News
CBN Gov, Others Risk Arrest over Alleged Financial Violations
House of Representatives may issue a bench warrant against Godwin Emiefele, governor of the Central Bank of Nigeria (CBN) and 53 other heads of government agencies for gross violation of the provisions of the Financial Regulatory council on rendition of audited account.
Godwin Emiefele, governor of CBN
This was contained in a report which also recommended past and present Chief Executive Officers of several government agencies and their Directors of Finance and Account should be handed to the Economic and Financial Crimes Commission (EFCC) for prosecution.
Non submission of audited account to the Office of the Auditor General of the Federation is considered an offence under the laws of the land.
Some others are to be sanctioned for delays in the submission of their audited accounts despite receiving money annually from the nation’s budget.
The 161- page report submitted to the House by its Committee on Public Accounts also listed all subsidiaries of the NNPC, including Kaduna Refining and Petrochemical Company, Pipeline and Products Marketing Company Limited, West Africa Gas Limited, Nigerian Gas Company, Warri Refining and Petrochemical Company, and National Petroleum Investment & Management Services (NAPIMS) as culpable.
Also included on the list are Federal Road Maintenance Agency (FERMA); Energy Commission of Nigeria (ECN); Revenue Mobilisation Allocation and Fiscal Commission (RMAFC); National Bureau of Statistics (NBS) and Niger Delta Power Holding Company (National Integrated Power Project).
The report also recommend that all accounting officers of the 54 government agencies that refused to appear before the House Committee to defend their positions should be issued warrant of arrest to compel their appearance within a week in line with Section 89 (d) of the 1999 Constitution of Nigeria (as amended).
The report was supposed to have been considered before the House embarked on its summer vacation but was stepped down along with others owing to controversy arising from the consideration of the Electoral Act amendment bill.
The report accused the management of Nigeria Maritime Administration and Safety Agency (NIMASA) of “recklessly and deliberately” refusing to render their audited accounts from 2005 – 2019) in violation of Section 85 (3) (b) of the 1999 Constitution and recommend that “all those in Office that were responsible should be disciplined and referral to the EFCC in line with Financial Regulation 3129 of 2009”.
Also to face the EFCC are all the Director-Generals and DFAs as well as the various External Auditors of the Nigeria Social Insurance Trust Fund (NSITF) from 2006 to 2019 for refusing to render the audited accounts for the last 13 years.
Also, Chief Executive Officer of Infrastructure Concession Regulatory Commission (ICRC); University of Calabar; Nigeria Communication Satellite (NigComSat); Federal University of Agriculture, Abeokuta (including the former Vice Chancellor); Federal Housing Authority, Federal Mortagage Bank of Nigeria among others are to face the EFCC for investigation and prosecution.
The report is the outcome of an investigation into the allegation of deliberate and reckless refusal by Non Treasury funded Ministries, Departments and Agencies (MDAs) to remit audited accounts covering 2014 – 2018 to the Auditor General for the Federation ordered by the House following a motion by the Deputy Chairman of Public Accounts Committee, Rep. Abdullahi Sa’ad Abdulkadir and 44 others.
The investigation was to identify the Chief Executive Officers of these agencies, whether in active service or retired, found to have violated the provisions of section 85(2)(3) and (4) of 1999 Nigeria Constitution and hold them liable for their actions.
It was to determine the procurement process of engagement of the External Auditors by these Non-Treasury Funded Agencies and whether they made up their professional ethics in turning in their reports for prompt remission to the Auditor General Office as at when due.
The report said over 300 MDAs were invited to appear before the committee, out of which about 54 refused to appear to defend their positions.
The report commended management of the National Examination Council (NECO), Raw Material Research and Development Council (RMRDC) and Nigeria Communication Commission (NCC) among others for rendering their audited account on schedule.
On the National Health Insurance Scheme, the report said “the NHIS has not rendered its audited accounts for past 13 years.”
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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