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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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76-year-old grandmother st@bbed to d3ath by her 43-year-old boyfriend

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A 76-year-old grandmother, Annah Mosibudi Malatji, was allegedly m8rdered by her 43-year-old boyfriend in Rwanda Village, Letsitele, in Limpopo’s Mopani district, South Africa.

Daily Sun SA reported at the weekend that the attack happened in the early hours of Sunday, 8 February, 2026.

According to her daughter, Beatrice, a neighbour rushed to check on her after an argument ensued between the deceased and her lover.

Upon arrival, Gogo Annah was found lying in a pool of blood with multiple st8b wounds on her upper body.

The family says Gogo Annah reported the suspect to the police six times before her d3ath but nothing was done to protect her.

The daughter says they are living in fear because he might get bail and come after them.

They are pleading with the court not to release him.

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Lagos Ministry of Justice clarifies VIS operations after Abuja VIO court ruling

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Lagos State Ministry of Justice has clarified that the recent Court of Appeal ruling in Abuja concerning the operations of Vehicle Inspection Officers, VIO, in the Federal Capital Territory, FCT, does not affect the activities of the Lagos State Vehicle Inspection Service, VIS, on state roads.

In a statement signed by the Lagos State Attorney-General and Commissioner for Justice, Mr Lawal Pedro (SAN), the government expressed concern over what it described as misrepresentation of the appellate court’s decision.

The Court of Appeal, Abuja Division, had affirmed a Federal High Court judgment declaring certain VIO enforcement actions in the FCT unlawful.

The Ministry recalled that in 2025, Justice Evelyn Maha of the Federal High Court, Abuja, ruled in a fundamental rights enforcement suit that the respondents, including the Director of Road Transport, the Team Leader of Area Command Jabi, and the FCT Minister, lacked statutory authority to stop, impound, or confiscate vehicles or impose fines on motorists within the FCT. The appellate court upheld this decision.

According to Lagos State, the rulings were based on the absence of legal powers granted to VIOs in the FCT. However, the Ministry stressed that these judgments are jurisdiction-specific and do not apply nationwide.

“While legally binding on the parties involved and jurisdictions without enabling statutes, the ruling does not extend to states with statutory frameworks for vehicle inspection, such as Lagos,” the statement read.

Highlighting Nigeria’s federal system, the government noted that traffic management and vehicle inspection fall under residual powers for state governments. Lagos State, unlike the FCT, has a comprehensive statutory framework governing VIS under the Lagos State Transport Sector Reform Law.

Section 12(1) of the law empowers VIS officers to inspect vehicles, ensure roadworthiness, conduct pre-registration checks, issue Road Worthiness Certificates, and collaborate with other agencies on traffic enforcement. Section 23(1) outlines procedures for imposing fines, including on-the-spot payment by mobile courts or within 48 hours of receiving a ticket. Non-compliance may lead to formal charges before a Magistrate or Mobile Court, while motorists retain the right to contest fines in court.

The Ministry affirmed that VIS operations in Lagos fully comply with state law and are neither unlawful nor unconstitutional.

Motorists were urged to cooperate with VIS officers to avoid sanctions and warned that anyone who assaults or obstructs officers during statutory duties will face arrest and prosecution.

“The Lagos State Government remains committed to ensuring that traffic and transport enforcement is conducted with professionalism, civility, and respect for road users,” the statement added.

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Bandits abduct Chief Imam’s wives, daughters and other family members in Bauchi

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Suspected bandits have abducted the family of the Chief Imam of Jama’atu Izalatil Bid’ah Wa Ikamatis Sunnah (JIBWIS), Abubakar Muhammad Digare, in Bauchi State.

The incident occurred on Saturday night, February 14, 2026 in Digare town, Gwana District, Alkaleri Local Government Area of the state,

Security analyst, Bakatsine, who disclosed this on Sunday said local sources stated that assailants invaded the Imam’s residence and forcibly abducted several people, including the Imam’s wives and daughters.

“Last night, suspected bandits launched a brazen nighttime attack in the residence of Imam Abubakar Muhammad Digare, Chief Imam of JIBWIS in Digare town, abducting several people, including his wives and daughters. The attackers reportedly stormed the home under the cover of darkness, forcefully taking multiple victims to an unknown destination,” Bakatsine wrote.

“The shocking incident has sent waves of fear through the local Muslim community and heightened concerns amid the worsening security crisis affecting many parts of the country. The attack occurred in Digare, a town in Gwana District, Alkaleri Local Government Area of Bauchi State.”

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