General News
Senate Orders Full Probe into N1.3 Trillion CBEX Ponzi Scandal

The Senate Wednesday launched a full-scale investigation into the operations of Ponzi schemes in the country. The development followed the catastrophic collapse of the Crypto Bullion Exchange (CBEX), a digital investment platform that allegedly defrauded Nigerians of over N1.3 trillion ($847 million), making it one of the most devastating financial scams in the nation’s history.

The motion, sponsored by Senators Mukhail Adetokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), received overwhelming support from lawmakers during the debate at plenary.
The federal lawmakers unanimously described the proliferation of such schemes as a direct threat to national security, economic stability and public trust in government institutions.
Rising in support of the motion, senators from across the country decried the systemic regulatory failure that allowed CBEX and similar fraudulent platforms to operate unchecked.
They lamented that the fraudulent operators leveraged on technology, social media influence, fake testimonials, and referral commissions to lure millions into financial ruin.
Presenting the lead debate, Senator Abiru detailed how CBEX capitalized on weak oversight by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC) to dupe unsuspecting investors.
He warned that beyond financial losses, such platforms are fueling depression, suicides and the erosion of public confidence in legitimate financial institutions.
“Over N1.3 trillion was lost to CBEX alone. This is not an isolated incident. It is a continuation of a troubling pattern, from MMM in 2016 to MBA Forex in 2020. Nigerians are being robbed, again and again,” Abiru said.
Senator Tahir Monguno (Borno North) called the situation “alarming” and stressed that existing laws must not only be amended but “strengthened” to prevent further exploitation.
He said: “These operators prey on vulnerable and gullible citizens. Some victims have died by suicide. It is time we acted decisively.”
Senator Sadiq Suleiman Umar (Kwara North) emphasized the trust Nigerians place in their government and urged agencies to live up to their mandate.
“People trust that the government will protect them. We must ensure that SEC, CBN, EFCC and others never allow such lapses again,” Umar said.
Senator Solomon Adeola (Ogun West) lamented the regulatory gap in Nigeria’s rapidly evolving fintech space. He warned that many digital platforms operate under the radar.
He said: “It’s not just Ponzi schemes. There are several other unregulated online payment platforms riding on fintech buzzwords. CBN must tell us what rules are in place.”
Senators Abdul Ningi (Bauchi Central) and others urged the National Assembly to utilize its constitutional powers under Sections 88 and 14 of the 1999 Constitution (as amended) to hold regulatory agencies accountable.
“These laws exist, but for too long we’ve failed to enforce them. The people are suffering,” Ningi declared.
Senate President Godswill Akpabio recounted a personal experience from the early 1990s involving a now-defunct Ponzi scheme in Port Harcourt, drawing parallels with today’s CBEX.
Akpabio said: “That scheme collapsed. People lost everything. History is repeating itself, only now on a bigger scale—N1.3 trillion gone. Students, civil servants, even pensioners were affected. This is an emergency.”
He backed calls for nationwide public sensitization and zonal public hearings.
According to the Senate President, “We must educate our people. Many of these victims are not literate in financial matters. If it doesn’t concern you directly, it will affect someone close to you.”
In its resolution, the Senate mandated a joint investigation by its Committees on Capital Market; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT & Cybersecurity.
The committees, to be led by that of Banking and Finance, are expected to conduct a comprehensive investigative hearing, including public sessions, and submit their report within four weeks.
The inquiry, according to Akpabio, will focus not only on CBEX but also on the broader Ponzi ecosystem, regulatory lapses and proposals for legislative and administrative reforms.
The Senate also called for immediate steps to educate the public, especially the youth and rural populations on the dangers of fraudulent investment schemes.
As the motion passed unopposed, Senator Akpabio declared: “We cannot sit back while Nigerians are being robbed blind. “We must act to prevent more suicides, restore trust, and reclaim our economy from digital predators.”
General News
Mojisola Sayo-Kazeem Reflects on Leadership, Opportunity, Women in Tech @ IWD

As the world marks International Women’s Day, Mojisola Sayo-Kazeem, Head of Finance, Jumia Nigeria & Ghana, reflects on how giving opportunity, mentorship, and support helps women thrive and strengthens organisations.

The future of work is digital, and for women it presents immense opportunities to innovate, lead, and shape the global economy. Yet thriving in a fast-paced, data-driven environment requires more than ambition or technical expertise. It requires opportunity and leadership that intentionally creates space for people to grow.
Reflecting on my own journey, I am reminded of how powerful those opportunities can be. I joined Jumia in 2012 as an accountant and, over time, grew into my current role as Head of Finance for Nigeria and Ghana.
Each stage of that journey came with new responsibilities and lessons that shaped my leadership perspective. One thing has become clear: growth rarely happens in isolation. It flourishes in environments where people are trusted, challenged, and supported to reach their full potential.
One of the most defining pillars of my career has been working within an organisation that invests in talent and encourages merit-based growth. At Jumia, a guiding principle is simple: let the best people and ideas grow. When organisations prioritise capability and innovation rather than bias, they create environments where individuals can thrive, and leadership potential can emerge naturally.
Leadership plays a crucial role in making this possible. Good leadership sharpens growth and experience, not only for the leader but for the teams they support. I have benefitted from leaders who shared knowledge, offered guidance, and entrusted me with meaningful responsibilities. Those opportunities challenged me to expand my skills, strengthen my judgement, and grow into larger leadership roles.
One experience that stands out was leading my team through the launch of a new business line under the guidance of our CFO. It demanded greater accountability, transparency, and strategic thinking. Looking back, it was more than a professional milestone, it was an opportunity to deepen my expertise and strengthen my leadership capacity.
Moments like these remind me that opportunity is one of the most powerful investments leaders can make in people. I also recognise and commend the many leaders who are already creating pathways for women to grow, lead, and contribute meaningfully. Their commitment to fairness, mentorship, and inclusion continues to open doors for others.
But there is still more to be done. As we mark International Women’s Day, this year’s theme, “Give to Gain,” invites leaders to reflect and to act. It challenges us to go beyond good intentions and intentionally create opportunities for women to grow and thrive based on merit, not favouritism or bias. This means sharing knowledge, investing in development, offering mentorship, and trusting capable women with meaningful responsibilities.
When we do this, we strengthen the people and institutions around us. Teams become more confident and capable, organisations become more resilient, and leadership pipelines become stronger and more diverse.
This year’s International Women’s Day theme, Give to Gain, reminds us that generosity is not subtraction, it is multiplication. When people, organisations, and communities give time, knowledge, visibility, advocacy, and support, opportunities for women expand. And when women thrive, industries, economies, and societies thrive with them.
When we give, we gain. The question for all of us is simple: What will you give to gain gender equality?
General News
Experts Weigh Blockchain Option for Nigeria’s Elections Process

As Nigeria continues to grapple with the challenges of electoral transparency and voter trust, stakeholders in the blockchain industry are proposing a technological pivot.

In an X (formerly Twitter) Space hosted by the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) yesterday, themed ‘From Ballot to Blocks: Can Blockchain Fix Nigeria’s Elections?’, the experts argued that while blockchain is not a magic wand, it offers a robust framework to eliminate result manipulation and addresses voter apathy.
The discussion, featuring key industry figures including Oluwaseun Dania, CEO of Alpha-Geek Technologies, Harry Ugorji, CEO of Egoras Technology, Mela Claude Ake, President of SiBAN, Mr. Taiwo Gbadegesin, Head of Voter Education for INEC Lagos and others, highlighted a shift from traditional voting toward a more immutable and verifiable system.
Opening the floor, Oluwaseun Dania noted that while Nigeria’s electoral processes have improved, a crisis of confidence remains the primary hurdle, even as he identified voter apathy as a direct symptom of people feeling their votes are not counted during the transmission and collation stages.
“The real opportunity is actually much simpler. Blockchain is not there to change how Nigerians vote, but to technically protect the integrity of the votes that are cast. People will be more confident knowing that as they are casting their votes, the results are being recorded on the blockchain, visible to everybody all over the world,” Dania explained.
According to him, by providing a time-stamped and properly verified system without the possibility of manipulation, the blockchain technology could incentivize millions of disillusioned citizens to return to the polls.
Despite the enthusiasm, the experts maintained a level of cautious optimism, citing Nigeria’s unique challenges, such as low internet penetration and limited digital literacy.
Dania proposed a hybrid model instead of making an immediate jump to full e-voting, starting with foundational elements, such as moving National Identification Numbers (NIN) and voter registers onto a secure blockchain.
He also recommended using blockchain specifically for result transmission to record and audit votes, ensuring no data is altered between polling units and collation centers. Additionally, he advised building simplified, easy-to-use front-end tools so the average voter does not need to understand the underlying complexity of smart contracts.
Contributing to the technical feasibility, Harry Ugorji proposed leveraging existing party systems as a testing ground before a national rollout. He addressed the gas fee problem, suggesting an infrastructure where polling agents sign results with private keys without bearing the cost.
“They have to scan the EC8A form. Once they scan and upload, there should be an AI-based layer that extracts that information and transmits it to the smart contracts. This data can be saved using IPFS (InterPlanetary File System) so that at every point in time, everybody can verify that data,” Ugorji stated.
Ugorji envisioned a data-streaming electoral process where votes are calculated in real-time, removing the black box period where manipulation often occurs.
Also speaking, Mr. Taiwo Gbadegesin, Head of Voter Education for INEC Lagos, emphasized that election management is a continuous cycle involving critical behind-the-scenes work, such as monitoring party primaries and evaluating new political associations.
However, he highlighted the Continuous Voter Registration (CVR) process as the most vital touchpoint for the general public. This phase typically ramps up 18 to 24 months before a general election, specifically targeting citizens who have recently reached the voting age of 18 or those who need to update their registration status.
A significant focus of Gbadegesin’s address was the technological improvement of the registration process through online pre-registration. “This system allows Nigerians, including those currently abroad, to initiate their registration, request card transfers to closer polling units, or update personal details like marital name changes from their mobile devices,” Taiwo, who was represented by Mr. Ayopo Lawal, Head of Unit, Voter Education, explained.
According to him, by shifting the data entry to the user, INEC aims to eliminate clerical errors caused by staff fatigue or large crowds, ensuring that voters’ personal information is captured with 100% accuracy.
Furthermore, Gbadegesin stressed that these digital advancements are designed to maximize efficiency at physical registration centers. “For those who utilize the pre-registration portal, the final in-person visit is strictly limited to capturing biometric data, such as fingerprints and facial features.
This streamlined approach reduces the time spent at the center to under five minutes, significantly easing the burden on both the public and INEC officials while ensuring the electoral roll remains robust and up-to-date,” he added.
As SIBAN expressed a strong willingness to collaborate with INEC and serve in some advisory capacity if necessary, the discussion highlighted that this event is part of an ongoing series designed to keep the momentum of the conversation alive.
The overarching consensus among speakers was that Nigeria should adopt a test-run approach, implementing these digital tools at smaller scales, such as university student union elections or secondary school representative polls. By starting with these micro-elections, the country can build essential public trust and technical familiarity before scaling to a national level.
As the conversation concluded, the experts agreed that while the technology is ready, success depends on regulatory approval and a willingness from stakeholders to embrace a system where data, once recorded, is permanent and beyond the reach of any single authority.
General News
FG Launches NERD to Combat Certificate Fraud

Federal government has taken a significant step to enhance the integrity of Nigeria’s education system by deploying the Nigeria Education Repository and Data Bank (NERD), a national digital platform that secures, digitizes, and authenticates academic records across all tertiary institutions.

Forgery
Maruf Tunji Alausa, minister of Education, unveiled the initiative during the National Capacity Building Programme for institutional representatives, underscoring NERD’s importance as a critical national infrastructure for safeguarding academic credentials and strengthening education data governance.
“NERD is essential to our reform agenda under the leadership of President Bola Ahmed Tinubu,” Alausa stated.
“It ensures reliable digital preservation and verification of academic records, which is vital for maintaining the credibility of our education system.”
According to Alausa, in the brief span of four months since its implementation, NERD has made remarkable progress, successfully preserving nearly 100,000 digital student submissions and integrating over 250 tertiary institutions.
The platform has also enrolled more than 133,000 students and 6,800 lecturers, significantly enhancing the academic record-keeping process.
Alausa highlighted that the initiative is a proactive measure against certificate fraud, noting recent investigations that revealed cases involving fraudulent foreign credentials procured from unaccredited institutions.
This underscores the urgency of protecting the integrity of academic qualifications in Nigeria.
Furthermore, the Ministry announced that participation in the NERD system will soon become a prerequisite for either participation in or exemption from the National Youth Service Corps scheme, reinforcing the initiative’s impact on the educational landscape.
The Federal Government remains committed to building a transparent, digitally verifiable, and globally respected education system, ensuring that the integrity of academic records is upheld across the nation.
E-Business3 days agoPolice Says Victims Enable Cyber Attacks Out of Ignorance
E-Financial3 days agoQuest Merchant Bank Achieves CBN Regulatory Recapitalisation Milestone
General News3 days agoFG Launches NERD to Combat Certificate Fraud
E-Financial3 days agoBank Accuses Magistrate, Lawyer of Using Fake Order to Steal N3.5m from Account
Telecom3 days agoCassava Launches Sovereign Cloud for Africa’s Public Sector
News3 days agoFG Can Now Track, Prosecute Visa Overstayers – Interior Minister
General News3 days agoGoodnews Naija Launches ‘Building in Nigeria’ Series on Entrepreneurs, Real Sector Builders
News3 days agoNCDC Issues Public Advisory on Cerebrospinal Meningitis



















