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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

Ewhrudjakpo Commends CCN’s Intervention Programmes, Pledges Support

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From Mike Tayese, Yenagoa

Bayelsa State government has commended the Christian Council of Nigeria (CCN) for propagating the teachings of Jesus Christ and its intervention programmes towards providing succour to people affected by natural disasters.The Deputy Governor, Sen.

Lawrence Ewhrudjakpo gave the commendation recently when the Christian Council of Nigeria, South-South zone, paid him a courtesy call in Government House, Yenagoa.
He expressed delight that the CCN had offered to support the state’s development initiatives which he described as laudable and also congratulated the new South-South Zone executive members of the foremost Christian organisation in the country on their election.
Ewhrudjakpo implored the current executives to make a difference by consolidating on the gains of their predecessors and demonstrate exemplary leadership, stressing that true leaders respond to the yearnings and aspirations of the people.Commenting on the interaction between the church and society, the deputy governor expressed displeasure over the church’s inability to adequately play the role of catering to the welfare of the less privileged.According to him, the churches should not place unnecessary burden on their adherents but allow them to make free will donations to support their programmes and projects.He also frowned at the practice whereby the church now placed more emphasis on materialism to the detriment of spiritual wellbeing as exemplified in the scriptures which enjoin humanity “to seek first the kingdom of God and all other things shall be added unto them.”Ewhrudjakpo further noted that one of the major concerns of the church should be about attracting people to the word of God for redemption and salvation as well as taking care of the needy.On the CCN’s request for land in Bayelsa, he expressed the government’s willingness to provide land for the purpose of establishing the National Research institute for the South-South zone.In their presentations, the National General Secretary of CCN, Rt. Rev. Evans Onyemara, and the South-South Zonal Chairman, Rev. Dr Jonathan Ihwighwu, said they were in the state to hold a zonal meeting as well as inaugurate the new executive of the CCN, South-South zone.Rt Rev Onyemara explained that aside from its evangelical mission, the CCN also provides humanitarian services and assists in developmental issues.He added that in 2022, the General Assembly of the CCN resolved that the South-South zone should establish what it called, the Institute of Church and Society and appealed to the state government to provide land for the building of a national research institute in Bayelsa for the South-South zone.The Bayelsa State Chairman of CCN, who is also the Bishop of the Northern Izon Diocese, Anglican Communion, Rt Rev. Funkuro Amgbari, that of Rivers State, Rev Dr Innocent Ordu and their Akwa Ibom, Delta, Cross River and Edo counterparts accompanied the Zonal Chairman on the visit.The Highlight of the visit was the offering of prayers for Governor Douye Diri, Senator Ewhrudjakpo and the entire government and people of Bayelsa.

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Blue Economy: Bayelsa Woos Investors in Sector’s Huge Potential

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From Mike Tayese, Yenagoa

Bayelsa State Government has again indicated its determination for effective collaboration with reputable individuals and firms to harness the abundant resources in the Blue Economy sector of the state.The Deputy Governor, Sen. Lawrence Ewhrudjakpo, indicated the state’s readiness at a dinner organized by the state government in honour of participants of the Senior Executive Course(SEC) 47, 2025 of the National Institute For Policy and Strategic Studies (NIPSS) in Yenagoa, at the weekend.

Ewhrudjakpo, described Bayelsa as a state richly endowed with not only oil and gas but also huge marine resources as low hanging fruits waiting for investors to pluck.
To this end, he called on private and other corporate investors to look at Bayelsa for new investment opportunities in the blue economy sector, especially in the area of developing a deep sea port.He also reiterated the foresightedness of the present Bayelsa State Government in establishing a ministry of marine and blue economy, and assured prospective investors of the safety of their investments in the state.The Deputy Governor urged the participants of the Senior Executive Course 47 to act as ambassadors of Bayelsa and tell the world about the potentialities of Bayelsa in the blue economy sector.Ewhrudjakpo equally implored the team to make its report available to the state government in good time, stressing that Bayelsa was looking forward to the outcome of their study in the state believing it will help in the development of the sector.His words: “We are happy that you are happy. We are here to round off what we started some few days ago. As we all know, everything that has a beginning must have an end.”We believe that in Bayelsa we have the potential for a vibrant marine and blue economy. That is why the present administration created a separate full-fledged ministry to oversee that critical sector. We are the first state to do so in the country.”Just as oil and gas, the marine and blue economy is also very important to us. And so, we are looking forward to the outcome of your study so we can see what we can achieve with it in the area of blue economy.”We want you to be our ambassadors and tell other people that Bayelsa is investment friendly. Bayelsa is also very safe for investment.”For the participants, I believe that your coming today will add to our thinking capacity and we are open to all the critiques that will come with it.”Earlier in his opening remarks, Secretary to the State Government, Prof. Nimibofa Ayawei, lauded participants of the Senior Executive Course (SEC) 47, 2025 for their choice of Bayelsa and the discipline they all exhibited throughout the period of the study tour.Prof Ayawei, who was represented by the Permanent Secretary, SSG’s Office, Mr Felix Asingbi, expressed optimism that their visit will open up opportunities for the state to make progress in the development of its blue economy potential.Also speaking, the Leader of the NIPSS Study Team, Air Vice Marshal Mohammed Umar, commended the Bayelsa State government for what he described as exceptional hospitality accorded to members of the team.He said going round the state enabled the team to have first-hand knowledge of Bayelsa’s huge potential in the blue economy sector, and urged the government to vigorously pursue the development of the sector.

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Delta Warns Contractors over Substandard Projects, Vows Sanctions for Negligence

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From Francis Sadhere, Delta

The Delta State Government has issued a stern warning to contractors handling state-funded projects, emphasizing that it will not tolerate substandard work, negligence, or any form of misappropriation.Speaking on the government’s renewed commitment to infrastructure accountability, a senior official of the state’s project oversight agency stressed that effective monitoring and reporting mechanisms have been put in place to track the progress and quality of ongoing projects across the state.

He stated that the state will take decisive action against any contractor found delivering poor-quality work or engaging in sharp practices, noting that public funds must be judiciously used for the benefit of the people.
”Let me make it clear: any contractor who fails to meet the standards expected of them or attempts to cut corners will face the full weight of the law. This administration is determined to deliver projects that will stand the test of time,” the official said.The agency, according to him, is actively inspecting projects to ensure they align with contractual specifications and timelines, adding that erring contractors risk sanctions ranging from blacklisting to legal action.This move comes as part of the state’s broader effort to promote transparency, accountability and value for money in all government undertakings.Residents have welcomed the warning, urging the government to match words with action and ensure no contractor goes unpunished for delivering substandard work.

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