NEWS
SEC to Intensify Fight against Ponzi Schemes with Market Outreach

By Tony Obiechina Abuja
The Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimization.At an awareness campaign held at the Dei-Dei Building Materials Market in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.
Speaking at the event, Executive Commissioner Legal and Enforcement, Securities and Exchange Commission, Frana Chukwuogor campaign warned of the dangers of patronising illegal fund operators known as Ponzi schemes.Chukwuogor stated that “we want to saturate, saturation is my favorite word, it means that there will be no room to do anything more. We are here to spend time with people having realised that the issue of Ponzi schemes menace is affecting and spreading all over the place and they are deceiving and collecting peoples money especially from traders in the market”, she added that the Commission deemed it crucial to visit Dei-Dei building material market to sensitize traders, empowering them to make informed decisions when approached with investment requests.She explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.She explained that too many Nigerians—especially those at the grassroots—fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.At Dei Dei Market, the SEC team distributed flyers in multiple languages, engaged traders directly, and fielded questions from those who had either encountered or fallen victim to illegal investment operators. The engagement was marked by honesty, personal stories, and curiosity about how to identify legitimate platforms. Speaking, the Head of Enforcement Department, Securities and Exchange Commission, Abdusalam Sa’ad Khalid warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities.He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.The visit to Dei Dei Market is the third in the series of visits to markets in Abuja as part of the SEC’s nationwide aggressive investor awareness campaign, aimed at improving financial literacy, building public trust in the capital market, and strengthening the investor protection framework in Nigeria.NEWS
21 Terrorists Neutralised in Damboa Again — Army

Troops of Operation Hadin Kai (OPHK) have repelled a deadly attack by ISWAP terrorists in Damboa, Borno, neutralising 21 insurgents and recovering a cache of arms and ammunition.
Capt. Reuben Kovangiya, Acting Deputy Director, Army Public Relations, Headquarters Theatre Command, confirmed this in a statement issued in Maiduguri on Friday.
Report saya that the attack, which occurred in the early hours of Friday, targeted troops of the 25 Task Force Brigade.
Daily Asset, however, reports that the soldiers, with the support of the Air Component of OPHK, engaged the terrorists in a fierce and prolonged firefight that lasted over two hours.
Kovangiya said the troops displayed gallantry and tactical superiority during the confrontation, forcing the terrorists to retreat in disarray, leaving behind more than 21 of their fighters who were neutralised during the engagement.
“The gallant troops, supported by Close Air Support, stood their ground and repelled the attack despite the ferocity of the enemy.
“The insurgents suffered devastating losses and were forced to flee,” he said.
The spokesman said that during the exchange of fire, an ammunition storage facility within the military formation was hit by a blast, but the situation was quickly brought under control.
He also confirmed that the troops recorded minor casualties.
“Following the mop-up and exploitation operation, the following weapons and ammunition were recovered:
“Two General Purpose Machine Guns (GPMG) three Rocket Propelled Grenade (RPG) tubes, one pump-action rifle, nine AK-47 rifles, three belts of PKT rounds, eight AK-47 magazines, seven RPG bombs, two boxes of 12.7mm x 99mm ammunition, one and a half box of PKT rounds and 20 pieces of 36 hand grenades,” Kovangiya said.
The spokesman said that the success of the operation was a clear demonstration of the effectiveness of joint land and air efforts in counterterrorism operations which further reaffirmed the Nigerian military’s resolve to restore peace in the North-east.
“The bravery and sacrifice of the troops remain a symbol of national pride.
“Their unwavering commitment to defeating insurgency and restoring peace in the region is commendable,” he said.(NAN)
NEWS
Enugu Govt Sets up Human Development Council

Gov. Peter Mbah of Enugu State, on Friday, inaugurated the Enugu State Human Development Council at the Government House. He stressed that human capital remains the true wealth of any nation and a core priority of his administration. The Council is chaired by the Deputy Governor, Ifeanyi Ossai, and includes State Executive Council members and heads of MDAs.
Also represented are the legislature, local governments, traditional rulers, church leaders, and civil society organisations. Mbah explained the Council aligns with his government’s emphasis on human development and social investment. He urged the members to take the task seriously and work towards tangible outcomes. “One of our top priorities is eradicating poverty and reducing the poverty headcount to zero,” Mbah noted. He added that the government’s philosophy prioritises human capital over natural resources. “Our last two budgets allocated over 50 per cent to social services,” the governor stated. In his response, Ossai assured the governor of members’ commitment to the Council’s goals. He emphasised that all government initiatives — from schools to roads — are people-focused. “All our projects aim to improve lives, and the Council will help us track and measure progress,” Ossai said. (NAN)NEWS
ASUU Demands Action, Threatens Nationwide Strike

The Academic Staff Union of Universities (ASUU) has urged the Federal Government to honour the 2009 FG/ASUU agreement or face a nationwide industrial action. ASUU President, Chris Piwuna, issued this warning during a news conference in Abuja on Friday. He stressed the importance of the government fulfilling its promises and addressing the worsening conditions in Nigerian universities.
According to Piwuna, nine critical issues remain unresolved, including the stalled renegotiation process since 2017. He mentioned withheld salaries from the 2022 strike and unpaid entitlements linked to the contentious Integrated Payroll and Personnel Information System (IPPIS). Piwuna also criticised the delayed release of revitalisation funds and earned academic allowances due to government inaction. In spite of promises to inject ₦150 billion into universities and adjust irregular allowances by 2026, he said these commitments remain unfulfilled. He highlighted the marginalisation of ASUU members at state institutions such as Kogi State University and Lagos State University. According to him, victimisation, salary denial, and job insecurity persist in those universities, undermining staff morale. On university autonomy, he said political interference has compromised the selection of leaders, citing Nnamdi Azikiwe and Abuja universities as examples. Piwuna warned that universities are becoming battlegrounds for political and economic interests, which he described as unacceptable. He called for a national rebirth through education, saying it is vital for Nigeria’s transformation and prosperity. To address the crisis, he proposed a national education summit focusing on funding, autonomy, and academic welfare. “Education empowers citizens, drives innovation, and instils values. Without it, development is impossible,” Piwuna said. He reaffirmed ASUU’s commitment to reforming Nigerian universities and urged patriotic Nigerians and global allies to support their struggle. “Our universities should be centres for solutions to national challenges. “We are open to dialogue but will not tolerate further erosion of our rights,” Piwuna said. (NAN