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Professor Okogun Calls for Review Process to Boost Homegrown Drug Production
Stakeholders at every level of intervention have been advised to collaborate and review administrative processes and the approach leading to the identification of plants, scientific research, development and approval of remedies and drug production from Nigerian herbs and plants.
This call was made by Emeritus Prof. Joseph Okogun, professor emeritus at the Department of Chemistry, University of Ibadan at a Public Lecture as part of activities to mark his 80th birthday by Bevekt Gedu Chemical Company.
The lecture was titled, Active, Bitter and Sweet – A lifetime of Research on Plants, Anti-Cancer Remedies and Drug Discovery.
In it, Prof. Okogun discussed plants as unrivaled organic chemical factories producing useful chemicals that man exploits for various purposes, and the reasons why the natural chemistry of plants is important to healthy living. He also spoke on a variety of active ingredients that have been discovered from everyday leaves and fruits found in Nigeria and West Africa that can either treat or manage a lot of common ailments in Nigeria and elsewhere at affordable cost.
“There are organic and natural remedies for the management of various diseases including cancer and HIV/AIDS using several decades of data from scientific research on plants by Bevekt Gedu. Out of Bevekt Gedu’s work a pure compound initially obtained from a Nigerian plant which has been adopted and about to be finalized for drug development as a blockbuster drug by IMI of USA. This is an indication that opportunities for long lasting and sustainable investments are abundant locally” sais Prof. Okogun.
The event was chaired by Engr. Adama Okoene, former MD Midwestern Oil. It was attended by healthcare professionals, academicians and other professionals from public and private sectors.
Prof. Okogun further explained the extraction, isolation, analysis and modification of active natural products for potential drug leads or drugs and molecular probes; and the role of different professionals in the process of drug discovery.
Plant materials are usually processed and powdered for extraction with solvents of various polarities so that different types of compounds are extracted by the different solvents. The solvents range from gases (carbon dioxide and hydrocarbon) in supercritical fluid states, petroleum ether through ethanol to water. For instance, the removal of solvent, the usually dark brown gum is separated into the component compounds in the mixture using various chromatographic methods with or without bioactivity screening depending on the nature of the targeted compounds.
He explained that Biological activity screening is done by pharmacognosists, pharmaceutical chemists, pharmacologists, biochemists and microbiologists to identify potential drugs and other biologically active compounds including pesticides. Toxicologists determine the toxicity including teratogenicity of identified potential drugs.
When biologically active compounds are identified, there may need to improve on the activity and or toxicity by modifying the structures using chemistry linked with biology. Identified potential drugs with known mechanism of actions are used as molecular probes in diagnosis and disease research.
Generally, drug discovery and production are result of a multi-disciplinary enterprise and require input from most human disciplines of study which Prof. Okogun gave as follows; botanists as taxonomists, chemists for isolation and chemistry/identification of active principles, zoologists and Animal breeders produce animals needed in in vitro and in vivo studies; while biochemists, pharmacognosist, pharmacologists and microbiologists conduct biological activity studies.
In addition, toxicologists do toxicity studies, clinician (human and veterinary) and pharmacist will do clinical studies and use-as medicines, while lawyers and entrepreneurs for patenting and marketing respectively.
All of these activities by different stakeholders will create a local value chain and lead to the multiplier effect of saving foreign exchange and thousands of jobs in the rural and urban areas.
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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