Category: Nigerian Tribune

THE housing sector is crucial to the socioeconomic development of any nation. The unique role of housing in lives, and in shaping the national economic narrative of a nation cannot be overstated. Housing serves as a gauge of the general level of living, accounting for a significant percentage of each country’s total economic activity, as well as being the biggest fixed asset of households. In addition to being a basic human necessity, the construction and use of decent housing also affect the physical and mental health of the people, as well as the environment. Through its impact on major macroeconomic indicators such as: employment, savings, investment and labour productivity, housing promotes economic growth and development. Thus, the construction of qualitative housing by both government and individuals is a necessary condition for sustainable development and increasing the productivity of an economy. The transformative role of the housing sector and the various housing programmes in shaping a country’s economic landscape, and as catalyst of sustainable economic development has made governments the world over to give ample attention to real estate and housing.

In the United States economy for instance, the housing market plays a very important role, where roughly 65 per cent of occupied housing units are owner occupied, where homes are often a substantial source of household wealth, and where housing construction provides widespread employment. As of 2021, spending within the housing market accounted for about 17 per cent of GDP, as a matter of fact, it was the housing bubble that precipitated the recession of 2007-2009. In Europe and China, it is the same narrative. In their economies, housing accounts for a significant portion of all economic activity, and changes in the housing sector can have broader effects on their economies. Housing development has not only been an important driver of growth and development in China, but the most populated Asian country have positioned it as a mechanism that drives growth, creates employment, acts as an economic stabilizer and redistributes wealth. This is because it sees housing as a domestic commodity that is not influenced by external demand and control.

Though not yet fully developed, housing (real estate) is an important sector which has contributed remarkably to Nigeria’s economy. The real estate sector’s contribution to GDP has steadily increased over the years. Real estate contributed N41.2 trillion to GDP in 2024, as against N30.7 trillion in 2023, making the sector the third largest economic sector, after trade and crop production, according to the National Bureau of Statistics The housing sector can play a more impacting role in the country’s broader economy. The sector and its associated services have a significant potential to be a catalyst for economic growth and development. The potential benefits of a well-developed housing sector ranges from increasing employments and spin-off industry to simulating the informal economy and building formal micro-enterprises,

The economy has not been doing well. The present administration has introduced a number of economic policies aimed at re-engineering and stabilising the economy, improving business conditions, and addressing financial challenges. The policies which focused on fiscal discipline, currency stabilization, job creation and infrastructure development are highly commendable policy initiatives. There is however what governments in other climes, particularly in the more developed world, do when their economies run into challenges. They invest massively in real estate and infrastructure. Real estate development stimulates economic activities, such as job creation, which ensures that people have means of livelihood. When they have means of livelihood, they will be able to pay tax, which is also used to refinance the economy and you have multiplier effects, and individual businesses thrives on the back of that.

I foresee in the nearest future a situation where real estate makes the most impact on the economy. The prospects are there for the housing sector to thrive, there are still a lot of opportunities for development within the real estate sector. The housing deficit of about 28 million offers incentives for investment. Government should take enough interest in housing like they are focusing on health, education and transport. It is only food that is more important than housing. The sector can be used as a growth mechanism in the nation’s economy. Government should also create a robust mortgage system where people can have access to taking a loan to buy or build house. That will improve the housing situation in the country. By taking a leading role in addressing the challenges in the housing sector, the organized private sector can now seize the initiative more efficiently than government. Unlike government entities, which face bureaucratic delays and budget constraints, businesses can more quickly mobilize capital, adopt cutting-edge construction sustainable technologies, and respond to market demands with greater flexibility.

By leveraging public-private partnerships, the private sector can complement government efforts, bringing in expertise and efficiency that would drive housing development. However, for businesses to effectively drive housing development, government must relax and reform regulatory encumbrances, particularly the ones around land titling and documentation. By reforming the regulatory frameworks, government can create a more conducive environment for private developers to operate, enabling them to build more homes faster, and at affordable costs. The housing sector, and its potentials offers many useful linkages to economic growth and development. Therefore, adequate attention should be given to housing and its associated services, as they can contribute substantially to economic development.

Children who live in areas where electronic waste-from laptops, cellphones, and medical equipment to cars with electronic devices installed-is frequently thrown out and burned are at risk of developing childhood hypertension.

In a new study, they revealed that children in e-waste regions face a fourfold higher risk of hypertension, as toxic metals and volatile organic compounds (VOCs) alter gut-related metabolic pathways and disturb the body’s blood pressure regulation.

In a recent article in Environment and Health, researchers investigated the impact of children’s exposure to heavy metals and volatile organic compounds from electronic waste (e-waste) recycling on their blood pressure.

They found that children living in areas with e-waste showed elevated levels of VOCs and metal(loid)s and were about four times more likely to have hypertension, highlighting the risks of e-waste exposure during childhood.

In October 2022, 426 children without a history of hypertension who lived in an e-waste recycling area in China participated in a study that sought to understand the effects of VOC and metalloid co-exposure on children’s blood pressure and create a predictive model for identifying those at risk of hypertension.

Researchers collected fasting urine samples and blood pressure measurements. Children’s demographic and health data were recorded through questionnaires.

Urine samples were analyzed for 18 metal(loid)s, including lead, nickel, cadmium, and arsenic, as well as constituents suggestive of volatile organic compounds like benzene and styrene derivatives.

A hypertension prevalence of 12.7%, notably higher than national estimates, was recorded, suggesting ongoing health risks.

Statistical analyses identified significant associations between certain exposures and blood pressure. For example, urinary cobalt and gallium were positively associated with systolic blood pressure, while selenium and tin correlated with diastolic blood pressure.

Particularly in recycling countries where hazardous materials are discharged during disassembly and burning procedures, the global increase in e-waste has resulted in extensive environmental damage and rising health hazards.

Conventional theories cannot fully account for the increasing incidence of hypertension, despite the fact that it remains a significant modifiable risk factor for heart and brain problems.

Studies show that people who reside near e-waste sites are more likely to have hypertension, especially children, whose early blood pressure elevation can increase their long-term cardiovascular risks.

Major pollutants from recycling e-waste include volatile organic compounds (VOCs) and metalloids, which are known to be harmful to the cardiovascular system. Through similar oxidative stress pathways or chemical processes, their combined exposure may enhance toxicity.

Anambra State Governor, Chukwuma Charles Soludo, has emphasized the need for academics to expand their roles beyond traditional teaching.

The Governor was addressing a gathering of educators and higher education stakeholders at the Higher Education Stakeholders Forum at Women’s Development Center, Awka, on Wednesday.

During his speech, Governor Soludo challenged the notion of academia as a secluded profession solely focused on teaching.

He stated, ‘As academics, you cannot afford the secluded prestige thing of just teaching. You must have the capacity to multi-task.’

He pointed out the importance of integrating teaching, research, and community service into the academic framework, placing particular emphasis on the latter, which he referred to as ‘more important.’

Highlighting the challenges faced by educational institutions in a developing country context, Governor Soludo expressed his belief that it is still possible for educators to excel across multiple domains.

‘You can multitask and still excel in all sectors,’ he asserted, urging attendees to recognize their potential to impact society positively.

The governor issued a ‘call to action,’ encouraging educators to move beyond merely producing articles and research.

‘These contributions are necessary but not sufficient,’ he remarked, stressing the importance of translating academic knowledge into practical applications that can address societal needs.

Concluding, Governor Soludo offered words of encouragement, acknowledging the wealth of talent and innovative ideas present among the academic community.

‘A lot of you have a lot of brilliant things to do,’ he said, inspiring attendees to embrace their roles in driving social change, promising to continue to contribute his bit in developing Anambra state across sectors.

In a compelling keynote address, Barr. Osita Chidoka tackled the critical intersection of education and development in Nigeria, emphasizing the imperative for Anambra State to remain steadfast in its course under Governor Chukwuma Soludo’s leadership.

He noted the imminent changes on the global horizon, asserting that ‘the world is about to change,’ and highlighted Governor Soludo’s understanding of this pivotal moment.

Chidoka stated that success is not a matter of luck but rather a result of focus and perseverance, urging stakeholders to harness these qualities in their efforts to advance education.

Barr. Chidoka also framed education as a fundamental justice issue rather than a mere charity initiative, calling for a collective recommitment to the educational transformation already underway in the state.

He stressed the importance of investing in education as a vital component of sustainable development, advocating for another four-year commitment under Governor Soludo to deepen the ongoing changes in the state.

Earlier, the Vice Chancellor of Chukwuemeka Odumegwu Ojukwu University, Professor Kate Omenugha, emphasized the importance of introspection within the current educational landscape.

She noted that education and politics are intricately connected, highlighting the significance of leadership in guiding affairs. ‘Who is at the helm of affairs is important,’ she stated, underscoring the responsibility of educators to actively participate as leaders of thought.

Professor Omenugha called for a collective effort to ‘build, not destroy,’ stressing the need for a constructive approach that will benefit future generations.

Prof Casimir Ani also lent his voice in supporting the educational revolution Governor Soludo has brought to bear in the education sector.

He called on the members of the academic community, and indeed, ndi Anambra to continue to support Governor Soludo as the State gears up for Governorship election come November 8th, 2025

Lagos State Governor, Mr Babajide Sanwo-Olu, has called on African stakeholders to embrace clean urban transport innovation and investment, describing them not as abstract ideals but as tools for continental renaissance.

The governor made the call on Wednesday at the 2025 Lagos Metropolitan Area Transport Authority (LAMATA) International Conference on Sustainable Urban Mobility (SUMConference25), themed ‘Harnessing Clean Urban Transport Innovation and Investment in Africa.’

Speaking at the event held at the Balmoral Convention Centre, Sheraton Hotel and Towers, Ikeja, the governor, who was represented by his deputy, Dr Kadri Obafemi Hamzat, urged Africans to build a continent that moves efficiently, inclusively, and sustainably.

He noted that across the continent, cities were expanding rapidly, and with them, the demand for safe, reliable, and affordable mobility had become essential.

According to him, the African continent must be united by a shared and urgent mission focused on harnessing innovation and investment for clean, sustainable urban mobility.

‘For Africa, sustainable mobility is not a luxury but a necessity for achieving economic development, social equity, and climate resilience.

‘I challenge us all to think big, act bold, and move together. Let us harness clean urban transport innovation and investment not as abstract ideals but as instruments of continental renaissance. Let us build an Africa that moves efficiently, inclusively, and sustainably,’ the governor said.

Sanwo-Olu further stated that the conference aligned with the United Nations’ forthcoming Decade of Sustainable Transport (2026-2035), urging governments, cities, and citizens to develop transport systems that are safe, inclusive, energy-efficient, and climate-resilient.

He emphasised that Africa could not afford to be a spectator in this global movement, noting that the continent was urbanising faster than any other region in the world.

‘By 2050, over 1.3 billion Africans will live in cities. How we move those people cleanly, affordably, and equitably will determine whether our growth is sustainable or self-defeating,’ he said.

The governor acknowledged that the journey towards sustainable mobility required political courage, financial creativity, institutional resilience, and partnerships across the continent.

He pointed out that Lagos, through perseverance, had demonstrated what was possible when African cities believed in themselves, adding: ‘This transformation is still unfolding in our Bus Rapid Transit (BRT) corridors, our ferry terminals, our smart ticketing systems, and our upcoming electric bus pilot. Each project tells a story.’

Sanwo-Olu further revealed that Lagos was among the first African cities to deploy a citywide sensor network, coordinated by LAMATA and the Lagos State Environmental Protection Agency (LASEPA), to track urban transport-induced emissions in real time.

He envisioned that the conference must move participants ‘closer to a continental Air Quality Alliance linking African cities in a shared platform of open data for clean air.’

In his address, Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, reaffirmed the state’s commitment to driving Africa’s clean and sustainable transport revolution. He said the convergence of critical stakeholders and decision-makers from across the continent continued to address the challenges and opportunities shaping Africa’s transportation future.

Osiyemi noted that Africa’s rapid urbanisation presented both great challenges and immense opportunities for sustainable development, adding: ‘As our cities grow, we must prioritise clean, affordable, and efficient mobility for all.’

Highlighting the vast potential of clean transport investment across Africa, the commissioner explained that sustainable mobility was key to improving air quality, reducing congestion, and promoting economic growth. He cited several African cities – including Nairobi, Addis Ababa, Cape Town, Accra, and Lagos – that were already implementing electric mobility initiatives, non-motorised transport infrastructure, and multimodal public transport systems.

In her welcome address, LAMATA Managing Director, Engr Abimbola Akinajo, stated that the conference, held in partnership with sustainable development organisations, aimed to serve as a knowledge hub for policymakers, planners, engineers, researchers, operators, and other key stakeholders at both national and sub-national levels in Nigeria.

She recalled that in 2024, the Lagos State Government, through LAMATA, formally institutionalised the annual conference on sustainable urban mobility and that from 2025 onwards, the agency decided to incorporate international stakeholder participation, especially from Africa, into the SUMConference framework.

‘This is geared towards fostering synergy, cooperation, commitment, and unity among African governments, businesses, and communities to adopt sustainable transport practices, reduce carbon footprints, and promote renewable energy sources,’ she said.

Akinajo added that the main objective of the SUMCourse workshops was to continue building institutional and organisational capacity across state ministries, departments, agencies, and local governments, and to coordinate their activities towards achieving a unified and consistent policy framework for sustainable transport development in Lagos.

Nigerian Army headquarters has deployed a full brigade and heavy equipment in different parts of Kwara South district, as troops were already milling through communities inward Oke Ode and Babanla communities, both in the Ifelodun local government area of Kwara.

In a statement by the Chief Press Secretary (CPS) to the state governor, Rafiu Ajakaye, on Wednesday, he said that the operation is also extending to Edu and Patigi local governments.

He said that the aim was to comb through thick forests from which kidnappers have launched cowardly attacks on different communities and abducted people in return for ransom.

The CPS said that Governor Abdulrahman Abdulrazaq had met with President Bola Tinubu on the issue at the weekend on the sideline of the visit to Jos, adding that the governor commended the President for the support, and the military high-command and allied security forces for the renewed intervention to eliminate all threats to public safety in the state.

‘We will not spare any resources in support of the military, DSS, police, and other security agencies as they work to strengthen security of lives and properties’, the governor said in a statement welcoming the army deployment on Wednesday.

‘We are upbeat that this operation, as part of the Operation Fasan Yanma, will eliminate all of forms of threats in affected areas in Kwara South and Kwara North. I thank the President and the security agencies for the efforts so far.

‘As I said a few days ago, we just need to double our efforts to save the people. We are confident that the Brigader General A. A. Babatunde-led Army Brigade will succeed in this important task and clear the entire areas’.

He also commended the Office of the National Security Adviser, the Chief of Army Staff, the General Officer Commanding of the 2nd Division, and every other officer for their support.

Meanwhile, earlier on Wednesday, a concerned academic and a prince of Obbo Ayegunle community in the Ekiti local government area of Kwara state, Dr. Prince Segun Adelodun, has sent an open letter to the National Security Adviser (NSA), Mallam Nuhu Ribadu, seeking his urgent attention and intervention in the recent insecurity in the Kwara South and Kwara North senatorial districts of the state.

In his letter titled: Request for urgent security intervention in Kwara state, Prince Adelodun said that people of the area have been thrown into mourning over the killing of 15 people in Oke-Ode community in the Ifelodun local government area.

‘Barely two days after this incident, a police officer was abducted at Lade town in Patigi local government area. These heartbreaking developments are part of a recurring pattern of bandit attacks, kidnappings, and violence that have rendered Kwara South and parts of Kwara North unsafe for residents.

Dr. Adelodun, who called for urgent action from the government, said that delay could embolden the criminal elements and deepen suffering of innocent communities.

‘Kwara South in particular has been so severely affected that many communities are on the verge of extinction as families continue to flee for safety’.

Mountain of Fire and Miracles Ministries (MFM) Prophetic Ministry has announced that its 20th Annual Prophetic Fire Conference will hold on Saturday, October 11, 2025, at the church’s International Headquarters, Main Auditorium, Onike, Lagos.

The 2025 edition, themed ‘Prophets and the Secret of Prophetic Mantles,’ will be held both physically and virtually, bringing together prophets, prophetesses, and other ministers of God from across the world for a time of impartation and revelation.

According to the organisers, this year’s conference will feature seminars and workshops on topics such as Prophetic Ministration, Equipping End-Time Prophets, Prophetic Workshop, and Charting a Prophetic Destiny for Our Land.

General Overseer of MFM Worldwide, Dr Daniel Kolawole Olukoya, who founded the Prophetic Ministry and served as its pioneering leader, will minister live during the conference.

The ministry said the gathering would ‘unfold mysteries of the prophetic’ as led by the Holy Spirit through anointed men and women of God.

Members of the public, especially believers with prophetic gifts or those who desire to operate in the office of a prophet-irrespective of denomination-are invited to attend the power-packed conference, which is expected to be ‘a blessing to individuals and to Nigeria as a nation.’

Special prayers will also be offered for the rebirth of Nigeria and other nations of the world during the event.

The MFM Prophetic Ministry, established years ago by Dr. Olukoya, aims to raise prophets as God’s mouthpiece and battle axe, bringing divine counsel and guidance to the people.

The ministry trains members to hear clearly from God, interpret mysteries, and develop their prophetic giftings for effective service in the body of Christ.

While Dr Olukoya remains the spiritual father and visionary of the Prophetic Ministry, Pastor Kunle Adesanya, a Senior Regional Overseer (SRO) and Rector of the School of Prophets, currently serves as the International Leader of the group.

Since its establishment in 2016, BAD has steadily positioned itself as a player in Africa’s evolving financial services sector, focusing on widening access to credit and economic resources for individuals and small businesses.

Founded by Engr. Tayo Ogunleye, an investment banking professional with a background in engineering, the organisation began with the goal of improving financial inclusion in underserved communities. Nearly a decade later, the company has developed into a network providing services such as micro-lending, investment banking, and business advisory across several African markets.

Analysts note that BETHSAIDA’s operations have been particularly visible in the areas of small-scale lending and community-based economic interventions. While data on exact outreach is not publicly available, anecdotal evidence and community engagement reports suggest that the organisation has facilitated access to capital for entrepreneurs who might otherwise remain excluded from traditional financial systems.

At the helm, Engr. Tayo Ogunleye continues to serve as Group Chief Executive, guiding the company’s strategic direction amid a broader push for financial democratisation on the continent. His leadership has been credited with steering the company’s involvement in both private and semi-public sector initiatives geared toward financial access.

The company is a member of the Lagos Chamber of Commerce and Industry and maintains affiliations with national employer groups such as NECA (Nigeria Employers’ Consultative Association). These associations are seen by observers as part of the company’s strategy to remain active in policy-influencing platforms and business development networks.

While BETHSAIDA’s long-term impact is still being measured, its consistent presence in the financial inclusion space, especially within emerging economies in Africa, marks it as one of several local organisations seeking to fill the financing gap left by mainstream banks.

Engr. Ogunleye, who has often spoken publicly about the intersection of finance and development, is increasingly viewed as part of a new generation of financial leaders focused on regional economic participation, rather than solely profit-driven growth.

As long as there is breathe, every individual will sometimes experience some minor discomfort that affects their health and such minor discomforts may disappear without medication. However, some little health issues that appear inconsequential and harmless are actually a sign of a bigger health problem. And they appear in symptoms that usually don’t raise red flags at inception; do you leak a little when you laugh? Have you stopped enjoying intimacy with your partner? Have you become unusually forgetful or continuously less motivated? Do your moods swing like a pendulum without reason?

These may be signs of a bigger health challenge but they are considered minor issues, and people don’t feel bothered about them as they think it is caused by stress or aging. But these seemingly harmless issues may require that you talk to your health care provider mainly because the body is smart, and such minor signs may be warnings about big health problems building up for later years if it is not caught early.

Some of these red flags are as common as constipation, urinary incontinence, depression, memory problems and sexual issues. Some signs to look out for include:

Urinary incontinence: Do you leak when you sneeze, laugh, lift something heavy or exercise? Or do you release an uncomfortable amount of pee because the urge to urinate becomes so overwhelming so quickly that you can’t get to a bathroom in time? This is urinary incontinence and it is a big deal as it can be a sign of health challenges like urinary tract infection, arthritis or a problem with pelvic floor muscles. It can also be a side effect of certain medications.

Sexual problems: Are you experiencing painful intercourse, problem achieving or maintaining an erection, or low sexual desire? These can impact on your relationship negatively and affect the quality of your own life. Sexual problems may also be a signal that you need to be treated for depression, diabetes, circulation problems or low hormone levels, or that you are taking a medication that’s causing side effects.

Constipation: Passing hard, dry stool less than three times a week or blood in your stool can cause hemorrhoids and other complications that can be very serious; it can be a sign that you have irritable bowel syndrome or a problem with intestinal functioning or that you rely too much on laxatives.

Depression: When you have low energy, irritability and a lack of interest in activities you normally enjoy, as well as appetite and sleep problems, there is a problem. Depression makes daily living difficult. It also makes taking care of your health; eating a healthy diet, exercising, getting adequate sleep and taking medications challenging. It may also be a warning sign that your stress level is too high, that a medication you take is causing side effects or that you’re grieving the loss of a relative or friend.

Memory problems: Do you have difficulty trouble remembering important information or have difficulty finding the words you need when speaking or writing or concentrating? It is a challenge. While many people experience more memory slipups as they age, most of which are normal, lapses that affect your ability to take care of yourself could impact your ability to live independently or to drive a car. Memory changes can also be a warning sign for depression and sleep problems.

The enactment of the Investment and Securities Act (ISA) 2025 is not just an avenue to sanitise the financial sector but it may also be the beginning of sanity in the ever growing ponzi scheme circle in Nigeria. ADEOLA OJO reports that this may actually be the end of the road for ponzi schemes if law is well implemented.

The Investment and Securities Act (ISA) 2025, was signed into law on March 31 by President Bola Ahmed Tinubu, to expand the Securities and Exchange Commission (SEC) regulatory powers to meet the standards of global bodies such as the International Organization of Securities Commissions (IOSCO), marking a major milestone in Nigeria’s capital market reform.

The legislation, which not only repealed the former Investments and Securities Act No. 29 of 2007, aims at strengthening the legal and regulatory framework for investments and capital market activities within the country and has been said to bring it up to par with global best practice as well as the developments that have taken place in the Nigerian Capital Market over the past 18 years.

SEC described the presidential assent as a ‘transformative step’ toward enhancing investor protection, improving market transparency, and fostering sustainable growth, adding that the enactment of the ISA 2025, according to the Commission, reaffirms its authority as the apex regulator of Nigeria’s capital markets and introduces significant reforms designed to align local operations with international best practices.

And while it has been described as the most important investment law Nigeria has passed in nearly 20 years, it isn’t good news in some quarters especially for ponzi scheme operators who will be at the receiving end of the provisions of the new law which has created a regulatory framework for digital assets, positioning Africa’s most populous nation to leverage on a fast-growing segment of global capital markets to ‘revolutionise’ its economy, create wealth and lead the pack in block chain technology.

While the ISA 2025 empowers the Securities and Exchange Commission (SEC) to oversee digital assets, virtual asset service providers (VASPs) and tokenised securities, it also brings clarity to a space that has operated in a legal grey area for years.

And amid the celebration that followed the enactment of the law in finance industry, many schemes may be about to go down. And this will affect many in Nigeria where ponzi schemes seem the order of the day. Ponzi schemes are investment frauds that involve payment of purported returns to existing investors from funds contributed by new investors; operators often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk.

Often, these schemes are known to yield uncharacteristically high returns on investment based majorly on massive hunt for admission of new members with focus on attracting new money to make promised payments to early- stage investors to create the false appearance that investors are profiting from a legitimate business.

Operators simply invite the public to deposit or pay money to them with the promise of multiplying or paying it back within a specified period of time with certain percentage interest and the scheme with little or no legitimate earnings, requires a constant flow of fund by new investors, in order to sustain the investment. In the absence no new investors, a vacuum occurs in the flow of fund, leading to the collapse of the investment.

And while the legality of ponzi scheme has been a source of discourse, the schemes continue to thrive in this era where many people are interested in making quick money or have the get-rich-quick syndrome and would do anything to have money and also sustain themselves.

With the collapse of such schemes, the schemers may not be sued as their schemes are often done underground and there are no legal frameworks to support those who had lost their investments but in spite of this, people remain unruffled whenever there is a new scheme

Caution

Early in the year 2020, the Security and Exchange Commission (SEC) warned stakeholders and the public on the activities of promoters of fraudulent schemes in the country and even listed some of the unlawful/unlicensed market operators/fraudulent investments: Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment, No Failure Development and Empowerment Nigeria Ltd, MBA Forex and Investment Ltd, Federate Investors and Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd and United Capital Investment Company Limited.

Also on July 31, 2024, it was reported that ponzi schemes have defrauded Nigerians of over US$1 billion (?500 billion) in the past decade. The most infamous scheme across Africa, MMM, attracted over three million Nigerian subscribers, who collectively lost about US$50 million (?18 billion) when it crashed in December 2016. MBA Forex, a homegrown scheme that promised 15% returns, defrauded Nigerians of about US$500 million (?213 billion) when it folded in 2021. This accounts for nearly 50 percent of the total funds lost to Ponzi schemes in Nigeria in 10 years.

SEC asserted that over 70 percent of the cases it handles are related to Ponzi schemes which thrived due to myriad of reasons; quest for easy cash and financial illiteracy, economic hardship and weak regulatory laws and poor enforcement mechanisms. And while it is not the first of its kind, MMM unveiled the general vulnerabilities of Nigeria’s investment market and ushered in myriad similar peer-to-peer donation schemes like Loom Money and Twinkas. Loom Money was reported globally with names such as ‘Loom Circle’ and ‘Blessing Loom’. In Nigeria, Loom Money operated via Facebook and WhatsApp in 2019, promising 800 percent returns on investments in 48 hours and it crashed the same year.

Later, some local schemes such as Racksterli, Wales Kingdom Capital Limited, Quintessential Investment Company and No Burn Global Limited emerged. But the most prevalent which affected the most Nigerians between 2019 and 2021, were the packaged agricultural crowdfunding investments which involved raising funds from the public without the obligation of repayment, to obscure their intentions. In January 2021, some agricultural schemes began defaulting on payments and SEC issued a guideline insisting that crowdfunding schemes be registered within 90 days or cease operations by June 30, 2021. Most of them failed to register, defaulted on payments and eventually folded.

And now, new schemes disguised as investments in crypto trading are emerging and operating like Ponzi schemes. And before the ISA 2025, there was a major regulatory gap; the Investment and Securities Act 2007 does not explicitly prohibit Ponzi schemes. Rather, Ponzi schemes are illegal because they are not registered with the SEC.

On March 11, 2025, the Economic and Financial Crimes Commission (EFCC), through its Head of Media and Publicity, Dele Oyewale, in line with its commitment to sanitising the financial space of the nation and offer the investing public adequate and reliable information on the activities of illegal ponzi scheme operators across the country, alerted Nigerians to the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.

It said the companies are neither registered with the Central Bank of Nigeria (CBN) nor the SEC, which are the two regulators, emphasising that the Commission has charged many of the companies to court, with five of them convicted while another five pleaded guilty but they are awaiting review of facts while the rest are pending arraignment.

EFCC listed illegally operating companies to include: Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited and Agro Partnership Tech, Green Eagles Agricbusiness 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 and Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass and Books Limited, (Annexation Biz Concept and Maitanbuwal Global Ventures crowdyvest Limited,) and Crowdyvest Limited.

Others are : Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading and 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 and Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment and Works Limited.

The rest include: Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes and Shelters Limited, Emerald Farms and Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 and Agriculture Company, Requid Technologies Limited, West Agro Agriculture and Food Processing Limited, NISL Ventures Limited and 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 and Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.

Despite the warnings, Nigerians are still falling into the hands of the schemers, leading to efforts to sanitise the sector and protect Nigerians. And this is what led to the enactment of ISA 2025.

ISA 2025 provisions

Under the new law, crypto and digital assets is officially recognised in Nigeria for the first time as part of Nigeria’s investment system-as a ‘digital asset’ classified under securities. This means that crypto is no longer in legal limbo as the government has a defined role for it via regulation by SEC. all crypto businesses must register with the SEC and follow clear rules. One of the most significant updates in the Investments and Securities Act 2025 is the expansion of the regulatory powers of the Securities and Exchange Commission (SEC) over capital market operators, including digital asset service providers and imposing stringent sanctions on operators engaging in unethical practices.

Now, the investor has more protection against scams and shady platforms though it doesn’t readily mean the CBN has embraced crypto with open arms, but regulators are no longer ignoring it and the government is ready to play referee in the world of digital assets. But not every crypto platform is safe except they are not licensed or registered.

Also, the law now criminalises ponzi schemes and unlawful investment practices in response to the rising number of schemes defrauding investors in the country. The Investments and Securities Act explicitly criminalises such operations, prescribing severe penalties, including imprisonment and hefty fines, for individuals and entities involved in these fraudulent investment schemes. ISA 2025 directly addresses ponzi and pyramid schemes with heavy consequences: up to 10 years in prison, up to N20 million in fines and possible confiscation of assets and permanent bans from the capital market.

Fintechs, investment apps and Robo-Advisors are not left out. With the ISA 2025, gone are the days of apps promising you ‘safe and easy investing’ without rules. Fintechs have been brought under regulatory watch; investment platforms, savings apps, robo-advisors, and digital asset managers must register with the SEC. also, they must clearly disclose risks, explain where your money is going, and protect your data and funds and are expected to behave like real financial institutions, not ‘tech bros with vibes’

As an investor, you can now be safe if you stick with platforms that are registered or working toward registration and not just follow influencer hype and if you register, comply and educate your users as a fintech firm.

Section 273 of ISA also introduces a broad categorisation of security exchanges for ease of registration and operation. Securities exchanges are now categorised into Composite and Non-composite Exchanges. A Composite Exchange allows the listing and trading of all categories of securities and products, while Non-composite Exchanges are limited to specific asset classes for better market segmentation, encouraging specialisation and improved regulatory oversight, making it easier for investors and companies to navigate the market.

The Act also incorporates provisions for managing systemic risks within the capital market, in terms of safeguarding against crises that could undermine investor confidence and mandates the SEC to establish mechanisms for monitoring and mitigating systemic risks such as requiring capital market participants to submit relevant documents or information for monitoring and mitigating systemic risks.

ISA 2025 marks a significant advancement in Nigeria’s capital market regulatory framework and may be the end of the road for operatives of ponzi schemes as it sets a new benchmark for market integrity in Nigeria.

Former Minister of Power and Steel and ex-Chairman of Egbeda Local Government, Elder Wole Oyelese, has urged President Bola Ahmed Tinubu to ensure the full implementation of the Supreme Court judgment on local government autonomy, saying it is the best way for the Renewed Hope Agenda to make real impact at the grassroots.

Speaking from his experience as a long-time local government administrator, Elder Oyelese described local government autonomy as ‘the lifeblood of rural development and the surest way to restore citizens’ confidence in governance.’

He said the Supreme Court judgment delivered in July 2024, which ordered direct disbursement of funds from the Federation Account to the 774 local councils and banned caretaker committees, was ‘a long-awaited victory for the people.’

‘Section 7(1) of the 1999 Constitution guarantees a system of local government by democratically elected councils. That provision was designed to make government accessible and accountable to the people. Therefore, the full implementation of the Supreme Court judgment will not only deepen democracy but will also ignite development at the level where it is most visible – the grassroots,’ he said.

Drawing from his time as council chairman, Elder Oyelese lamented that local governments have lost much of their independence.

‘It is disheartening that a chairman elected by the people must apply for approval before repairing a culvert or building a classroom. That defeats the essence of democracy,’ he said.

He added that many projects credited to local governments are often handled by outside contractors unfamiliar with the communities, which leads to capital flight and deprives local workers of economic benefits.

Recalling his time in office between 1991 and 1993, he said local councils then had full control of their affairs, and the results were clear.

‘Those were the years when local government autonomy truly worked. Councils constructed roads, built markets, and provided boreholes and health centres. Rural economies thrived, and the people could see where their taxes and federal allocations went,’ he said.

Elder Oyelese noted that today many local government chairmen have become bystanders, unable to act on their communities’ needs or execute meaningful projects.

Without singling out any state, he commended those that have started complying with the Court’s ruling. ‘This is not about confrontation; it is about restoration. If we must renew hope, we must start from where people feel it most – their villages, communities, markets, and schools. Mr President has demonstrated enough political will to convince Nigerians that if he really wants this done, he knows what to do and how to do it,’ he said.

He warned that without direct access to funds, local economies will remain stagnant.

‘When money meant for local communities is trapped in state bureaucracy, it kills small businesses, slows rural development, and weakens citizens’ faith in democracy. The poorest of our people pay the price,’ he added.

Elder Oyelese reaffirmed his commitment to advocating for grassroots development, saying his position is driven by empathy for the people, not politics.

‘I have lived among the people, shared their burdens, and understood their aspirations. I know how much difference a functioning local government can make in their daily lives. That is why I speak, not against any person or administration, but for the people whose voices are being drowned by bureaucracy,’ he said.

He appealed to President Tinubu to lead efforts in enforcing the Supreme Court ruling across the country.

‘Mr. President has a historic opportunity to write his name in gold. The execution of the Supreme Court judgment on local government autonomy will be remembered as the true beginning of the Renewed Hope for the Nigerian people,’ Elder Oyelese declared.