News
CBEX: 60 fraudulent Ponzi scheme operators to avoid in Nigeria

The Economic and Financial Crimes Commission (EFCC) has warned citizens to steer clear of 60 illegal Ponzi scheme operators in Nigeria.
These companies, operating without registration with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), have been identified as potential threats to the financial well-being of unsuspecting Nigerians.
According to the EFCC, some of these operators have already faced legal action, with five convicted and another five pleading guilty, awaiting sentencing.
The commission’s warning comes as a timely reminder for Nigerians to exercise caution when investing their hard-earned money.
The list of operators to avoid includes companies operating in various sectors, including agriculture, investment, and finance.
Full list below;
Wales Kingdom Capital
Bethseida Group of Companies
AQM Capital Limited
Titan Multibusiness Investment Limited
Brickwall Global Investment Limited
Farmforte Limited & Agro Partnership Tech
Green Eagles Agribusiness Solution Limited
Richfield Multiconcepts Limited Forte Asset Management Limited
Biss Networks Nigeria Limited
S Mobile Netzone Limited
Pristine Mobile Network
Letsfarm Integrated Services
Bara Finance & Investment Limited
Vicampro Farms Limited
Brooks Network Limited
Gas Station Supply Services Limited
Brass & Books Limited
Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited
Crowdyvest Limited
Jadek Agro Connect Limited
Adeeva Capital Limited
Oxford International Group
Oxford Gold Integrated
Skapomah Global Limited
MBA Trading & Capital Investment Limited
TRJ Company Limited
Farm4Me Agriculture Limited
Quintessential Investment Company
Adeprinz Global Enterprises
Rockstar Establishment Limited
SU.Global Investment
Citi Trust Funding PLC
Farm Buddy
Eatrich 369 Farms & Food
Globertrot Farmsponsors Nigeria Limited
Farm Sponsors Limited
Cititrust Credit Limited
Farmfunded Agroservices Limited
Adamakin Investment & Works Limited
Cititrust Holding PLC
Green Eagles Agribusiness Solutions Limited
Chinmark Homes & Shelters Limited
Emerald Farms & Consultant Limited
Ovaioza Farm Produce Storage Limited
Farm 360 & Agriculture Company
Requid Technologies Limited
West Agro Agriculture & Food Processing Limited
NISL Ventures Limited & Estate of Laolu Martins
XY Connect Investment Limited
River Branch Unique Investment Limited
Hallmark Capital Limited
CJC Markets Limited
Crowd One Investment
Farmkart Foods Limited
KD Likemind Stakeholders Limited
Holibiz Finance Limited
Ifeanyi Okpe Oil & Gas Services
Servapps Nigeria Limited
Barrick Gold Mining Company
360 Agric Partners Limited.
How to Protect Yourself
To avoid falling prey to these illegal Ponzi schemes, Nigerians are advised to:
1 Verify investment opportunities with the CBN and SEC before committing funds
2 Be wary of unusually high returns on investment
3 Research the company’s background and reputation
4 Report suspicious activities to the EFCC
By being vigilant and informed, Nigerians can protect themselves from the dangers of Ponzi schemes and make informed investment decisions. Stay safe, and stay informed.
News
Senate mulls terrorism charges for oil theft offenders

The Senate, yesterday, issued a stern warning that perpetrators of oil theft in the Niger Delta region may soon face terrorism charges and other stiffer penalties.
Senate President, Godswill Akpabio, disclosed this while declaring open a two-day public hearing on the “Incessant and nefarious acts of crude oil thefts in the Niger Delta and the actors held.”
The hearing organised by the Senate Ad-hoc Committee on Incessant Crude Oil Theft chaired by Ned Nwoko is aimed at addressing the persistent theft of crude oil in the Niger Delta and produce actionable solutions to the problem.
Akpabio, who was represented by his deputy, Barau Jibrin, said the 10th National Assembly would not stand idly by as the country loses billions of dollars annually to what he described as “brazen economic sabotage.”
He disclosed that the National Assembly was considering a range of strong legislative responses, including categorising major acts of oil theft as terrorism, mandatory digital metering for all oil production and exports, real-time monitoring, improved transparency in crude lifting and revenue reporting, as well as enhanced coordination among military, law enforcement, and anti-corruption agencies.
“Crude oil theft is not a victimless crime. It is directly responsible for economic instability, a weakened naira, underfunded critical sectors, and widespread poverty in oil-producing communities. It also finances illegal arms, fuels violence, and strengthens criminal networks.”
Akpabio lamented that despite past efforts, crude oil theft continues unabated due to systemic failures and gaps in enforcement and oversight. Recent reports estimate that Nigeria loses between 150,000 and 400,000 barrels of crude oil daily, costing the country billions in lost revenue.
“This public hearing must address critical questions: Who are the perpetrators? Are they militants, corrupt officials, international collaborators—or all three? Why have current security measures failed? And how are stolen shipments leaving the country undetected?” he asked.
The Senate President called on all stakeholders including regulatory agencies, oil companies, security forces and host communities, to work collaboratively to stop the looting of the country’s most valuable resource. He emphasised that oil companies must invest in surveillance technology and secure infrastructure, while host communities should act as first-line defenders rather than victims or accomplices.
“To the criminals stealing our crude oil, your time is up. To the agencies tasked with protecting our resources, the nation is watching. And to this Ad-hoc Committee, the Senate expects a robust, no-holds-barred report that will guide firm legislative and executive action.”
Akpabio commended Nwoko, who chairs the Committee convening the hearing and stressed that the recommendations must lead to actionable, measurable and time-bound solutions.”
“The survival of Nigeria’s economy depends on how we respond to this crisis,” he concluded.
Meanwhile, ahead of its planned two-day national security summit, the Senate, yesterday, set up a 20-member committee to organise the event.
The Senate President, Akpabio, who announced the committee’s formation during plenary, said it would be chaired by the Senate Leader, Opeyemi Bamidele, with Yahaya Abdullahi serving as the vice chairman.
Other members are Ireti Kingibe (FCT), Adebule Idiat (Lagos), Barinada Mpigi (Rivers), Babangida Hussaini (Jigawa), Jimoh Ibrahim (Ondo), Osita Ngwu (Enugu), Tahir Monguno (Borno), Titus Zam (Benue), Ahmed Lawan (Yobe), Abdulaziz Yar’Adua (Katsina), Gbenga Daniel (Ogun), Austin Akobundu (Abia), Shehu Buba (Bauchi), Ahmed Madori (Jigawa), Emmanuel Udende (Benue), Adams Oshiomhole (Edo), Shuaib Salisu (Ogun), Isah Jibrin (Kogi) and the Clerk of the Senate, Andrew Nwoba.
The committee is tasked with developing the summit’s framework, including setting the agenda, identifying core issues for discussion, and recommending actionable strategies to improve national security. Akpabio directed the committee to submit its report within two weeks.
The decision to convene the summit followed a resolution passed on May 6 after a motion sponsored by Jimoh Ibrahim to address escalating security challenges in the country was adopted. It is expected to address pressing issues such as terrorism, insurgency, and the alarming trend of leaking military intelligence to militant groups, an issue widely seen as compromising ongoing security operations.
This is not the first time the National Assembly would attempt to address security concerns through a summit. In May 2021, the ninth Assembly, under the then Senate President, Ahmad Lawan and House Speaker, Femi Gbajabiamila, organised a similar summit. Despite contributions from security experts, civil societies, and government agencies, insecurity has continued to plague the country.
News
Court convicts 10 Thai sailors, vessel for cocaine trafficking

Justice Daniel Osiagor of the Federal High Court in Lagos on Thursday convicted ten Thai nationals for trafficking 32.9 kilograms of cocaine into Nigeria.
The convicted individuals, all sailors, were found guilty alongside their vessel, MV Chayanee Naree, which was used to smuggle the illicit drug into the country.
The convicted Thais’ sailors are: Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; Thammarong Put-tlek; Worrapat Paopinta; Marut Kantaprom; Werapat Somboonying; Urkit Amsri; Panudet Jaisuk, and Amrat Thawom.
The vessel and convicted sailors were first arraigned before the court alongside nine Nigerians, on the alleged offences in February 2022, by the National Drug Law Enforcement Agency (NDLEA).
The Nigerians are: Samuel Messiah; Ishaya Maisamari; Ilesanmi Ayo Abbey; Osabeye Stephen; Gbenga Ogunfadeke; Kayode Buletiri; Rilwan Omotosho Liasu; Saidi Sule Alani, and Jamiu Adewale Yusuf.
The vessel, the convicted sailors and the nine Nigerians were arrested on October 13, 2021, at Apapa, Lagos, on their arrival from Brazil.
They were charged before the court on charges bordering on conspiracy, unlawful transportation and unlawful importation of 32.9 kilograms of Cocaine.
Their illegal acts, according to the NDLEA, contravened sections 11 (b), 11(a) and 14 (b) of the National Drug Law Enforcement Agency Act Cap N30 Laws of the Federation of Nigeria, 2004. And punishable under the same Act.
The convicted Thais and their Nigerian alleged co-conspirators were accused of committing the acts alongside the trio of Kehinde Enoch, Ayo Joseph and one Tunde, all said to be at large.
The convicted sailors were prosecuted by the NDLEA prosecutors, who include; Mrs Theresa Asuquo, A. Adebayo and Paul Awogbuyi. While they were defended by their team of lawyers, who include Babajide Koku, Femi atoyebi and Tunde Adejuyigbe, who are Senior Advocates of Nigeria (SAN).
Upon conclusion of the NDLEA’s case, the convicted sailors opted for No-Case-Submission instead of opening their defence against the allegations against them. This was, however, contended by the prosecutors, who submitted that they had established a prima facie case against the vessel and its Crew.
In deciding the No-Case-Submission, Justice Osiagor acceded to the submissions of the prosecution and held that the prosecution had established a prima facie case against the vessel and its Crew members.
The judge therefore ordered the convicted Thais and others to open their defence against the charges against them.
Based on the court’s ruling, the convicted sailors entered a plea bargain agreement with the NDLEA.
At the resumed hearing of the matter for judgment today, and based on the plea bargain agreement, Justice Osiagor ordered the vessel to pay a fine of $4 million USD or Naira equivalent.
On the convicted sailors, the judge ordered the three Captains of the vessel, namely; Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; to pay the sum of $50, 000, 00 USD. And that the other crew member to pay $30, 000, USD each. And that other convicted sailors are ordered to pay the sum of N100,000. 00, as a fine optio n.
Meanwhile, the trial of the nine Nigerians has been adjourned to June 25.
News
Court of Appeal affirms nullification of Ebonyi council polls

The Court of Appeal Enugu Division has affirmed the judgement of Justice R O Riman of the Federal High Court Abakaliki, nullifying the conduct of Local Government election in Ebonyi State.
Justice Joseph Ekanem, who read the lead judgement of the Appeal court, gave the ruling while dismissing the three appeals filed by Ebonyi State Government, Central Bank and Local Government Chairmen, challenging the ruling of the Federal High Court.
The Appeal Court ruled that the earlier judgement of Justice R O Riman then of Federal High Court Abakaliki remains valid and subsisting.
According to the Appeal court: “The judgment in FHC/AI/CS/224/2022, which the Appellants challenged on appeal, was meant to enforce compliance with the earlier judgment in FHC/AI/CS/151/2022 contrary to the argument of the appellants.”
The court ruled that the appeals were dismissed for proliferation of issues for determination by the appellants which resulted in an incompetent brief of argument.
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