Connect with us

News

EFCC boss Olukoyede cautions investors against virtual assets, investment scam

Published

on

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has urged unsuspecting investors to be wary of virtual assets and investment scams, which he said are on the rise.

The chairman gave the warning during a public lecture marking the African Union Anti-Corruption Day on June 11, 2025, themed: “Understanding Virtual Assets and Investment Scam.”

Olukoyede, who was represented by the Uyo Zonal Director of the EFCC, Assistant Commander of the EFCC (ACE I) Johnson Oshodi, regretted that the investing public inadvertently aids fraudulent practices through lack of due diligence on schemes advertised to them.

Olukoyede insisted that no investment scam can succeed without the negligence of investors.

He observed that virtual and investment scams have the potential to outpace money laundering on the continent, given the way they are gaining prominence.

“In simplified language, virtual assets are digital representations of monetary values which operate on blockchain and which can be traded, exchanged, [and] transferred for payment or investment purposes. They are cryptocurrencies, digital tokens operating on ledger technology.

“It is important to clearly state that virtual assets are not fundamentally criminal. It is when they are wrongfully or fraudulently used that they become criminal. Technology is moving at a supersonic speed around the world.

“Fraudsters are exploiting vulnerabilities of desperate investors to defraud them through various dishonest schemes. Every exploitation of investors in any guise is considered a fraudulent act. Ponzi schemes rank as one of the most pervasive of such acts.

“Lessons derivable from the CBEX situation are very clear: the investing public inadvertently aids fraudulent practices through lack of due diligence on schemes advertised to them. Another lesson is that investors hardly send suspicious transaction reports to the EFCC until they are defrauded. We must understand that no investment scam can succeed without the negligence of investors.”

The Chairman, however, assured of the commission’s readiness to engage every stakeholder in its preventive and investigative activities, adding that virtual assets and investment fraud, like other fraudulent activities, remain preventable with the escape route being adequate knowledge and understanding of the issues involved.

The keynote lecturer at the event, ACE II Emeka Ukpai, stated that the window of ignorance which fraudulent investment operators are opening to defraud innocent members of the public should be closed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Army reopens Imo road shut for three years, destroys explosives factory

Published

on

File: Nigerian Army

Troops of the Nigerian Army under Operation UDO KA have reopened a major road closed for over three years due to persistent threats and attacks by IPOB/ESN militants during clearance operations in Imo State.

The Army also said it uncovered an improvised explosive device factory.

The development was disclosed in a statement released on Thursday by the Acting Deputy Director, Army Public Relations, 82 Division Nigerian Army, Lt.-Col. Olabisi Ayeni.

Ayeni said the troops were conducting aggressive joint clearance operations in parts of Imo State under Operation EASTERN SANITY, aimed at dismantling criminal enclaves and restoring normalcy to affected communities.

He explained that the operations were carried out in the Orsu–Eketutu Mother Valley and Orsu–Ihiteukwa general areas to remove IEDs planted by criminal elements and enable displaced residents to safely return to their homes.

According to him, troops operating under the 34 Artillery Brigade of the Nigerian Army, in collaboration with personnel of the Nigerian Navy, Nigerian Air Force, Department of State Services (DSS), Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), conducted a joint clearance operation along the Lilu–Eketutu Road in the Orsu–Eketutu Mother Valley area on March 6, 2026.

“The road, which serves as a strategic route and the community’s lifeline for the movement of people, goods and services, had been abandoned for over three years due to persistent threats and attacks by IPOB/ESN militants,” Ayeni said.

Exhibits recovered. . Credit: Nigerian Army | X

 

He added that troops discovered several IEDs planted at different points along the road during the operation.

The explosives, he said, “were successfully disconnected and safely recovered by Explosive Ordnance Disposal (EOD) specialists, preventing potential casualties and restoring access to the route.”

In a related operation on March 11, 2026, troops conducted another clearance operation in the Orsu–Ihiteukwa general area to clear suspected IED locations along key routes.

Ayeni said the exercise was aimed at enhancing security and enabling displaced residents to safely return to their communities.

He noted that several IEDs were detonated along the troops’ route of advance during the operation.

“Despite the explosions, troops maintained operational momentum and discovered an IPOB/ESN IED-making factory within the area,” he said.

Ayeni said the facility was subsequently exploited, leading to the recovery of several items, including Biafran flags and insignia, several rounds of 7.62mm NATO ammunition, pipes used for priming IEDs, pistol magazines containing ammunition, double-barrel guns, CCTV cameras, as well as multiple clips and electrical wires suspected to have been used in the fabrication of explosive devices.

He added that EOD teams also discovered additional IEDs concealed within the area, which were carefully disconnected, recovered and safely destroyed.

The Army spokesman reaffirmed the Nigerian Army’s commitment to sustaining pressure on criminal networks threatening peace and security across Imo State and the South-East region.

He urged members of the public to continue providing timely and credible information to security agencies to help dismantle criminal syndicates.

According to him, community cooperation remains vital to restoring lasting peace and stability in the region.

The raid comes on the heels of similar operations reported last week, during which security forces dismantled multiple camps belonging to the proscribed Indigenous People of Biafra and its armed wing, the Eastern Security Network in Anambra State.

Continue Reading

News

BBL: Lagos State Govt probes socialite’s d3ath after cosmetic surgery

Published

on

The Lagos State Government has commenced an investigation into the reported d3ath of a Lagos socialite popularly known as Elena Jessica, following a cosmetic surgery.

It was gathered that Elena allegedly d!ed after undergoing a Brazilian Butt Lift cosmetic procedure, popularly known as BBL, at a clinic in the state.

The probe is being conducted through the Health Facilities Monitoring and Accreditation Agency (HEFAMAA) the regulatory body responsible for monitoring and accrediting health facilities in Lagos.

The Permanent Secretary of the agency, Dr. Abiola Idowu, who made this known in a statement issued on Thursday, March 12, 2026, said the investigation followed reports circulating on social media alleging that the woman developed complications after the aesthetic procedure.

 

While noting that the clinic is registered with the regulatory agency, it however stressed that registration does not shield any facility from investigation when patient safety concerns arise.

Read more on www.lindaikejisblog.com

Continue Reading

Business

NNPC Reduces Fuel Price

Published

on

NNPC Reduces Fuel Price

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.

The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.

In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.

Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.

The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.

The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.

The change followed a fall in international crude oil prices.

Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.

The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.

Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.

 

Continue Reading

Trending