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Ponzi Schemes, SEC Promises to Take Action

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The Securities and Exchange Commission (SEC) says Ponzi schemes in the country’s market is continuously growing on a daily basis.

Dr Emomotimi Agama, the Director-General of SEC said this at an engagement with newsmen in Abuja on Monday.

Agama who appealed to journalists to help the Commission with information on the schemes, vowed to take regulatory actions on any Ponzi scheme discovered.

”The other thing I will also encourage you to do, because its time I mentioned it is that the number of Ponzi schemes in the Nigerian market grows every day.

”You can do one thing to help the SEC and to help the citizenry of this country by letting us know.

”We can assure you that every information you give to us will be treated in strict confidence.

”But that is not even what is important. What is important is that we will take action no matter whose ox is gored,” he said.

Agama said that losses in the capital market was an opportunity for people to come in and invest and not a time to fear or exit the market.

”I dare say here that when the market goes down, when the market makes a loss, or becomes  bearish, there is one thing that it does, which I would encourage you to report.

”Every loss that is made in the market is an encouragement for people to come in. Because when the prices are down, it is the time to come in.

”To think that when the prices are down is a negative trend, I beg to differ.

”It only provides an opportunity more than you can imagine. When the prices are down, it means more people should come and invest.

”And if we see it that way as journalists, the information to be conveyed to people will be that of hope rather than that of fear,” he said.

He said that the journalists were invaluable in shaping public perception and understanding the market.

According to him, through accurate reporting and constructive critiques, you are partners in building trust and confidence in the country’s capital market. (NAN)

NEWS

Bandits Burn Houses, Business Premises in Niger Border Community

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From Dan Amasingha, Minna

Suspected bandits have attacked Kigbera village in Konkoso Ward, Borgu Local Government Area of Niger State, setting houses and business premises ablaze after residents reportedly fled amid persistent insecurity in the area.

The incident occurred on Thursday afternoon, according to local reports, with the attackers arriving in a community that had already been deserted following repeated threats and attacks on neighbouring settlements.

Kigbera is located along the Nigeria-Benin Republic border, around the Babana axis of Borgu Local Government Area, an area that has witnessed growing concerns over the safety of rural communities.

The latest attack has heightened fears among residents, many of whom have reportedly abandoned their ancestral homes and means of livelihood to escape the persistent security threats.

Sources familiar with the situation said several communities around the area had been deserted as residents sought refuge in safer locations. While some reportedly relocated to Kontagora, New Bussa and Mokwa, others were said to have crossed into the neighbouring Republic of Benin.

The reported burning of houses and business premises in Kigbera has further deepened concerns about the fate of displaced residents and the future of communities affected by the continuing insecurity.

A resident, who spoke on condition of anonymity, expressed frustration over what he described as the failure of those responsible for protecting lives and property to provide adequate security for the affected communities.

He appealed to the Federal Government, the Niger State Government and relevant security agencies to take urgent and decisive measures to restore peace to the area.

The resident stressed the need for effective security operations to protect vulnerable communities, prevent further destruction of property and enable displaced families to return to their homes and rebuild their livelihoods.

He also called for sustained security interventions capable of addressing the recurring threats confronting settlements along the border.

Residents have reportedly raised concerns about the distance between the affected villages and security installations in New Bussa, where military, naval and Air Force facilities are said to be located.They fear that the distance may make timely intervention more difficult for communities in remote parts of Borgu.

However, the precise circumstances surrounding Thursday’s attack, the number of houses and business premises destroyed, and whether there were any casualties could not be independently established from the available information.

As of the time of filing this report, the Niger State Government and relevant security agencies had yet to issue official statements on the incident.

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Oyedele Leads FG Delegation to World Bank, IMF Meetings in Thailand

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By Tony Obiechina, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has arrived in Bangkok, Thailand, to lead Nigeria’s delegation to the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

The meetings, scheduled for October 12 to 18, will bring together finance ministers, central bank governors, development partners and other global economic policymakers to deliberate on developments in the global economy, financing priorities and strategies for sustainable economic growth.

Nigeria’s participation comes amid the Federal Government’s ongoing efforts to consolidate macroeconomic stability, attract investment and ensure that economic reforms translate into increased productive activities, expanded business opportunities and job creation.

Oyedele’s participation is expected to provide an avenue for Nigeria to strengthen engagement with international financial institutions and development partners on policies and financing opportunities aligned with the country’s economic priorities.

The meetings will also offer opportunities for participating countries to exchange views on emerging global economic challenges and explore strategies for promoting sustainable growth and development.

Further details of the minister’s engagements and Nigeria’s participation in the meetings are expected to be communicated as the programme progresses.

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Xenophobia: FG Brings Home 111 More Nigerians from South Africa

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By Tambaya Julius, Abuja

The Federal Government has evacuated another 111 Nigerians from South Africa amid renewed concerns over xenophobic and Afrophobic attacks, bringing the total number of citizens returned home under the ongoing exercise to 2,037.

The returnees, made up of 44 men, 23 women and 44 children, arrived in Lagos on Thursday, October 8, aboard South African Airways Flight SA060, the Ministry of Foreign Affairs said in a statement on Sunday.

The latest evacuation was made possible by the Redeemed Christian Church of God (RCCG), which donated $265,854 to support the return of 500 Nigerians in distress in South Africa.

Officials of the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission (NiDCOM), the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the National Emergency Management Agency (NEMA) and other federal agencies received the returnees on arrival.

The ministry’s spokesperson, Oluwafemi Adeniyi, said the latest flight marked the 15th consular evacuation from South Africa since the exercise began on June 10, 2026.

Of the 2,037 Nigerians evacuated so far, the Federal Government fully covered the repatriation costs of 1,388, while 318 others received one-way tickets funded by the RCCG.

The church’s donation is expected to provide tickets for another 182 Nigerians, completing its pledge to sponsor the return of 500 citizens.

The Federal Government expressed gratitude to the RCCG and its General Overseer, Pastor Enoch Adejare Adeboye, for supporting efforts to bring distressed Nigerians back home.

It also pledged to continue engaging South African authorities and other stakeholders to address xenophobia and Afrophobia and protect the safety, welfare and dignity of Nigerians living in the country.

The ministry advised Nigerians still in South Africa to obey local laws, remain vigilant and take necessary steps to protect themselves. 

It urged them to contact the Nigerian High Commission in Pretoria or the Consulate General in Johannesburg whenever they require consular assistance.

The evacuation comes amid renewed anti-immigrant tensions in South Africa, where protests and reports of violence have raised fresh concerns about the safety of foreign nationals.

Reports of unrest in Johannesburg and Durban have included the burning of vehicles and the looting of foreign-owned shops, heightening fears among migrant communities.

The Federal Government reaffirmed its commitment to providing consular support to Nigerians abroad and working with relevant authorities to safeguard their welfare and interests.

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