News
EFCC Arrests 193 Foreigners, 599 Others over Alleged Crypto, Romance Fraud

Economic and Financial Crimes Commission (EFCC) has said that it has arrested 792 suspects in one operation over alleged a cryptocurrency investment fraud and romance scam.
Wilson Uwujaren, director, Public Affairs, EFCC, who briefed journalists at the commission’s office in Lagos ton Monday said, the foreigners arrested included 48 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian.
He said the suspects were arrested on December 10, 2024 at their seven-storey building hideout at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
Uwujaren said, “The breakthrough followed actionable intelligence and months of surveillance and monitoring the activities of the syndicate. Among the foreigners arrested are 148 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, one Indonesian”
“Investigation established that the foreign nationals use the facility at 7, Oyin Jolayemi Street, which could be mistaken for a corporate headquarters of a financial establishment to train their Nigerian accomplices on how to initiate romance and investment scams and also use the identities of Nigerians to perpetrate their criminal activities.”
“All the floors are equipped with high-end desktop computers. On the 5th floor alone, investigators recovered 500 SIM cards of local telcos that were bought for criminal purposes”.
“Their Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries”.
“They usually arm them with desktop computers and mobile devices and create fake profiles for them”.
“The Nigerian accomplices are equally provided with logs that allow them access to foreign communication lines and victims, which they chat with on WhatsApp, Instagram and Telegram”.
“They are also assigned WhatsApp accounts linked to foreign telephone numbers, especially from Germany and Italy”.
“Their jobs are to engage victims in romantic conversations and phantom business and investment discussions to trick them to shop on the purported online investment shopping platform called www.yooto.com. For those who show interest, activation fees for an account on the platform starts from $35USD”
“Investigation revealed that the criterion for recruiting these young Nigerians is proficiency in the use of computers, especially typing skill. Those who passed the test are given desktop computers and mobile devices and then taken through a two-week induction on how to personate foreign females in romance scam chats and convince victims to invest in their employers’ Cryptocurrency investment scam”.
“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims and proceed to block their Nigerian accomplices from the network. This would then leave them in the dark about the transaction”.
“Surprisingly, the Nigerians do not know the owners of the ‘company’ they work for, as they neither get letters of appointments nor receive payment from a corporate account. Investigation revealed that they are paid either in cash or through an individual’s account”
“Further investigation is ongoing to establish the extent of the scam and the accomplices, including the likelihood of any collaboration with organized international fraud cells”
“The Commission is working closely with its foreign partners in this regard. Items recovered from the suspects include desktop computers, mobile phones, laptop computers, and cars”
“The suspects have made statements, while their systems have also been screened. They are currently being held with a valid remand warrant and will be arraigned in court in the coming days”
“What is, however, clear from this arrest is that the notion that Nigerians are behind the tonnes of frauds emanating from our country is not correct. Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises”.
“But, as this operation has shown, there will be no hiding places for criminals in Nigeria”.
News
SEC Urges State Governments to Explore Investment Opportunities in Capital Market

As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.
Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja.
He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”
He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.
Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.
News
Meta to Begin Layoffs Across All Operations from Today

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.
Notifications will begin at 5 a.m. local time in most countries, including the United States.
However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.
Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.
The layoffs are expected to affect approximately 5% of Meta’s workforce.
They will target the company’s lowest performers in what is termed “performance terminations.”
This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.
Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.
The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.
Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.
The company has declined to comment further on the internal memos detailing these plans
News
NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.
A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.
It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.
The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.
“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.
”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.
Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.
“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.
The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.
This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.
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