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Buhari Reviews 16 Nigerian Navy Warships, Lauds Shipbuilding Efforts
President Muhammadu Buhari has inspected 16 ships belonging to the Nigerian Navy, as well as partnering naval ships from Ghana and Italy onboard the nation’s territorial waters as part of activities to mark the Nigerian Navy 2023 Presidential Fleet Review.
Buhari carried out this review of the Navy assets in Lagos on Monday, even as he commended the shipbuilding efforts of the Service at a grand occasion attended by Naval chiefs of several regional nations as well as some other international counterparts.
According to President Buhari, his administration observed an inextricable link between maritime security and economic prosperity, hence, vigorously engaged in the recapitalisation of the Nigerian Navy fleet throughout his tenure.
“We have acquired over 20 capital ships for the Nigerian Navy. These ships comprise; Offshore Patrol Vessels, Landing Ship Transport, Hydrographic Survey Vessels, Seaward Defence Boats and Helicopters as well as over 300 Inshore Patrol Vessels and Assault Craft.”
“During this Fleet Review, I had the honour to commission a new helicopter NN410 manufactured in Italy, NNS KADA, a Landing Ship Transport, built in Sharjah United Arab Emirates and NNS IBENO, donated by the Peoples Republic of China. I deeply appreciate the donation and mutual military cooperation with our ship building partner nations for their support, which has encouraged local ship building by the Nigerian Navy,” Buhari said.
Noting that piracy in country has reduced significantly over the past 7 years culminating to the delisting of Nigeria from the list of piracy prone countries by the International Maritime Bureau in March 2022, Buhari said the feat was attained as a result of enhanced security assets and the application of technology to secure the maritime domain.
“I will particularly commend the diligent arraignment and persecution of MT HEROIC IDUN, sequel to the detection and arrest for attempting to load crude oil, offshore Bonny in August 2022 without authorisation amongst others. This successful conviction further confirms the navy’s resolve to protect resources for economic prosperity,” he said.
Meanwhile, he expressed delight that the Nigerian Navy efforts in indigenous shipbuilding in line with the nation’s local content development plan is yielding positive result.
“Our naval engineers were wholly responsible for building 3 Seaward Defence Boats namely NNS ANDONI, NNS KARADUWA and NNS OJI. In December 2021, I equally performed keel laying foundation for the construction of 2 Seaward Defence Boats, which will be ready by 2024. At this rate, I have no doubt that the Nigerian Navy will soon commence construction of larger ships for itself and other navies in the region and beyond. This achievement is a great pride to Nigeria and an impressive contribution to national development,” Buhari posited.
In his welcome address at the Fleet Review themed: “Fleet Readiness for National Prosperity,” the Chief of Naval Staff, Vice Admiral Awwal Gambo, noted that the recapitalisation of the Naval fleet has enhanced the nation’s maritime security framework and repositioned it to effectively combat maritime crimes.
His words: “There is no better evidence to show than the record of drastic decline in piracy incidents in Nigerian waters as contained in the International Maritime Bureau Global Piracy Report of 14 July 2021. This culminated in delisting Nigeria from the International Maritime Bureau List of Piracy prone countries in March last year. These achievements are attributable to sustained presence of Nigerian Navy ships at sea, increased regional and international synergy as well as active maritime domain awareness.”
“To further bolster Nigerian Navy maritime security operations efforts, Mr President approved acquisition of additional vessels as well as several air assets. Currently under construction are 2 by 76m High Endurance Offshore Patrol Vessels in Turkey, 3 by 45m Fast Patrol Boats in France and 2 by Augusta Westland helicopters amongst others.”
According to Gambo, the 2023 Presidential Fleet Review is unique because it is organised in honour of a President who provided unprecedented support to the Nigerian Navy in terms of fleet recapitalization, infrastructural development and personnel welfare thereby boosting morale and fighting efficiency.
He opined that Nigerians can be proud of a well-equipped Navy courtesy of the unwavering commitment of President Buhari, while he appreciated the President for commissioning a Landing Ship Transport, an Inshore Patrol Craft and one Augusta Westland Grand New light utility helicopter.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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