A group of human rights lawyers, under the aegis of Lawyers in Defence of Democracy, on Wednesday marched on the streets of Abuja to demand the restoration of democratic governance in Rivers State.

The lawyers are calling on the United States and the international community to pressure President Bola Tinubu to rescind his decision to suspend Governor Siminalayi Fubara and the Rivers State House of Assembly.

Tinubu had suspended Fubara, his deputy and the Rivers Assembly for six months after declaring a state of emergency in the state.

Speaking to newsmen during a protest march to the United States embassy in Abuja on Wednesday, the lawyers, led by their Country Director, Barr. Uche Chukwu Udeh Sylvester, argued that the declaration of the state of emergency in Rivers State is unconstitutional and undermines democracy.

They further argued that there was no clear and present danger to warrant the emergency rule, adding that due process was not followed.

In a letter addressed to President Donald Trump, they urged the United States government to intervene and pressure Tinubu to restore democratic rule in Rivers State.

According to the lawyers, the suspension of Governor Fubara and the State Assembly is a brazen attempt to undermine constitutional order.

The lawyers also condemned the National Assembly for ratifying the emergency rule, describing their action as an assault on democracy.

They asked Tinubu to reconsider his stand and allow Fubara to continue his work as the democratically elected governor of Rivers State.

Parts of the letter addressed to Trump read, “In an era where democracy is supposed to reign supreme giving democracy dividends to the masses, we have found ourselves at a crossroads, a sober moment of reckoning where constitutional order is being tested most brazenly.

“The President, who swore to uphold the Constitution, has taken a most unprecedented and unlawful step with the suspension of a democratically elected governor, deputy governor and an entire state House of Assembly under the guise of Emergency Rule. What emergency? Nigerians and Rivers people did not see or feel any such emergency.

“In our law books and we stand by this, no constitutional provision, statute or any known convention gives the president the powers to single-handedly dissolve the structures of an elected state government.

“This could only have happened during the days of military juntas, but we are not under the firm grip of a military dictatorship. At the moment, the country is being governed under a constitutional democracy that operates a presidential system of government.

“President Bola Tinubu should not have taken the decision because democracy is a learning process, and the judiciary has demonstrated the capability to resolve issues.

“The president should have allowed the various state organs to resolve the issues. It is not worthy that until recently, there was a crisis of local government administration in Osun State, which has not led to a declaration of a state of emergency.”

The British High Commission on Tuesday said the alleged “British Soldier” Micah Polo, who was arrested for gun running, is not a serving member of the UK Armed Forces.

The suspect, who was referred to as a Major in the British armed forces, was discharged as a junior rank UK Armed Forces Reserves.

Micah, Nigerian by birth, was recently apprehended in connection with procuring illegal arms to fuel the alleged planned mayhem.

The High Commission, in a statement issued to diplomatic correspondents in Abuja, stated that he was not a commissioned officer.

The clarification was issued following recent media reports concerning an individual allegedly linked to the UK Armed Forces in connection with illegal arms procurement in Nigeria.

A spokesperson from the British High Commission said: “The individual identified in recent Nigerian media reporting is not a serving member of the UK Armed Forces.”

“The individual identified did serve as a junior rank in the UK Armed Forces Reserves but was discharged.

“While in the Reserves, he was a junior rank, not a commissioned officer. The High Commission refused to say much on the suspect based on data protection law.

“We have a common law and Data Protection Act duty to protect the personal details of our current and former employees and are therefore not able to release any additional information in this matter.”

[TheNation]

The Federal High Court in Abuja on Wednesday ordered the Economic and Financial Crimes Commission to within 24hrs release socialite and business woman, Aisha Achimugu.

Justice Inyang Ekwo in a short ruling also added that parties in the suit especially the EFCC are to report to the court to give report on compliance to the order of court on May 2, 2025.

Recall that Justice Ekwo had on Monday, ordered Achimugu to submit herself to the Economic and Financial Crimes Commission in connection with an on going investigation bordering on Money laundering and other offences.

Justice Ekwo, also held that following her appearance at the EFCC office, the antigraft agency is to return with her and make an appearance before the court on Wednesday April 30, for report.

Meanwhile, the EFCC arrested Achimugu at about 5am on Tuesday at the Nnamdi Azikiwe International Airport.

The EFCC is investigating Achimugu on a case involving conspiracy, obtaining money by false pretence, money laundering, corruption, and possession of properties reasonably suspected to have been unlawfully obtained.

While she was previously arrested and questioned by the EFCC, she was released on administrative bail by the commission.

However, EFCC alleged that she jumped bail and declared Achimugu wanted.

The EFCC in a press statement urged the public to provide information about Achimugu’s whereabouts, “The public is hereby notified that AISHA SULAIMAN ACHIMUGU is wanted by the Economic and Financial Crimes Commission in an alleged case of criminal conspiracy and money laundering,” the statement read.

The EFCC in its affidavit to show cause, averred that on February 12, 2024, when Achimugu was previously arrested, in their office with her lawyer, Darlington Ozurumba, she wrote a statement.

The commission said in the statement, that she explained some of the huge funds which passed through her corporate bank accounts.

It said that Achimugu admitted the sum of N8, 710, 000, 000.00. (eight billion, seven hundred and ten million naira) was paid by her partners as an investment fund into the purchase and payment of a signature bonus for the acquisition of oil bloc on Nov. 8, 2022.

It said further investigation however revealed that Achimugu, through her company, Ocean Gate Engineering Oli and Gas Limited, acquired two oil blocs, namely Shallow Water -PPL 3007 and Deep Offshore-PPL 302-DO for the total sum of $25, 300, 000 (twenty-five million, three hundred thousand dollars) through majorly cash payments made to the Bureau De Change (BDC) operators who in turn made payments to Federal Government via corporate accounts.

The commission alleged that the ultimate sources of the said sum of $25,300,000 used in the acquisition of the oil blocs were not linked to her lawful earnings or income or any business partner.

“That the acquisition of the Oil Blocks was marred by corrupt practices, as bribes were paid to the officials of the Nigerian Upstream Petroleum Regulatory Commission in the process.

“That none of the Oil Blocks assigned/allocated to Ocean Gate Engineering Oil and Gas Limited by the Nigerian Upstream Petroleum Commission has commenced exploration/production from inception to date,” the EFCC said.

The anti-graft agency averred that following the decision of the court in suit No. FHC/ABJ/CS/451/2024, which dismissed Achimugu’s suit, the commission, in continuation of its investigation, sent letters to some agencies of government, including FIRS, CBN, etc.

It said further investigation revealed that Achimugu operates a total of 136 bank accounts across ten different banks, both in her personal and corporate names.

Displeased with the wanted declaration, Achimugu filed a fundamental rights enforcement suit against the EFCC, the Nigeria Police Force, Independent Corrupt Practices and Other Related Offences Commission, State Security Service, the Nigeria Security and Civil Defence Corps and the Nigerian Immigration Service to stop her planned arrest.

Achimugu in an exparte motion marked FHC/ABJ/CS/626/2025, among others, sought an order of interim injunction restraining the respondents from threatening or harassing her with arrest, detention and invasion of her “properties or threatening to impede her fundamental right to freedom of movement, liberty, privacy and properties”.

Giving ten grounds why her application should be granted, Achimugu said on March 28, the EFCC declared her wanted.

She said that her declaration as ‘wanted’ was unwarranted, unjustifiable, devoid of probable cause, and calculated to discredit, humiliate, and subject her to public opprobrium, thereby causing irreparable harm to her reputation, personal dignity, and professional standing.

While Achimugu’s rights enforcement suit was scheduled to be heard on April 11, her lawyer Kehinde Ogunwumiju informed the court that the respondents had failed to respond or appear, despite being served with the court’s order.

Justice Inyang Ekwo expressed a desire to hear from the respondents and adjourned the matter to Alril 28, 2025, directing that a hearing notice be served on the respondents.

The judge emphasised that the respondents are given one final opportunity to appear and show cause why Achimugu’s reliefs should not be granted.

At the resumed sitting on Wednesday, Ogunwujimi, informed Justice Ekwo that his client (Achimugu), filed an affidavit of facts before the court in the morning.

In a short ruling Justice Ekwo held saying, “The third respondent (EFCC), has granted the applicant bail. Now the court being faced with that will now allow the third respondent to conclude the issue of granting the applicant bail. I am reminded to make this order.

“The Third respondent is hereby ordered to foster the release of the applicant with 24hrs of this order.

“I also make an order that parties especially the third respondent (EFCC) responds back to this court in compliance of the order on 2nd may 2025”.

The matter was also adjourned to same day for hearing of the processes filed.

[Punch]

Umo Eno, governor of Akwa Ibom state, has hinted at a possible defection ahead of the 2027 general election. 

Speaking on Tuesday at the Ukanafun/Oruk Anam federal constituency town square meeting held at QIC Central School, Ikot Akpankuk, Eno likened the PDP to a faulty aircraft.

“What Akwa Ibom people want is good governance, not the name of the party,” he said.

“If you wanted to travel with Ibom Airline, and on the verge of taking off, it developed a fault that won’t enable it to fly, won’t you board the next available plane to take you to your destination?

“Whether Ibom Air or Air Peace, board the flight that is ready to take you to your destination. Board the flight and forget the name of the airline.”

The governor’s remarks followed a wave of defections from the PDP, with Sheriff Oborevwori, governor of Delta, being the latest to move to the APC along with his supporters.

Eno said the PDP is now fragmented and risks grinding to a halt before the 2027 elections.

He urged the people to remain steadfast in their support for his administration and its commitment to delivering on campaign promises.

The governor also distributed “empowerment packages” to more than 400 beneficiaries, including business grants, vehicles and other support items.

On Monday, the national working committee (NWC) of the PDP held an emergency meeting over the wave of defections that has rattled the party in recent weeks.

After the meeting, Umar Damagun, acting national chairman of the PDP, said the party’s national legal adviser has been directed to take action over the defection of Oborevwori and other members to the APC.

[TheCable]

The collapse of the People’s Democratic Party (PDP) structure into the All Progressives Congress (APC) in Delta State could either strengthen or destabilize the APC, depending on how well old and new members integrate.

Interestingly, most of the original APC members in Delta were themselves former PDP members. So, the latest defectors are simply following a path previously taken by their predecessors.

In essence, the APC in Delta today is largely made up of former PDP members — from leadership to grassroots.

Make no mistake about it,there is nothing wrong in defection, per se.

After all the president of the United States of America, USA, Donald J Trump did not commence his political career as a member of the Republican party. Rather he registered as a Republican party member only in 1987, and later became a member of the lndependent party -the New York state affiliate of the Reform party in 1999. He was a Democrat in 2001 , and a Republican again  in 2009 and he became unaffiliated in 2011 before finally returning  to the Republican party in 2012.

Similarly, Robert F Kennedy Jnr defected from the Democratic party in the course of his presidential race in 2024 to contest as an lndependent party cancidate. He is currently the Health and Human Services secretary in President Trump’s administration after he colapsed his campaign into Trump’s   Republican party campaign platform .

So, there is no big deal about defection in a democracy.

What should concern APC leaders in Abuja is whether the internal rivalries that fractured the PDP — and triggered the current wave of defections — might resurface and destabilize the APC if not properly managed.

The emerging APC, both in Delta and nationally, increasingly resembles the PDP of old — merely repackaged under a different banner.

Delta State, often described as a microcosm of Nigeria due to its diverse ethnic makeup, frequently reflects broader national trends.

Thus, the mass defection happening in the state that prides herself as the “Big Heart state” could signal the beginning of an even wider migration of politicians across the country, at a scale Nigeria has never witnessed before.

To ensure a smooth merger of the old and new party members, the APC State Chairman, Elder Omeni Sobotie, has directed all local government chairmen to collect registration booklets to formally enroll the new members, completing their transition into the party.

However, tensions from the 2023 elections, when the APC’s Ovie Omo-Agege contested against the PDP’s Sheriff Oborevwori, still linger. Although overt hostilities may be muted, old rivalries could resurface if not carefully managed — possibly requiring intervention from the party’s leadership in Abuja.

Among the old APC loyalists, who are politically weaker compared to the PDP’s dominance in Delta’s executive, legislative, and judicial branches, there may be a tendency to look down on the newcomers, branding them derisively as the “Taiwan APC.”

In local Nigerian parlance, especially among motor spare parts traders, “Taiwan” is used to describe imitation or inferior products — a reference to Taiwan’s early reputation for cheap manufacturing.

The use of “Taiwan” as a political insult gained prominence during the 2023 presidential elections, reportedly popularized by Peter Obi, the Labour Party’s presidential candidate. Obi, who dramatically disrupted Nigeria’s political landscape, especially the PDP’s strongholds, allegedly dismissed Dr. Ifeanyi Okowa — Atiku Abubakar’s running mate — as a “Taiwan Igbo.”

By that, Obi implied that Okowa, being from the Ika-speaking region of Delta State (the Igbo-speaking area of Delta North), was not an authentic Igbo, but rather an imitation — a symbolic slight against the PDP’s choice of running mate.

It appears that, because they originate from west of the Niger River, Dr. Ifeanyi Okowa and the people of Delta North are not seen by many eastern Igbos as authentic members of the Igbo ethnic group. Consequently, they are often perceived as “fake” or “Taiwan” Igbos — a term used locally to imply imitation.

Drawing a parallel from this sentiment, the recent influx of PDP defectors into the APC in Delta State could risk being seen in a similar light — as “Taiwan APC” — if tensions between old and new members are not properly managed.

To avoid such damaging divisions, the APC must ensure seamless integration. Fortunately, the party has significant experience managing mergers, dating back to 2013 when it successfully united the ACN, CPC, ANPP, and a faction of the PDP into the current APC platform. Given this track record, it should not be difficult for the party’s national leadership, particularly Chairman Dr. Abdulahi Umar Ganduje, to create a task force to manage the blending process — similar to how businesses handle mergers and acquisitions (M&A).

Events unfolding in Nigeria’s political arena suggest that President Tinubu’s 2027 re-election campaign will be anything but business as usual.

While the PDP is attempting to replicate Tinubu’s 2013 strategy — merging opposition forces into a special-purpose political vehicle to oust the ruling party — it is ironically being weakened by an aggressive takeover orchestrated by the APC.

Tinubu, much like a masterful Samurai or a Sumotori (Sumo wrestler), has disarmed and destabilized his opposition two years before the next election cycle.

It’s worth recalling that President Muhammadu Buhari himself once credited Tinubu for his eventual success in the 2015 presidential election, after three failed attempts. Tinubu’s depth in political strategy has always been a major force in Nigerian politics.

To draw a clearer parallel, in the corporate world, a hostile takeover occurs when a stronger company seizes control of a weaker, underperforming firm — usually without the consent of its management — by directly appealing to shareholders.

Hostile takeovers are characterized by unsolicited bids, bypassing management, and fierce resistance from the target company’s leadership.

Some typical tactics used in hostile takeovers include:

•               Tender Offers: Public offers to buy shares directly from shareholders, usually at a premium.

•               Proxy Fights: Efforts to install new management by winning shareholder votes.

•               Bear Hugs: Aggressive offers that pressure the target company’s board into acceptance.

There are also classic defenses against hostile takeovers:

•               Poison Pills: Strategies that make the takeover financially painful for the bidder.

•               White Knights: Seeking a more friendly acquirer.

•               Golden Parachutes: Offering lucrative severance packages to executives to deter acquisition.

Applying these concepts to politics, the 2013 creation of the APC was similar to a business merger — parties voluntarily combined for mutual benefit.

In contrast, today’s scenario resembles a hostile political takeover: the ruling APC is absorbing members from weakened opposition parties like the PDP, without formal mergers — often without the defectors’ original leadership’s blessing.

Critics argue that this mass migration signals the alarming drift toward a one-party state, raising concerns about “state capture.”

However, I view it differently: it is part of the natural evolution of Nigeria’s democratic experiment — much like refining gold through fire.

If Nigeria never explores different governance models, how will we know whether multi-party democracy truly suits us? One-party systems have both strengths and weaknesses, just like multi-party ones.

As the saying goes, “the proof of the pudding is in the eating.” Perhaps it’s time we stop relying solely on imported democratic templates and start developing a homegrown system that fits Nigeria’s unique cultural and social realities.

While the defection of the entire PDP political structure in Delta State to the APC last Monday made a major impact on Nigerian politics, the PDP’s decline has been a long time coming. It began in 2010, after President Umaru Yar’adua’s death, only two years into his term. Vice President Goodluck Jonathan took over and eventually ran for office himself, a move seen by many as a betrayal of earlier agreements. His election sparked a revolt within the PDP, led by Atiku Abubakar, Senate President Bukola Saraki, and a handful of  governors who later defected to the APC.

In a sense, history is repeating itself in 2025, with Ifeanyi Okowa — the PDP’s 2023 vice-presidential candidate — moving over to the APC, much like Atiku did before the 2015 elections. Similarly, Peter Obi, PDP’s vice-presidential candidate in 2019, defected to the Labour Party (LP) to pursue his own presidential ambition in 2023.

As Atiku plans to create a coalition to challenge President Tinubu, similar to what he helped orchestrate in 2013 against Jonathan, he must recognize that Tinubu is a much savvier political operator than Jonathan was. Tinubu appears proactive, unveiling new strategies to maintain his grip on power.

To second guess him, I

its unlikely that he has exhausted his political options yet.

Despite the economic hardships — with inflation, currency fluctuations, and economic strain — there are signs of improvement: the Dangote Refinery promises an end to fuel scarcity, inflation is moderating, foreign reserves have grown, and initiatives like NELFUND are expanding access to education by democratizing university education in the manner the sage Obafemi Awolowo offered the western region free education and put the yoruba nation ahead of all other states in terms of education.

These positive developments may be enough to sustain voter support for Tinubu and the APC into 2027.

Historically, inflation alone doesn’t determine electoral outcomes in Nigeria. Major political shifts usually stem from larger causes or organized movements. For instance, the opposition to Jonathan’s re-election was driven by perceptions of broken agreements on power rotation. Similarly, in 2023, the “Obidient” movement, fueled by discontent from the Southeast, weakened PDP’s chances, helping Tinubu emerge victorious.

Although there are signs of dissatisfaction in the North — particularly a sense of neglect despite the region delivering 62% of Tinubu’s 2023 votes — Tinubu’s political instincts may help him navigate this better than Jonathan did. His strategy seems focused on consolidating control over the southern states: Yoruba regions, the South-South, and the Southeast.

While critics point to Governor Sanwo-Olu’s inability to secure Lagos votes for Tinubu in 2023, other governors like Ademola Adeleke delivered Osun a PDP state to Atiku. Thus, having key governors on your side still matters. Now with former Governor Ifeanyi Okowa, Governor Sheriff Oborevwori, and political heavyweight James Ibori (leader of the Niger Delta region)aligned with President Tinubu, Delta State — and the wider Niger Delta — could swing towards APC in 2027.

In the South-South, other states could follow. Senate President Godswill Akpabio and Akwa Ibom’s current leadership could help flip that state too. Cross River is already under APC control. Enugu Governor Peter Mbah is cozying up to APC, hinting at a possible defection. President Tinubu’s visit and praises for him recently further suggest warming ties.

In Anambra, Governor Chukwuma Soludo (APGA) may also align with Tinubu, especially since he won’t face re-election stress after winning a second term. Similarly, Abia’s LP Governor Alex Otti, who has a strained relationship with Peter Obi and whose party is weak nationally, could also be swayed to the APC side, despite official denials.

Rivers State’s political crisis, led by the Wike-Fubara feud, could ultimately benefit Tinubu, especially now that most of Rivers’ National Assembly members have pledged support for his re-election. This political realignment across the South mirrors the 2013-2015 period, when northern politicians defected massively from PDP to APC to oust Jonathan.

Meanwhile, Imo and Ebonyi are already firmly APC, while Oyo and Osun are technically PDP but acted independently during the last election. It’s feasible that Osun, surrounded by APC states, could eventually flip too.

Overall, Tinubu appears to be managing the political chessboard masterfully. Despite ongoing challenges, he stands a strong chance of winning re-election in 2027. The forces gathering against him seem unlikely to match his political acumen or organizational strength. Unlike Jonathan, Tinubu is proving to be a far more formidable opponent.

Therefore, it’s unlikely that President Tinubu can be unseated in the same way the opposition toppled former President Jonathan in 2015. A Ugandan proverb offers some insight:

“It is survival, not bravery, that makes a man climb a thorny tree.”

The current attempt by certain politicians to form a coalition against the ruling government is a desperate bid to wrest the presidency from Tinubu in 2027.

Former Zimbabwean President Robert Mugabe once posed a poignant question:

“How do you convince future generations that education is the key to success when poor graduates and wealthy criminals surround us?”

Applying this logic, how can members of the PDP and other opposition parties be persuaded to stay loyal when their parties—particularly the PDP and Labour Party, which placed second and third respectively in 2023—are in disarray?

Realistically, who would willingly stay aboard a sinking ship?

It’s fair to say Nigeria may be drifting toward a one-party system—but whether this is by design or a natural evolution is debatable. Claims that President Tinubu and the APC are orchestrating a “state capture” seem misplaced. The internal crises ravaging the PDP and LP are largely self-inflicted. Their inability to manage internal divisions has triggered an exodus, as politicians naturally seek safer ground.

While Tinubu is focused on strengthening his base in the South, where he faced challenges during the last election, he hasn’t neglected his northern supporters either. Vice President Kashim Shettima, a Kanuri from the Northeast and former governor of Borno State, still commands significant influence in the region. Moreover, Tinubu’s cabinet includes a substantial number of former governors and influential northern politicians who can help consolidate his support there.

Having secured 62% of his 2023 votes from the North, Tinubu is likely to intensify his outreach as the 2027 election approaches. He may also be counting on the positive results of his economic reforms—such as declining inflation, stabilizing forex rates, and infrastructure achievements—to sway public opinion and strengthen his position.

The mass defection of the PDP’s structure into the APC in Delta State could either stabilize or destabilize the APC locally, depending on how old and new members integrate.

Essentially, the APC is executing a hostile political takeover, similar to corporate mergers and acquisitions in business. Unlike 2013–2015, when opposition parties voluntarily merged to challenge PDP dominance, today’s defections are driven more by survival instincts than strategic planning. The politicians leaving the PDP are responding to the party’s collapse, preferring to jump ship rather than go down with it—an exodus vividly demonstrated by the mass movement from PDP to APC in Delta State.

As it stands, Nigeria appears headed toward a one-party system—another phase in its political evolution. Whether the APC will dominate for 16 years or eventually implode, (as did PDP after 16 years) leading to the emergence of new parties, remains to be seen. Political evolution in Nigeria is dynamic, unpredictable, and often mirrors natural survival patterns.

Yet, a pressing question remains: if the APC becomes the overwhelmingly dominant party, what credible alternatives exist?

Ironically, many of those trying to build a new coalition against Tinubu are themselves remnants of the fractured PDP—the very party from which people are fleeing into much like butterflies flocking to nectar, the APC.

Ultimately, if Tinubu secures a second term and exits office in 2031, the critical issue will be:

Will Nigeria’s next generation of leaders emerge ready to prioritize the nation’s interests and elevate Nigeria globally?

Or will they simply repeat the same cycles?

Is anyone out there preparing true successors who will place Nigeria first?

The emergence of “Ponzi Scheme” in the annals of investment’s Lexicon albeit a globally notorious phenomenon, was not a recent development. Its historical antecedent was set in motion with the celebrated Charles Ponzi scheme which came to the fore in the 1920s. Perhaps, it may not be trite to assert that the scheme slipped quietly into the financial eco-system without any inkling on the part of its preys that the strategic initiatives of Charles Ponzi were disguised by investments jiggery-pokery.  
 
Be that as it may, from the available financial memoir, it has been enunciated with profound lucidity that the progenitor of the scheme was an Italian business man, named Charles Ponzi. Indeed, Ponzi’s escapades, as well as his atrocious moves on the investment landscape were huge and monstrous. As at the last count, investors in the Ponzi’s Scheme lost about $15 million.

He was not just the grandmaster of the art, but also an octopus per excellence in the game. Thus his posture and sobriquet as the grandfather of Ponzi schemes has remained incontrovertible by any one till date.
 
Additionally, it was classically chronicled that in the 1920s, his notoriety and craftiness in misrepresentation of facts on financial re-engineering, dovetailed into scamming investors via a scheme that they were investing in international mail coupons. In luring his clients, he made irresistible and mouth watering promises to the numerous preys masquerading as investors.

Put starkly, a 50 per cent return on their investments after few months was considered then and even now as not only mouth watering, but irresistible to his gullible cohorts or better still, investing audience. Thus, some investors with a knack for innoxiousness took the plunge. The victims might have relied most heavily on their insatiability instincts as well as their inexpertness which culminated in their capitulation to the roguery and the patent sleaze of Charles Ponzi.  
 
For the avoidance of doubt, it could be stated that Charles Ponzi was never keen in turning around the financial fortunes of his clients or even at home with investments wizardry that could bolster their profits. Pathetically, he was not involved in any productive venture or rendering any financial service to the public.

Despite this investment oddity, he was perfidious enough by basically using the funds from new entrants or investors to pay opaque “returns” to earlier investors. After some time, he reneged on his promises, defaulted and investors lost their wealth spectacularly.
 
Ever since, most schemes that emerged were now dubbed “Ponzi.” Suffice it to say that the schemes have been growing in leaps and bounds. It has come in several names, shapes, coloration and even added some flavour to investment activities globally.
 
To underpin this fact, one of the greatest Ponzi schemes in history happened recently. It involved the celebrated Bernie Madoff, an American fraudster and Wall Street financier who defrauded “the largest, possibly most devastating Ponzi scheme in history, defrauding thousands of investors of about $64.8 billion.” He was later prosecuted and sentenced to 150 years imprisonment where he died in 2021 at the age of 82.
 
At this juncture, can we pause and ruminate on this poser: Are the average Nigerian investors ring-fenced from the vicissitudes of Ponzi? Your guess is as good as mine. In Nigeria, the metamorphosis of the schemes are legion, but they include but not limited to: Umana-Umanah, Forum, Deception or Advance fee Fraud otherwise called 419, Yahoo Yahoo or G boys, Yahoo Plus or even multiplication. Some financial analysts had opined recently, that it was advancing into the remit of the real estate sector of our economy. 

After a thorough and detached analysis of the scheme, the following factors may have galvanized the interests of its patrons in our own economic milieu. Firstly, there is lack of due diligence on the part of investors. Most of the Nigerian investors who usually get their fingers burnt via Ponzi schemes fail to do proper due diligence in their investment activities. The legal maxim of “Caveat Emptor” (Buyers beware) holds sway here. Most investors who fall victims of the Ponzi scheme do not ask pertinent questions such as: what is the track record of the company promoting the scheme? What is their business model?

Are they into manufacturing or playing in the service sector? Who are the key members of the Board? Are there key Central Bank of Nigeria’s (CBN’s,) Securities and Exchange Commission’s ( SEC’s,), approvals or licences for the scheme? What is the purpose for which funds are being raised? Is it a debt or equity instrument? Is there a cap or ceiling on the money being raised? What is the return on the investment (ROI)? Is 20 per cent per month (ROI) or 240% per annum under an inclement economic climate like ours realistic? Is the company rated by any of the reputable rating agencies such as Fitch, Moddy or even our own Augusto? Once these and other posers cannot be satisfactorily answered, then, there is a red flag and it is incumbent on the investor to be circumspect.

Secondly, greed and high risk taking tendencies among some folks cannot be wished away. This has become obvious considering that Nigerians have high proclivity for greed and gambling. The “get rich quick syndrome” is innate in some of them. This acts as impetus that motivates their propensity to invest in Ponzi schemes like Umana-Umana , MMM, etc. 

Closely related to this is the emotional instincts coupled with religious practices of some Nigerians. In this connection, the “it is not my portion syndrome, I reject it” or blatant self-denial, or extreme optimism or gambling” come into play. These are some of the emotive or religious stimulants that some Nigerians who are members of some faith-based organisations rely on in order to carry on with such investments. Their faiths sometimes act as catalysts that lure them into such investments.

Despite the fact that others before them have got their fingers burnt, there is this spirit that sometimes pushes them to believe that they will not suffer the same fate like their predecessors.

Ignorance or lack of knowledge about the scheme may be a contributory factor to the growth of Ponzi in Nigeria. It has been observed that many Nigerian investors lack the capacity and capability to interrogate the key performance indicators (KPI) of a company in which they want to invest.

Some of them cannot even analyse the audited financial statements of the companies of their choice. Despite the fact that there are some financial advisers that can assist the investors at moderate costs, the investors will not contact them to render such professional services.

Endorsement of the Ponzi product or service has crept into our business life to the extent that it is increasingly becoming a powerful marketing tool these days.

The social media is an effective platform being employed by their users. When the endorser (i.e. the promoter or sponsor) of a new product or service is a star artist or a renowned religious personality (with a massive followership) in the Nigerian society, it goes without saying that it may act as a weapon of mass mobilisation of support for the product or service in question. This singular factor might have shaped the investment decisions of investors in the Ponzi scheme.

Furthermore, the impact of the social media might have aided the growth of Ponzi scheme in Nigeria. The fact that whenever you switch on your handset or computer, the advertisements of such a product or service prop up sometimes makes the investments more attractive and appealing.

Meanwhile, some investors who fall victim of the scheme are attracted by the fact that they read or saw the advertisements online. However, they are oblivious of the fact that reading or viewing something online doesn’t make it authentic, or confer genuineness on the product or service.
This article was first published in The Guardian on February 8 and 10, 2023. Dr Adaramewa, a Lawyer and an ex-banker wrote from Lagos.

Perhaps paying lackadaisical attention to regulatory pronouncements may be another factor. Some Nigerian investors pay little or no attention to their regulatory environment. For instance, both the CBN and SEC have been warning investors on the dangers of patronising Ponzi schemes in Nigeria. While some yielded the warnings, a large proportion of the victims did not. In the process, it was alleged by some analysts that a whooping sum of over N200billion was lost to MBA FX alone recently. 

In conclusion, therefore, the Nigerian investing public needs to be circumspect whenever a new scheme emerges. As a rational investor, the cliché should be: “shine your eyes” or better still buyers beware (caveat emptor). This is imperative, given the fact that any fund lost by any investor in the scheme may not be easy to recover. After all, such financial dealing may be tantamount to an illegality in the first place, or akin to an investment misadventure wherein both the investors and the Ponzi scheme operators are considered suspects who may have violated some sections of the extant laws of the land.
This article was first published in The Guardian on February 8 and 10, 2023. Dr Adaramewa, a Lawyer and an ex-banker wrote in from Lagos.

More than two decades after the Nigerian Communications Act (NCA) of 2003 transformed Nigeria’s telecommunications landscape, key stakeholders have called for an urgent review of the legislation to address growing gaps and adapt to rapidly evolving digital realities.

Critical stakeholders at a high-profile colloquium organised by the House of Representatives Committee on Communications, in Lagos, on Tuesday, stressed the need to reassess the 22-year-old law to ensure it remains fit for purpose in an era defined by 5G, artificial intelligence, cybersecurity threats, and growing digital inequality.

The executive vice chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, said the Nigerian Communications Act of 2003 was visionary for its time, but the realities of 2025 demand a re-examination of its provisions. “We must update the legal framework to anticipate future opportunities and address today’s complex challenges,” Maida averred.

While acknowledging the Act’s role in liberalising the telecom sector, spurring growth, and catalysing digital transformation, Maida pointed out that it now struggles to accommodate present-day technological disruptions and economic shifts. He cited the sector’s impressive gains: from fewer than 300,000 mobile subscribers in 2001 to over 150 million today, and a 13.94 percent contribution to the GDP as of Q3 2024. Yet, he said, these achievements are being undermined by rising operational costs, inflation, rural connectivity gaps, and emerging cybersecurity threats.

“This colloquium must serve as a launchpad for bold reform. We need a legal and regulatory framework that not only protects consumers and fosters competition but also ensures Nigeria’s leadership in the global digital economy. Urban centres enjoy robust connectivity, while rural communities still face limited access. Operators are strained by infrastructure deficits, and consumers are demanding more affordable and reliable services. The current legal framework cannot adequately respond to these new realities,” he noted.

Echoing these concerns, the chairman, House of Representatives Committee on Communications, Rt. Hon. Peter Akpatason, emphasised the imperative for the Act to evolve alongside global digital trends. “The 2003 Act brought us this far, but now we must envision a more dynamic and responsive regulatory environment. This means confronting digital exclusion, strengthening cybersecurity, and encouraging innovation and investment in cutting-edge technologies,” Akpatason said.

The colloquium, themed “The Nigerian Communications Act 2003, 22 Years After: Reassessing the Nigerian Communications Act, Challenges, Opportunities, and Future Directions for a Digital Nigeria,” brought together regulators, industry operators, consumer advocates, academics, and lawmakers to evaluate the legislation’s strengths and gaps.

Key concerns highlighted at the event included widening digital divide between urban and rural Nigeria; Cybersecurity vulnerabilities in an increasingly digital society; Outdated regulatory tools that cannot accommodate technologies like blockchain, AI, and quantum computing; Investment disincentives due to regulatory rigidity and high infrastructure costs and Limited access to telecommunications services for underserved communities.

The speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, in his keynote message, described the colloquium as a timely step aligned with the 10th House’s legislative agenda. “This is an opportunity to reform and refocus the communications sector,” he said, stressing the role of digital infrastructure in economic growth and social inclusion.

Quoting international benchmarks, the speaker’s message delivered by the deputy chief Whip, Hon. Ibrahim Isiaka, cited World Bank and OECD studies which show strong correlations between broadband penetration and GDP growth. He noted that while digital financial services—such as Opay, Moniepoint, and Kuda—have integrated underserved populations into the economy, digital fear and cybercrime still limit broader adoption. “Cyber fraud, phishing, identity theft—these are eroding trust and impeding progress,” he warned.

The speaker also outlined several legislative efforts aimed at tackling these issues, including the Cybercrime Act (2015), Nigeria Data Protection Act (2023), and pending bills like the National Digital Economy and E-Governance Bill. He confirmed the National Assembly’s intent to amend the Nigerian Communications Act as part of its ongoing digital transformation agenda.

As deliberations continue, expectations remain high that the colloquium will produce a framework that not only reflects today’s digital realities but also anticipates future demands in Nigeria’s pursuit of a more inclusive and globally competitive communications sector.

Stakeholders therefore called for a comprehensive revision of the Act that would foster innovation through public-private partnerships, research and development initiatives, and incentives for digital entrepreneurship.

 [Leadership]

The Senate President, Senator Godswill Akpabio, has urged the Police Service Commission (PSC) board to initiate reforms like technology and professionalism in policing, saying it has the backing of the National Assembly.

Akpabio, who was represented by the Deputy Senate President, Senator Barau Jibrin, during the Police Service Commission Board Induction/Strategic Management session in Ikot Ekpene, Akwa Ibom State, said the National Assembly was ready to give the necessary legislative backing for the review of outdated laws.

While calling for the introduction of a reward system for outstanding police officers, Akpabio said Nigeria must begin to institutionalise merit, discipline and integrity over mediocrity, favouritism and impunity, adding that reforms in the police require courage that would disrupt the status quo.

He urged the PSC to adopt policies that would make the police protectors instead of predators, and deliver justice instead of judgment, and advocated the adaptation of community policing models that emphasise empathy, conflict resolution and neighbourhood engagement like Japan and Finland.

[DailyTrust]