General News
EFCC Tells Nigerians to Shun Ponzi Schemes Like CBEX, Others

Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development.

Aisha Abubakar, acting zonal director, Enugu Zonal Directorate and assistant commander of the EFCC, gave this charge during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.
Speaking on the topic, “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi scheme-The Role of Law Enforcement in Prevention and Disruption”, Abubakar said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.
She said that the get-rich-quick syndrome is a mindset characterized by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.
While citing the causes of get-rich-quick syndromes among the youths, Abubakar said that greed, financial illiteracy, peer pressure, social pressure, digital and technological exposure, drugs, disappearance of cherished family and societal values, extravagant lifestyle, depression, unproductive lodging in hotels, impatience, frustration with traditional systems and psychological factors are some of the things that cause many to fall prey to schemes “even when they suspect it’s too good to be true”.
“Notable examples in Nigeria include, MMM Nigeria, MBA Forex, Chinmark Group and CBEX. In April 2025, Nigeria witnessed one of its most devastating financial scams with the collapse of CBEX, a digital asset trading platform that operated as a Ponzi scheme. It promised investors a 100% return on investment within 30 days, leveraging on the allure of cryptocurrency trading and artificial intelligence-driven strategies”, she said.
Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others.
She said that cybercrimes, which she identified as an activity of get-rich-quick syndrome, have adverse effects on the country’s economy. She lamented that cybercrime has earned the nation a bad reputation in the global world, thereby reducing foreign investments in Nigeria, which has affected in totality, the growth of our economy.
She said that the reputational damage affects even individuals in Nigeria, as the global world has no confidence in Nigerians, within and outside the borders of the country.
“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business. A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks. I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.
She thereafter discussed the roles the Commission has played in the prevention and disruption of these schemes.
“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme. We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.
General News
CAC Lists 15 Unregistered Firms Operating in Nigeria

Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.

In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.
“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.
According to the notice, the following are the entities not registered with the CAC:
Famas Services Nigeria Limited (RC: 216312)
Promo Dutch Investment Limited (RC: 396654)
Dialack Concept Nig. Ltd (RC: 297772)
Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)
M/S Loktu Enterprises (BN: 373466)
Loktu Enterprises (BN: 400390)
Badatoyak Ltd (RC: 521322)
Johson Nats Limited (RC: 198492)
Peoples Club Nigeria International (CAC/IT/41191)
Jiba Enterprise (BN: 577523)
Civil Engineering Solutions Nigeria Limited (RC: 33001)
Gabdoff Hotel Ltd (RC: 112409)
Amoka Group (BN: 545221)
BEEC Nigeria Limited (RC: 30143)
- Adetunji (BN: 657466)
Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.
The commission urged Nigerians to always confirm the status of any company or business name through its official portal.
General News
IHS Nigeria Leads Gender Based Violence Awareness Walk, Reaffirms Zero Tolerance with Advocacy Seminar

Demonstrating unwavering commitment to a safe and dignified workplace, IHS Nigeria held an awareness walk followed by a high-impact seminar as part of activities to commemorate the global 16 days of activism to End Gender-Based Violence against women and girls.

The initiative underscored the organisation’s ongoing efforts to sensitize the community, educate employees, strengthen internal safeguards, and reinforce its zero-tolerance policy for all forms of harassment and abuse.
After the walk along Adeola Odeku and Idejo Streets on Victoria Island, employees convened for a seminar at the IHS Nigeria corporate head office, where Bukola Konkwo, Associate Director, Operations Excellence IHS Nigeria and one of the leaders of the Women in IHS Network (WIIN), reiterated the organisation’s position on gender-based violence in her opening remarks:
“Violence does not discriminate, and neither should our compassion. At IHS Nigeria, boldness is not just a value on paper, it is a call to action. We are intentional about ensuring every employee feels safe, respected, and empowered.”
The seminar featured two leading voices in Gender Based Violence advocacy. Titiola Vivour Adeniyi, the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency and Nwanne Okafor, Victimologist and Gender Based Violence Advocate. Speaking during the seminar, Titilope stressed the urgency of prevention and education:
“Gender-based violence is not a special-class problem. Anybody can be a victim. Our responsibility is to know the signs, protect one another, and intervene early. When we know better, we do better.”
She also encouraged organisations to prioritise consent education, confidential reporting, and background checks, practices IHS Nigeria has already integrated through its Safe Zone Committee, a confidential support system for staff.
Nwanne Okafor, also spoke on the role of colleagues in recognizing and responding to abuse in the workplace:
“Many victims don’t need you to fix their situation, they need your support, your sensitivity, and your discretion. Speak up when necessary. Silence gives violence permission.”
Her session included real-life cases that underscored how abuse affects workplace productivity, mental health, and safety.
The awareness walk, saw both male and female staff members from across various departments marching in solidarity with survivors and advocates worldwide and served as a public declaration of IHS Nigeria’s commitment to building a culture rooted in respect, safety, and accountability.
Reinforcing IHS Nigeria’s stand, during her closing remarks, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, captured the spirit of the event:
“This conversation doesn’t end today. Now that we know better, we must all do better, by advocating, supporting, and actively contributing to a workplace free of violence in any form.”
IHS Nigeria continues to strengthen its internal systems, policy frameworks, training programs, safe reporting channels, and continuous awareness sessions, to ensure that every employee is protected and empowered. The organisation reaffirms its zero-tolerance policy for any form of harassment, abuse, or violence, and remains committed to leading the corporate sector in progressive, people-centered safety standards.
General News
Nigeria’s GDP Rises to 3.98% in Q3 2025, Driven by Agriculture, ICT, and Finance

Nigeria’s economy expanded by $3.98$ per cent in the third quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

GDP
This growth rate marks a slight improvement from the $3.86$ per cent recorded in the same period of 2024.The report highlights a mixed but generally positive recovery across key sectors. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024.
The Services sector remained the largest contributor to overall output at $53.02$ per cent, followed by Agriculture at $31.21$ per cent. Key growth drivers included crop production, telecommunications, real estate, trade, and financial services.
The non-oil sector continued to be the main engine of the economy, expanding by $3.91$ per cent. This strong performance outpaced both Q3 2024 ($3.79$ per cent) and Q2 2025 ($3.64$ per cent). Agriculture grew by $3.79$ per cent, driven predominantly by crop production.
The Information and Communication Technology (ICT) sector posted a particularly strong real growth of $5.78$ per cent, with its contribution to real GDP rising to $9.10$ per cent. Furthermore, Financial and Insurance Services recorded a significant real growth of $19.63$ per cent.
In contrast, real growth in the Manufacturing sector slowed to $1.25$ per cent, down from $1.74$ per cent in the previous quarter.
The oil sector posted a real growth of $5.84$ per cent, a marginal increase from $5.66$ per cent in Q3 2024. This growth was linked to an average crude oil production rise to $1.64$ million barrels per day (mbpd), up from $1.47$ mbpd a year earlier.
Despite this positive change in output, the sector’s contribution to real GDP remains modest at **$3.44$ per cent$.Statistician-General of the Federation, Prince Adeyemi Adeniran, noted that while most sectors sustained positive momentum, growth remains uneven.
Strong gains in ICT, finance, agriculture, and trade were crucial in stabilizing overall output. This data aligns with projections from the International Monetary Fund (IMF), which, in October 2025, revised Nigeria’s 2025 growth outlook upward to $3.9$ per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.
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