yam Festival for Kidnap Billionaire Son
A source from the community said the traditional ruler of Ekwulobia where Ezeokafor hails from, His Royal Majesty, Igwe (Engr) Emmanuel Chukwukadibia Onyeneke, officially suspended the Ekwulobia New Yam Festival, saying there was no need to celebrate while their son remained in captivity.
• Joseph Ezeokafor
Ekwulobia community in Aguata Local Government Area of Anambra State has cancelled its New Yam festival celebration billed for September 4, 2026.
Ohibaba.com learned that this is because of the kidnap of billionaire businessman and owner of Jezco Group of Companies, Chief Joseph Ezeokafor.
Ezeokafor was kidnapped in Awka on Tuesday last week when he stepped out of his house without his security details to attend to his spiritual need, where he goes to offer prays.
Public Relations Officer of Anambra State Police Command, SP Tochukwu Ikenga who confirmed the development said that serious operation is currently ongoing to save the elder statesman.
His kidnap has sent his community into mourning, causing the postponement of the new Yam festival, an annual festival which holds on a static date every year.
A source from the community said the traditional ruler of Ekwulobia where Ezeokafor hails from, His Royal Majesty, Igwe (Engr) Emmanuel Chukwukadibia Onyeneke, officially suspended the Ekwulobia New Yam Festival, saying there was no need to celebrate while their son remained in captivity.
“The Igwe said the community of Ekwulobia cannot celebrate while their son remains in the custody of the kidnappers,” the source said.
News
NLC disrupts Air Peace flight
The affected Air Peace flight, scheduled to depart Lagos at 6:30am, could not take off as passengers waited amid the disruption.
The Nigeria Labour Congress (NLC) on Tuesday disrupted flight operations in Lagos, leaving passengers scheduled to travel on an Air Peace flight stranded at the airport.
Our Reporter learned that the “protest was intended to enforce Air Peace employees right to join the union.”
Zulu terminal gate was under lock and key. The protest started at about 5am.
The affected Air Peace flight, scheduled to depart Lagos at 6:30am, could not take off as passengers waited amid the disruption.
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