It is an acceptable norm, that a democratically elected government must meet the need of the people that voted them into power. They enjoy the ultimate sovereignty, from the liberty perspective. Since governance derives it backing and supporting from the constitution and the people. It is mandatory for the same government, to listen, carry along and feed the people back, about its activities. The strength of a good government lies in its victory which comes from the ballot system and this has a numerical strength, where the highest numbers of vote form a simple majority.

The contrary view of democracy equally says when a government voted into power refuses to perform or meet the yearning or aspiration of the people that democratically voted for them, same electorates or the people being govern have the right to reject such government by voting them out of power in subsequent elections. This means that when a government becomes destructive and retrogressive, the same people that empowered them with their votes can abolish or terminate such government.

Having said little about what constitutional government is all about. I now need to come back to the main issue, Princess Surah Animashaun; she has within a short period of time in office, being able to correct the negative view of the people of the local government council towards governance. Yes, democracy is about being responsive to the people that voted you into power. Our amiable Chairperson has within four years of her assumption of office proved critics wrong by being responsive and progressive in the discharge of her duties to the people of the council.

I remembered on assumption of office, her address to the people of the council, in the presence of traditional rulers, politicians and others. She openly exposed her optimistic attitude towards good governance, promised open policy governance and deliver all campaign promises, to her words, within a limited time in office,  she swung into action in transforming the local government council.

Though, I was not opportune to be in the public sitting in my physical capacity, due to my pre-occupation. But, as I stayed glue to my television set listening to the Chairman’s address to the people of the council, I instantly developed interest in her, now turned out to be a peaceful, responsible and reliable Chairperson ever produced in the history of Epe division.

Infact, the present Chairperson came into power with her reform agenda, managerial potential and regeneration ability to rebuild and recover the lost fortunes of the council. Today, the common man is not only happy in Epe. But, the peace which was once eluded the people some years ago has totally returned. Today the entire Epe division are witnessing massive reconstruction and rebuilding process or the other. Roads, schools, health institutions are being structured for a lasting use.

Yes, Princess Animashaun has done very well to reposition the economy of the council area. She has further demonstrated the servant role of a government to the people. The Chairman has taken the Internally Generated Revenue (IGR) to an enviable and sustainable position, thus deriving some funds to collectively embark on infrastructural development.

Today, the peoples’ welfare and security is better off. A government is worth protecting and supporting for continuity if it has met the yearning of the people. “A golden fish has no hidden place”, so said the common fact. The people have seen this in the government of the day.

No nation or state survives without a major attention to its educational sector. Here in Epe LGA, she has given the primary, and post primary school a very good attention, by building/providing some blocks of classrooms, schools materials for the pupils and the provisions of first aid boxes for schools within the local government council area. Students now, learn in a better and more conducive environment.

I engaged an old friend who served in the local government of the last regime, in a constructive argument. It centres on infrastructure development of the council, which is unprecedented; he asked me where the government of the day being sourcing money from? I was quick to answer by referring him to the present Internal Generated Revenue (IGR) of the council, which the council Chairperson judiciously used in putting in place some infrastructural development to residents of the council area.

The people of the council now see what the government is spending the money on. Princess Animashaun has further proved the essence and importance of taxation to rural and urban development, through the provision of essential services like good road, water, health facilities and the rest to the people. If the council would have attained a revolutionary circle, in the area of accelerated transformation and infrastructural development.

In life, you don’t loose a winning team; rather you encourage them to do more. Princess Surah Animashaun has so far done well. We can only encourage her to do better, through mobilization and support for continuity beyond 2025.

Lanre, a journalist, writer, poet and public affairs analyst. Write in from Epe LG Area of Lagos State.

In every democratic dispensation, power is held in trust by those elected or appointed, not possessed as a divine right. It is this sacred understanding of representative leadership that makes the idea of being “power drunk” so distasteful and dangerous. When one considers the trajectory of leadership in Nigeria, particularly in moments when power is temporarily transferred or delegated, the metaphor of intoxication becomes apt as those entrusted with temporary authority often lose grip of reality and begin to behave as though they are the anointed sovereigns. That is why the situation currently playing out in Rivers State, where the newly appointed Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), who is temporarily acting on behalf of Governor Siminalayi Fubara, raises deep concerns.

This article is not intended to impugn the administrator’s actions and statements made in the last few days nor an attempt to undermine the leadership of Ibas, but rather, it is a cautionary commentary borne out of Nigeria’s political experience where those given the chance to “hold brief” for democratically elected political leaders often end up believing the briefcase belongs to them. It is a reminder that being an acting leader is not the same as being the elected one, and that wielding delegated power must be approached with humility, loyalty, and an unshakable understanding of its transient nature.

The phrase “power drunk” is not mere hyperbole. It is a vivid metaphor drawn from the human tendency to become intoxicated, literally or figuratively, when given more than they can handle. The word “drunk” has its roots in the Old English druncen, descending from Proto-Germanic drunkanaz, and signifying a state of losing control due to alcohol. When paired with “power,” it describes a mental and emotional derailment triggered not by substance but by a surge of influence and authority. It is this heady influence that leads temporary officeholders to act rashly, arrogantly, or autocratically, often forgetting the mandate, loyalty, and structure that brought them to power in the first place.

Unfortunately, Nigeria has seen this play out countless times, be it in caretaker governors, acting chairpersons, or interim ministers who mistake their temporary elevation for a coronation. Rivers State should not be another case study of this familiar Nigerian tragedy.

Let’s be clear: Fubara's Mandate Belongs to the People.  Siminalayi Fubara was elected by the people of Rivers State. The votes cast during the gubernatorial election were in his name, under his manifesto, and rooted in the people's belief in his leadership. If, for any reason, the machinery of governance demands that he steps aside temporarily or delegates’ responsibility, it does not confer full political authority to any acting figure. It only signals continuity, nothing more, nothing less.

Therefore, Ibas must not fall into the tempting trap of seeing himself as more than a steward of Fubara’s administration during his absence. His role is to uphold and implement the agenda already set by Fubara, not to begin rewriting the playbook or initiating actions that might imply a divergence from the elected vision.

We have seen how friction between governors and their deputies can destabilize the peace and development of a state. Even in recent history, many deputy governors have capitalized on moments of temporary leadership to pursue their own interests, align with political enemies of their principals, or openly challenge the authority of the governors they were elected to serve alongside. This isn’t just disloyal, it’s a betrayal of democratic ethics.

Rivers State, as strategic as it is in Nigeria’s political and economic space, has endured more than its fair share of political drama. From the days of Rotimi Amaechi to the thunderous tenure of Nyesom Wike, the state's political terrain has never been short of fireworks. It has now entered a more delicate phase under Fubara, who, despite resistance from political godfathers, is navigating the terrain with restraint and a sense of focus.

Injecting any more instability into the system, particularly through the actions or inactions of an overambitious acting deputy, would only inflame tensions. Rivers State doesn’t need a show of ego. It needs service, maturity, and alignment.

Being in charge temporarily is like standing in the spotlight on stage, it might feel warm, it might be bright, and it might draw attention. But it is not the sun. The spotlight can be turned off at any moment. And when it does, all that matters is how gracefully the actor played their part. Ibas should understand that her current status is a chapter, not the whole book. And when this chapter closes, she will be judged not by how loudly she roared, but how well she served the interests of the people and remained loyal to the governor.

The wise ones who have held power, even temporarily, often describe it as a burden rather than a trophy. They know it is not a license to lord over others but an obligation to serve. Power in its best form is silent, effective, and humble. The moment it becomes noisy, arrogant, and self-serving, it loses legitimacy, no matter how constitutionally backed it may seem.

We must not forget the political implosions that were caused by acting leaders who allowed temporary power to get to their heads. From the days of regional politics to the current Fourth Republic, many political careers were shortened or permanently stained because individuals failed to draw the line between opportunity and overreach.

The late Chief Obafemi Awolowo once noted, “The worst form of leadership is to lead people without their consent.” Acting leaders must remember this, because when the people did not vote for you, your role is service, not control.

At a time when citizens are increasingly distrustful of politicians and impatient with misgovernance, any sign of deviation from democratic order is not just frowned upon, it is resisted, both online and on the streets. Ibas must tread with caution. His every action, body language, and directive are under scrutiny. The people are watching. Civil society is watching. And history is watching.

Even a whiff of disloyalty to Governor Fubara will not only harm his political credibility but could open him to public criticism that may not be easily erased. Political ambition must never override public duty. And no temporary title is worth the reputation it could destroy.

To Ibas, this is your moment to prove that leadership can still be dignified. Show Nigerians, especially Rivers people, that not every acting leader loses the plot. Let humility guide you, let loyalty ground you, and let wisdom lead you.

Act with the awareness that you are standing in for a man with a democratic mandate, not replacing him. Understand that power is a loan, not a crown. And when the curtain falls, may you be remembered as a loyal steward, not a power-drunk usurper.

Without a doubt, the fear of seeing Ibas becoming power drunk might had inspired the Speaker of the House of Representatives, Tajudeen Abbas to remind the Sole Administrator that by the provision of the 1999 Constitution (As amended), he must report to the National Assembly in running the affairs of the oil-rich state.

The Speaker gave the charge in Abuja on Tuesday, April 14, 2025, while inaugurating the House of Representatives Ad-Hoc Committee on Rivers State.

The time to act with maturity is now.

In a move to reinvigorate Nigeria’s oil and gas sector, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bashir Bayo Ojulari,  has called for strengthened collaboration with critical government institutions to eliminate bureaucratic hurdles and accelerate national development goals.

Ojulari made this pledge during a courtesy visit on the minister of Petroleum Resources (Oil), Heineken Lokpobiri, on Wednesday, underscoring a shared vision of progress and performance for Nigeria’s oil and gas industry.i, in Abuja on Wednesday, where he emphasised NNPC Ltd’s commitment to fostering alignment across ministries and agencies to fulfill President Bola Ahmed Tinubu’s strategic mandates.

Addressing Lokpobiri, Ojulari outlined a vision of unity, stating, “We are here with a mindset of partnership—partnership with the Ministry of Petroleum Resources, the Ministry of Finance, and all critical stakeholders. Our goal is to bridge gaps, foster alignment, and move forward with a united front. Antagonism benefits no one; collaboration is how we win.”

The GCEO stressed that the NNPC Ltd leadership team, under his stewardship, is prioritising operational efficiency and synergy to overcome systemic challenges. He emphasised that breaking bureaucratic bottlenecks would require sustained inter-agency cooperation, particularly in streamlining processes to boost crude oil production and sector profitability.

In response, Lokpobiri lauded Ojulari’s proactive approach, describing the newly inaugurated NNPC Ltd management as “arguably the strongest leadership team the company has ever assembled.” He challenged the executives to translate their expertise into measurable outcomes, particularly in reversing production declines and maximizing the sector’s contribution to Nigeria’s economy.

“Now is the time to deliver optimal value to the Nigerian people,” Lokpobiri asserted, pledging full ministerial support to create an enabling environment for NNPC Ltd’s operations.

The meeting marked a pivotal step in aligning federal priorities with NNPC Ltd’s operational strategies. Both parties agreed on the urgent need to address legacy inefficiencies, enhance transparency, and leverage partnerships to attract investments.

Ojulari’s emphasis on collaboration signals a departure from fragmented approaches, with NNPC Ltd positioning itself as a bridge between policymakers, regulators, and industry players. This model, he noted, will prioritize swift execution of projects critical to energy security and economic stability.

The renewed partnership between NNPC Ltd and the Petroleum Ministry underscores a shared resolve to reposition Nigeria’s oil and gas industry as a global competitor. With a focus on innovation, accountability, and stakeholder engagement, the collaboration aims to unlock the sector’s full potential in line with President Tinubu’s Renewed Hope Agenda.

As Ojulari and his team embark on this mission, their success will hinge on converting dialogue into actionable reforms—a challenge Lokpobiri insists is non-negotiable for national progress.

This strategic alignment sets the stage for accelerated growth in Nigeria’s energy sector, with NNPC Ltd at the forefront of driving sustainable development and economic resilience.

The federal government has vowed to clamp down on fake agricultural cooperative societies, with plans underway to reform and revamp the cooperative system for transparency and effectiveness.

Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, made this known at the flag-off of a national training workshop for cooperative stakeholders in the South East and South South, held at the Federal Cooperative College, Oji-River, Enugu State.

He stated that the National Council on Cooperative Affairs would soon convene to foster synergy between federal and state cooperative systems.

“Globally, cooperatives generate $2.4 trillion in turnover. Nigeria must harness this potential to combat hunger and poverty,” the minister said.

He also said the capacity building and development programme is a continuous process in the strategic blueprint for the revitalisation of the cooperative sector in Nigeria, carrying everyone along and letting them know that this government has laid down the political will to empower its citizenry.”

The planned reforms include, review of the Nigerian Cooperative Societies Act (N98 LFN 2004); launch of a new National Policy for Cooperative Development and Growth (2025); establishment of a Cooperative Bank and creation of a National Regulatory Framework and SOPs for cooperative societies.

The Provost of the Cooperative College, Dr Jude Ejikeme, said the training offers a platform for intensive knowledge exchange, emphasising modern cooperative management and economic adaptability.

Highlights included the minister’s tour of the college and the unveiling of new vehicles-one Coaster bus, one 18-seater bus, and two Hilux utility vans-to enhance college operations.

 [DailyTrust]

Petroleum products marketers in Nigeria have hinted that they are on track to losing billions of naira following the ex-depot premium motor spirit price reduction announced by Dangote Refinery on Wednesday.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, disclosed this in an interview with DAILY POST on Thursday.

His comment comes after Dangote Refinery on Wednesday announced a fresh petrol gantry price reduction to N835 per litre.

The latest reduction is N30 when compared to Dangote Refinery’s previous gantry price of N865 per litre.

DAILY POST reports that the 650,000 per litre refinery’s latest petrol price review is the second in eight days following the renewal of the Naira-for-crude sale deal on April 9, 2025.

In a statement by Dangote Group’s spokesperson, Anthony Chiejiena, on the latest price reduction, he said that petrol retail partners, such as MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will offer petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.

He said in Lagos state retail fuel prices will now go for N890 per litre, down from N920.

He also said retail fuel prices will be sold at N900 and N910 per litre in the South-West, North-West, and North-Central, from N930 and N940, respectively.

Chijiena added that in the South-East, South-South, and North-East, the retail price of petrol will be N920 per litre, down from N950.

“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.

“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season,” he stated.

Recall that upon the federal government’s commitment to the indefinite continuation of the naira-for-crude deal with other local refiners, Dangote refinery had announced an ex-depot petrol price drop to N865 from N880 per litre.

A summary of the combined reduction of the gantry price by Dangote Refinery put it at N45 per litre in the last eight days.

Reacting, Ukadike, who lauded the adjustment in the gantry prices of Dangote Petrol, however, lamented that marketers who have old stocks have to sell at losses.

“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira.

“The continuation of the naira-for-crude deal, which serves as a subsidy, together with lower crude oil prices in the global market, is the game changer for Dangote Refinery,” he said.

Earlier, the president of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, had kicked against the arbitrary petrol price reduction by Dangote Refinery.

He further advocated for a six-month fuel price stability plan.

DAILY POST gathered that while the Dangote Petrol gantry price stands at N830 per litre, the landing cost of fuel imports stood at N845.70 per litre with a Brent crude price benchmark of $64.88 per barrel and an exchange rate of N1,604.48 per dollar on Monday, April 14, 2025, according to an energy bulletin released by the Major Energies Marketers Association of Nigeria.

The development had placed Dangote Petrol at a competitive advantage in the country’s oil and gas downstream sector.

Meanwhile, industry watchers await the response of Nigerian National Petroleum Company Limited to the latest price reduction by Dangote Refinery.

Currently, NNPC retail outlets sold petrol at N950 per litre as of Wednesday night.

On Monday, the chief executive officer of Nigerian Midstream and Downstream Petroleum Regulatory said that fuel importation dropped by 30 million in Nigeria owing to the increased domestic supply by Dangote Refinery.

Perhaps the most telling moment in the National Broadcasting Commission’s ban of rapper Eedris Abdulkareem’s track, “Tell Your Papa” is its acknowledgement that the song was already trending on social media. If they knew that many of us had already listened to the song, and we have almost endless means to access the track anytime we wanted, why did they impose a ban on it? Of what use is such a ban in a country where the reach of social media surpasses that of broadcast media houses? How many people get their news from the traditional media compared to those who rely on ubiquitous social media apps where materials like “Tell Your Papa” freely circulate?

As much as I agree with observers who have challenged NBC on free speech, there is also more than a violation of democratic rights at work here. The NBC’s banning of a protest song they consider “objectionable” (to whom, anyway?) is telling of the analogue intelligence that runs this country, a realisation as frightening as the loss of fundamental human rights. This lack of organisational reflexivity and stimulation towards continuous self-reinvention explains why our society always seems to be stuck in the same spot.

This is, of course, not to dismiss the aspect of fundamental rights. The ban is one of the countless instances of the assault on free speech under the present administration, a government ironically peopled by men who boast about their record of once “fighting for democracy”. Yet, nobody has done more to diminish democratic freedoms in Nigeria than these so-called activists. One of the instruments of their insidious warfare is, of course, the police. Currently, the police have made it their job to subvert free speech by elevating what should otherwise be inconsequential social exchanges to the level of “threat to public peace” and proceeding to act on it with unwarranted violence. This has become so recurrent that we are as good as inured to their excesses.

The other weapon through which free speech is being corrupted is the activities of public administrations like the NBC. Several times in this column, I have raised issues with the NBC and its obsequious tendency to court the favour of the government in power by punishing media houses that give a voice to a dissenting part of the populace. There was a time the NBC would release a bulletin listing the names of electronic broadcast stations that said one or two things they found “objectionable” and fine them heavily. Once, Bayo Onanuga cried wolf because a broadcast on one of the television stations had gotten his feelings hurt and the next thing the NBC did was slam a fine on the media house. They are that openly partisan. Even basing its objection to “Tell Your Papa” on its supposed objectionable contents would have been entirely hilarious if this were a satire. How is a song composed to protest an oppressive government expected to be inoffensive? Funny, but only in the way a tragedy makes you laugh to keep from crying.

What is really infuriating is that NBC is run by civil servants who probably have no serious idea what it takes to maintain a business in an economically hostile society like Nigeria. If they manage a backyard poultry, you can bet they will run it down. Those lacking an idea of what it takes to build an enterprise are more inclined to pursue aggressive tactics that threaten the survival of businesses. The NBC slams heavy fines on media houses that refuse to grovel before the powers that be, while conveniently forgetting that broadcast media are economic enterprises that must not only cater to an audience but must also make enough money to keep afloat. The civil servants in NBC have no such insights. Its job is to listen to the radio and television day and night, nitpick a few sentences they deem anti-government, and chase down the business with a fine. Thankfully, the court reined in its excesses by ruling on its fine as an administrative overstep. Now they are back in the public eye, seeking relevance by banning a song that gives voice to the many dissensions roiling contemporary Nigeria.

Yet, one cannot help but wonder what relevance organisations like the NBC have in the digital age. Why does it still exist? First, we live in a world where communication can be said to be out of control. Global media systems have empowered us to act outside the limits of the nation-state, and those of us in underdeveloped countries under repressive governments have been prime beneficiaries of this technological advancement. There are no borders on the internet, thankfully. The capitalist forces that control the algorithms (the technology that determines the range of what we see on our social media pages) have no use for our petty Nigerian issues; they will not shut down social media because a Tinubu does not like a song.

When I say the NBC ban on “Tell Your Papa” goes beyond the very vital matter of free speech, it is because I am sincerely perplexed by the failure of the NBC—and by extension, the Federal Government that funds it—to reinvent itself for a digital age. It is stubbornly stuck to the analogue means of managing the parameters of public discourse. While the world has changed significantly, it holds on to the illusions of a glorious past where it controlled the electronic media and, consequently, the range of public speech. NBC’s ineffective bans also reflect other larger systemic issues: the people running this country demonstrably lack the dynamism and flexibility to continuously reinvent and (re-) organise their administrative mandate to match social reality. This is a story of underdevelopment sponsored by the leaden-footedness of a leadership class that cannot cultivate its instincts to adjust to a world where the ground beneath its feet has long shifted.

This failure to reposition themselves to confront the dictates of the new world speaks to the broader issues of leadership and management, a crisis of imagination that haunts us at many levels. Its effects are reflected in the recrudescence of our national crises, to which we respond by marshalling the same old arguments as we did the last time. Hardly anything ever changes, and when all we do is relive the former moments, we appear to be stuck in history. Things have gotten so repetitive that you know the best even the Presidency will do to address the recurring spate of killing orgies under his watch is to “condemn” the violence and then deflect the responsibility just like he did the last time and as his predecessor also did. There are no solutions, not because our problems are irresolvable, but because our leaders are bored and can no longer stimulate themselves to fresh, vivacious thinking. When the leadership fails to reinvent itself and falls back on the same old methods that once worked, they also lose the opportunity to infuse vitality into the polity. Everything will appear to be dead still.

Finally, I do not know the extent to which Seyi Tinubu— the President’s son at whom the song was directed—influenced the media ban, but the NBC did him no favour. Even if the ogas at the top had pressured it to ban the song as a gesture of loyalty to Tinubu, there are more than enough contemporary experiences to which they could have referred to their paymasters to warn them that banning a song in the age of Twitter was a bad idea. What exactly did the song say that we do not say every day? Seyi, too, is not exactly a private citizen. He has been all over the place, ostentatiously lapping up the privileges that come with being the President’s son. So, why is someone like that beyond criticism? Does he have two heads, or why exactly does he deserve a pass? Even if this bad was a self-directed organisational decision by the NBC, the ban is still an imprudent one. Someone at NBC must really hate Seyi to have done this.

The Nigeria Police Force has condemned the conduct of its officers captured in a viral video receiving money from a Chinese national, describing their actions as “unprofessional and unethical.”

The incident, which has sparked widespread outrage online, prompted the force headquarters to identify the officers involved and initiate disciplinary proceedings.

In a statement issued on Wednesday and signed by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, the police emphasised its commitment to upholding professionalism and maintaining public trust.

The statement read, “The Nigeria Police Force has taken cognisance of a disturbing video making rounds in the media space, showing police officers receiving money from a Chinese national.

“The Force has strongly condemned the conduct exhibited by the police officers in the video, describing it as unprofessional and unethical.”

Adejobi reiterated that such behaviour runs contrary to the established ethics, standards, and core values of the Nigeria Police Force.

“The actions of the officers do not represent the established ethics, standards, and core values of the Nigeria Police Force.

“The Force has zero tolerance for such unprofessional behaviour and other forms of misconduct, which undermine public trust and confidence,” he said.

He confirmed that the officers involved in the incident have been identified and are currently undergoing disciplinary procedures.

The nature of the sanctions was not disclosed, but Adejobi assured the public that justice would be served.

In addition to addressing the misconduct, the Force warned individuals and organisations making use of police services, particularly escorts and guards.

“The Nigeria Police Force hereby cautions individuals and organisations privileged to the services of police personnel, particularly as escorts and guards or other specialised services, to desist from any act capable of degrading the integrity of its officers and bringing the Force to disrepute,” Adejobi warned.

The development comes amid the Force’s renewed efforts to rebuild public confidence and ensure accountability within its ranks.

While calling on the public to continue supporting the police in its reform agenda, Adejobi reaffirmed the agency’s dedication to transparency and professionalism, Adejobi said “We remain resolute in our commitment to discipline and service in line with international best practices.”

The disciplinary process is expected to serve as a deterrent to erring officers and reinforce the message that unethical conduct will not be tolerated in the Force.

[Punch]

In the wake of the disappearance, on Monday, of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, a digital asset platform, grief and regret have enveloped the land and understandably so. In the coming days, some will commit suicide, having watched, in some cases, entire life savings, pensions and hope for a more secured financial future evaporate like morning dew.

This latest Ponzi scheme, experts say, may have cost the victims an estimated N1.4 trillion. Such colossal sum will, no doubt, have dire consequences, including the disappearance of the sanguinity of the unfortunate investors.

The CBEX swindle, now Nigeria’s biggest Ponzi scam, when added to an estimated N300 billion lost since 2016 gives an estimated N1.7 trillion lost by Nigerians in sundry Ponzi schemes in nine years.

Because CBEX, believed to be a Chinese-owned digital trading company, with no verifiable physical presence in Nigeria, lured its hapless clients with promise of high returns, some Nigerians have uncharitably labelled them greedy people, victims of their own gluttony. Though not pronounced loudly, it is hard to miss the “it serves them right” sneer in most of the ongoing conversations.

The Economic and Financial Crimes Commission, EFCC, said that much on Wednesday when its spokesperson, Dele Oyewale, claimed that the anti-graft agency has, for the umpteenth time, warned Nigerians against falling for Ponzi schemes.

Exonerating the EFCC from blame, Oyewale said: “In March 2024, the EFCC Chairman, Mr. Ola Olukoyede, directed us to publish a list of 58 Ponzi scheme operators to warn the public. That shows we’ve been proactive. We had already been monitoring CBEX, and we’ve continuously advised Nigerians to stay away from such deceptive platforms. We have empowered, enlightened and informed the public. Nigerians must take responsibility for safeguarding their investments by verifying compliance with relevant laws.”

Weighing in on the matter same day, The Guardian newspaper, in its lead story, “Desperate Nigerians lose over N1.7tr to Ponzi schemes in nine years,” listed five ways to spot such a scam, including high returns with no risk, pressure to reinvest and recruit new investors, guaranteed return on investment, unknown owners/corporate offices and unregistered and unregulated business.

While these tips may come in handy, they are not sufficient.

Why? Like most things here, there is neither a pattern in the country’s Ponzi madness. Financial institutions such as banks, insurance and stock market companies, duly registered and regulated are known to have disappeared with investors funds.

Truth be told, these scams have persisted not because the victims are greedy or not discerning enough but because nobody is held accountable for such frauds. There are no consequences for bad conduct in the financial sector despite the fact of regulatory agencies such as SEC.

I know this for a fact because I am a victim. And I am a victim not because I am greedy or not discerning enough to differentiate Ponzi schemes from genuine investment channels. No! I am a victim because the line that differentiates both is too tenuous, neither firmly established nor well-defined. I am an investment enthusiast because I believe that it is as important to an individual as it is to an organisation and a state. Investment is a powerful tool for wealth accumulation and financial security. Because it helps in generating passive income, it is the primary way people save for retirement. Simply put, people invest to meet obligations in the future. I also grew up believing that the more diversified the investment portfolio, the better, hence my foray into insurance, stocks and bonds.

Three years ago, I lamented my experience in the insurance world with an article, “Industrial and General Insurance Plc. as a Ponzi scheme.”

I wrote: “Is Nigeria’s insurance industry now a glorified Ponzi scheme? This is the question concentrating the minds of investors right now… The reason is simple. When an insurance company defaults in paying the claims of clients at the maturity of a policy, it is not better than a Ponzi scheme, an unconscionable pyramid investment that lures investors solely to defraud them. An insurance firm that conjures all manner of policies to entice clients without intention of meeting obligations is a pyramid investment. Simple!”

I got paid eventually though I was shortchanged, courtesy of this article. But till date, hundreds, if not thousands of IGI clients, are yet to be paid many years after the maturity of their policies.

Right now, I am a victim of another Ponzi scheme, this time by Cashcraft Asset Management Limited.

For those who may not know, the company, a dealing member of the Nigerian Stock Exchange, which registered with the Securities and Exchange Commission, SEC, as a broker and fund manager, was incorporated in 1991 with an authorised capital of N3 billion, and shareholders’ funds of over N1.5 billion. As at the time I invested, it had physical offices all over the country, with a proclamation that: “Cashcraft is one of the leading Asset Management firms in Nigeria and is positioned to build enduring wealth for you.”

One of their products was the Personal Earning Annuity Scheme, P.E.A.S, which was designed, according to them and with the permission of SEC, to meet the long term investment needs of self-employed people, business owners and individuals both in public and private sectors.

“The scheme is a disciplined and consistent investment plan which could be used to store and create wealth for the future which makes the retirement period a season of relaxation and happy memories, and not of financial worries,” the company boasted.

The scheme, they insisted, was managed in such a way that it guaranteed gradual increase in capital and adequate securities for a client’s future needs after active working life, in addition to affording a unique opportunity to take care of dependants in the event of premature death.

“Take your destiny into your hands, subscribe to P.E.A.S plan now!! And take care of your retirement period!” they ululated.

I believed them. In September 2006, I took a 15-year PEAS Investment Plan worth N500,000. On maturity in September 2021, I was supposed to be paid N6,289,988. In December 2016, I invested another N3 million under the PEAS Education Plan for my children, with a maturity date of December 10, 2026.

When the N500,000 investment matured, Cashcraft, like IGI Insurance, refused to pay. Alarmed, I complained to the SEC management in a meeting in Lagos. They literally threw their hands in the air. I then got my lawyers to write the company not only to demand payment for the investment that has already matured but a termination of my childrens’ education policy and refund of my capital.

As I write, Cashcraft Asset Management Limited, just like CBEX, has vanished, literally, into thin air.

In September 2024, some Nigerians, fellow victims of the Cashcraft Ponzi scheme, petitioned the House of Representatives over their failed investments totaling more than N8 billion. The group, in the petition sponsored by a member representing Awka North/South Federal Constituency of Anambra State,  Professor Obiageli Lilian Orogbu, demanded the intervention of NASS to help it recover the trapped funds.

Unfortunately, almost eight months thence, that has not happened. The 9,326 hapless Nigerians, including my humble self, scammed by this soulless company of their hard-earn money are yet to get justice even as the promoters of the Ponzi scheme live large with their stolen wealth.

As Orogbu told her colleagues last year, Cashcraft Asset Management Limited is duly licensed by the Nigerian Stock Exchange, NSE. So, Nigerians who invested with them are not financial illiterates. It is not their fault that the company went rogue. They are also entitled to protection as citizens. It, therefore, behoves the Nigerian state to ensure that Cashcraft fulfills its obligations to them.

On the face value, the amended Investment and Securities Act, ISA, 2025, which was signed into law in March by President Bola Tinubu is a step in the right direction because it is not only a sweeping reform aimed at strengthening investor protection and tightening oversight of Nigeria’s capital market, it explicitly criminalises the operation and promotion of Ponzi schemes, empowering the SEC to prosecute offenders with penalties of up to 10 years in prison.

But while the amended Act is a significant step forward, legislation alone is not enough to stem the wave of financial scams. Enforcement is the elephant in the room. It is good that the EFCC has assured CBEX investors of getting back their funds even when CBEX is a foreign company that operated online without legal status in Nigeria. The anti-graft agency should also make the same commitment to victims of Cashcraft Asset Management Limited because both companies are two of a kind, agents of financial darkness in the Ponzi netherworld.