General News
FG Unveils e-Card for NHF

President GoodLuck Jonathan has unveiled National Housing Fund e-Card, saying that Card would eliminate fraud and promote accountability and transparency in the sector.
He said that the e-Card was one of the integral measures of his administration for more transparency and accountability to the management of the National Housing Fund (NHF).
He said that in every economy, the housing sector played an important role in economic empowerment, job creation and wealth generation.
He said that the 270 housing units built by Sun Trust Real Estate Investment Ltd. and financed by Federal Mortgage Bank of Nigeria (FMBN) had a multiplier effect on the economy.
“I want to commend SunTrust Real Estate Investment Ltd., the strong partnership with the FMBN toward the completion of the aviation estates. This partnership illustrates the huge benefit in driving of the public private partnership arrangement for effective housing delivery and economic development,’’ he said.
Earlier, Musa Sada, the Supervising Minister of Housing and Urban Development, said the commitment of Mr President on revitalising the housing sector was underscored at the presidential retreat on housing recently.
Sada said that the commissioning of the two projects was another giant step toward actualising the vision of Mr President for repositioning vibrant housing and urban development sector.
He said that the estate being commissioned was initially conceived to cater for the housing needs of the Nigeria Air force staff, the scope was subsequently widened to other public servants.
“Today’s commissioning ceremony also indicates that the delivery of affordable housing to Nigeria is possible regardless of inherent funding challenges.’’
In a remark, Mr Gimba Kumo, managing director of FMBN, said that the NHF e-Card would ensure proper record keeping, transparency and accountability for NHF collection.
“The e-Card is a huge step forward in delivering the advantages of speed, accuracy, transparency, accountability and superior customer experiences to NHF contributors. The card serves dual purposes; it serves as an identification card as it carriers the name, participation number and passport photograph of every registered contributor. It will enable a contributor access records of his or her contributions using any of the IT channels such as ATMs, Point -of-Sale (POS) terminals and the internet,’’Kumo said.
General News
Wema Bank Plans N2M Grant to Empower Women

Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
General News
Unlicensed Investment Firms Fall Hard in Lagos Court

Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
General News
Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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