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EFCC boss Olukoyede cautions investors against virtual assets, investment scam

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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.

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I Was Bullied Into Supporting Tinubu – Nollywood Actress, Bimbo Akintola Opens Up (Video)

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Bimbo Akintola, the Nollywood actress, has explained why she remains a steadfast supporter of President Bola Ahmed Tinubu.

The movie star, who supported Tinubu during the last election, explained that she increased her support for the then-APC candidate because an opposition supporter bullied her over her choice of Tinubu.

She claimed that her increased support for Tinubu was to spite her bully.

Speaking in a recent episode of With Chude, Akintola urged Nigerians to respect other people’s political choices and opinions.

“I supported President Bola Ahmed Tinubu during the last election because somebody annoyed me with their bullying.

“Nigerians are annoying. Don’t bully other people. We have our rights to differences of opinion. You don’t like this man [Tinubu], cool, you have the right not to like him. You prefer this person, good for you. But don’t bully others.

“They bullied aunty Joke [Silva] to the point that someone wrote something that was so inhumane. So, I made a video and said, ‘I’m also supporting Tinubu, kill me, let me see if you can change my mind.’

“We need to stop bullying. We need to agree that we can never agree with everybody. That’s what makes us great and beautiful. If we are all the same, it would be a boring life. Till tomorrow, you might not agree that he was the best person for the job, but at that point, that was who I wanted, that was who I voted for. You can’t take my voice away from me; it’s mine,” she expressed.

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Youths development Advocacy of Nigeria join journalist to tour the Tiger base facility

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………Calls for calmness and disclaim falsified narratives

The people of Imo State are uniting against false narratives surrounding the Anti-Kidnapping Unit, also known as Tiger Base. This esteemed unit, led by ACP Oladimeji Adeyeyiwa, is committed to safeguarding our state from heinous crimes.

Situated in a secure facility equipped with state-of-the-art CCTV cameras, Tiger Base exemplifies transparency and accountability. The tireless efforts of CP Aboki Danjuma and his team have created a safe environment for residents to enjoy nightlife.

Our visit to the tiger base gave us the opportunity to ask questions surrounding the false speculation and the numerous misleading information. We are fighting in collaborative effort with the security agencies to shutdown propaganda that could incite crisis in our peaceful state.

Imo State has witnessed a significant decline in kidnapping cases, a affirmation to the collaborative efforts of our security agencies and government. This progress is a source of pride for our community.

The Youth development Advocacy of Nigeria, Imo State Chapter applauds the dedication of our security personnel and encourages continued support for their endeavors. By working together, we can build a brighter future for our state.

As Youths, we must be vigilant against misinformation and promote a culture of peace and security.

Our collective efforts will shape the future of Imo State. Let’s strive for a state where our children can grow up in safety, our businesses flourish, and our people live without fear.

Imo State has the potential to be a model of stability and progress in Nigeria. Let’s harness our collective energy to achieve this vision. The Youth Development Advocacy of Nigeria, Imo State Chapter is available to partner with any agencies for the development of our youths.

Chinedu Brown Akueweghiro
Youth Development Advocacy of Nigeria, Imo State Chapter
08160575645

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There Will Be No More Negotiation Or Ransom Payment To Terrorists — New Defence Minister, Gen Musa Declares

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Gen. Christopher Musa, the Minister of Defence, stated on Thursday that there should be no negotiations with, or ransom payments to, terrorists in the country.

He also said Nigeria’s fight against insecurity would remain ineffective until the country established a unified national database that captured every citizen and linked all security, banking and identity systems together.

General Musa stated these during his screening as minister by the Senate.

Musa’s screening happened on a day the House of Representatives sought open and transparent prosecution of all terrorism-related cases as an effective way of combating the high rate of violent crimes in Nigeria.

This is even as the Senate yesterday moved to tighten Nigeria’s anti-kidnapping laws by pushing for the de@th penalty for kidnappers and anyone financing, enabling or providing information to terrorists and kidnappers, as lawmakers debated amendments to the 2022 Terrorism (Prevention and Prohibition) Act.

Speaking during his ministerial screening in Abuja, General Musa maintained a firm stance that government at all levels must enforce a total ban on ransom payments and negotiations with terrorists, warning that such actions only empower criminals.

“There is no negotiation with any criminal. When people pay ransoms, it buys terrorists time to regroup, re-arm and plan new attacks. Communities that negotiated still got attacked later,” he said.

He added that ransom money could be digitally monitored, insisting that Nigeria’s banking system had the capability to trace financial flows connected to crime if fully activated.

The retired general stressed that military operations represented only 25–30 per cent of the counter-insurgency effort, adding that poverty, illiteracy, poor governance and weak local government structures continued to feed criminal activities.

He challenged state and local government administrators to take responsibility for community-level intelligence and early intervention, noting that security agencies alone could hardly shoulder the entire national burden.

Musa criticised Nigeria’s slow justice system, especially the prolonged trials for terrorism and kidnapping, saying the delays weakened morale within the armed forces.

“In some countries, terrorism cases are handled decisively. Here, cases drag for years. It discourages security forces who risk their lives to make arrests,” he said.

He recommended urgent legal reforms, including special terrorism courts, stronger penalties and accelerated hearings.

Maritime crime, cultism, illegal mining heightening threats

He raised alarm over renewed criminal activities across the maritime corridors linking Akwa Ibom to Cameroon, warning that sea robbery, piracy and coastal kidnappings were resurfacing.

He confirmed that Operation Delta Safe had been expanded to cover previously quiet zones now experiencing infiltration.

Musa also called for a total ban on illegal mining, which he described as a major financing stream for armed groups operating in forest belts across the country.

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