Connect with us


BIG STORY

SEC Cautions Influencers, Celebrities Against Endorsing Unregistered Investment Platforms

Published

on

The Securities and Exchange Commission (SEC) has issued a stern warning to influencers, bloggers, and celebrities, urging them to stop promoting investment schemes that are not registered with the commission or risk facing legal action.

The warning comes in the wake of the newly enacted Investments and Securities Act 2025, recently signed into law by President Bola Tinubu. The law explicitly defines Ponzi schemes and authorizes the SEC to impose a minimum fine of N20 million and a 10-year prison sentence on those who promote such schemes.

Emomotimi Agama, the SEC’s Director-General, revealed that the commission is collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.

“The law now includes influencers and bloggers who publicize fraudulent investment platforms. They face clear consequences, including imprisonment. This is a formal warning for such individuals to cease promoting unregistered schemes,” Agama stated.

He referenced the case of CBEX, a digital investment platform that allegedly scammed Nigerians out of over N1.3 trillion by making false claims of international affiliations and promising unrealistically high returns.

“The SEC will shut down such operations and ensure the individuals behind them face full legal consequences,” Agama added.

According to him, the new law also places digital assets under the SEC’s regulatory scope for the first time. Virtual assets are now classified as securities, meaning Virtual Asset Service Providers and Digital Asset Exchanges must register with the commission and comply with its rules.

Agama stressed the importance of investor education in the SEC’s mission, noting the launch of a podcast series to educate Nigerians on the dangers of unregistered schemes. He also mentioned the introduction of capital market education in schools and universities.

The SEC advised the public to verify the registration of any investment scheme through official channels before investing. “If it sounds too good to be true, it most likely is,” he warned.

He also highlighted the SEC’s creation of specialized departments to monitor market activity, conduct onsite inspections, and detect early signs of fraudulent behavior.

Reaffirming the SEC’s commitment, Agama said, “Our goal is to protect investors and develop the capital market as a tool for wealth creation. The ISA 2025 marks a major step in strengthening investor protections and ensuring a stable financial market in Nigeria.”

Recall that the SEC had declared all unregistered investment and digital asset platforms illegal.

BIG STORY

JUST IN: Tinubu Asks Senate To Confirm New NUPRC, NMDPRA Chief Executives

Published

on

President Bola Tinubu has asked the Senate to confirm the nominations of new chief executives for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The request followed the resignation of Farouk Ahmed as the chief executive of the NMDPRA and Gbenga Komolafe, chief executive of the NUPRC.

Ahmed and Komolafe were appointed in 2021 by the late former Muhammadu Buhari to head the two regulatory agencies created under the Petroleum Industry Act (PIA).

In separate letters to the Senate, Tinubu nominated Oritsemeyiwa Amanorisewo Eyesan as chief executive of the NUPRC and Saidu Aliyu Mohammed as chief executive of the NMDPRA.

President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.

The two nominees are seasoned professionals in the oil and gas industry.

Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

Engineer Saidu Aliyu Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

Engineer Mohammed played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

Continue Reading

BIG STORY

BREAKING: NMDPRA Boss Farouk Ahmed, NUPRC CEO Gbenga Komolafe Resign As Tinubu Names New Oil Regulators

Published

on

President Bola Tinubu has asked the Senate to confirm new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission following the resignation of the current heads of the agencies.

The President’s request was contained in separate letters to the Senate on Wednesday.

Farouk Ahmed resigned as Chief Executive of the NMDPRA, while Gbenga Komolafe stepped down as Chief Executive of the NUPRC.

Both officials were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act.

This was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

More details later…

Continue Reading

BIG STORY

Alaafin To Install Seyi Tinubu As ‘Okanlomo of Yorubaland’ Saturday

Published

on

The Alaafin of Oyo, Oba Abimbola Owoade, is set to install Seyi, the son of President Bola Tinubu, as the “Okanlomo of Yorubaland” on Saturday.

The monarch on the same occasion will also install Senator Abdul’Aziz Yari representing Zamfara West as the “Obaloyin of Yorubaland”.

The chieftaincy installation of the duo was contained in a flyer that was obtained on social media platforms on Wednesday.

In the flyer, the monarch and his wife, Ayaba Abiwumi Owoade, invited the general public to the event and implored them to save the date, as it was scheduled to take place on Saturday, December 21, 2025.

“Okanlomo of Yorubaland” is a prestigious Yoruba title meaning “the one dear to the hearts of all Yoruba people” or “beloved child,” signifying deep affection and importance to the race.

Confirming the chieftaincy installation to our correspondent in a telephone conversation on Wednesday, the Alaafin’s media aide, Bode Durojaiye, said it is true and that the event will hold as planned.

He affirmed that the press statement for the said event would be made available to journalists any time soon.

“Yes, it is true. The Alaafin of Oyo wants to install Seyi Tinubu as the Okanlomo of Yorubaland and Senator Abdul’Aziz Yari as the Obaloyin of Yorubaland.

“The press statement on the said event would be made available today or anytime soon,” he said.

This was coming a few months after Alaafin’s counterpart, the Ooni of Ife, Oba Enitan Ogunwusi, bestowed the title of “Okanlomo of Oodua” on an Ibadan-born philanthropist and the Bada Olubadan designate, Dotun Sanusi.

This title sparked supremacy controversy between the two respected monarchs of Yorubaland, but was quelled by the region’s stakeholders.

Recently, the Ooni also conferred the First Lady, Remi Tinubu, with the prestigious chieftaincy title of Yeye Asiwaju Gbogbo Ile Oodua.

Arriving at the Ooni’s palace around 1 pm amid fanfare and heightened security, Mrs Tinubu was received by the monarch and his chiefs.

The installation ceremony, held at the Palace Square, coincided with celebrations marking Oba Ogunwusi’s 10th coronation anniversary.

The event drew a gathering of traditional rulers and dignitaries from across Yorubaland, including the Olu of Warri, Ogiame Atuwatse III; the Sultan of Sokoto; and the Soun of Ogbomoso, alongside cultural leaders and other notable personalities.

The title Yeye Asiwaju Gbogbo Ile Oodua carries historical significance, having been previously held by the late Hannah Idowu Dideolu Awolowo, wife of the revered statesman Chief Obafemi Awolowo.

The title Yeye Asiwaju Gbogbo Ile Oodua carries historical significance, having been previously held by the late Hannah Idowu Dideolu Awolowo, wife of the revered statesman Chief Obafemi Awolowo.

It is a recognition of leadership, influence, and contributions to society, particularly within the Yoruba cultural sphere.

Continue Reading


 

 


 

 

 

 

Join Us On Facebook

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117