- Ponzi operators to get 10-year jail term, N20m fine – SEC DG
Nigeria’s new Investments and Securities Act 2025 imposes stricter penalties on Ponzi scheme operators. Offenders now face at least 10 years in jail and a minimum fine of ₦20 million. The law grants the Securities and Exchange Commission (SEC) stronger powers to prosecute offenders, recover fraudulent gains, and access phone records for investigations. Previously, SEC lacked authority to take action against such schemes. The reforms aim to protect investors, promote market integrity, and deter financial fraud. The SEC believes these tougher measures will prevent more Nigerians from falling victim to fraudulent investment schemes. Read more
Athena Commentary:
Nigeria’s tougher penalties for Ponzi schemes are a step forward, but enforcement remains a challenge. In developed countries like the U.S. and U.K., financial regulators proactively monitor suspicious schemes, freeze assets quickly, and compensate victims through investor protection funds. Stronger public awareness campaigns also reduce fraud risks. While Nigeria’s new law empowers the SEC, real progress depends on swift prosecution, international cooperation, and strict oversight of online platforms where scams thrive. To match global best practices, Nigeria must improve financial literacy, enhance digital fraud detection, and ensure that fraudsters are not just jailed but also stripped of all stolen assets.
- IMF to Tinubu: Protect vulnerable Nigerians with your policies
The IMF has urged the Nigerian government to ensure its economic policies protect the most vulnerable citizens. Speaking in Washington, IMF’s Julie Kozack emphasized the need for financial support, such as cash transfers, to help Nigerians cope with economic reforms. The fuel subsidy removal, which the IMF recommended, has caused severe inflation, pushing fuel prices from ₦200 to ₦1,000 per litre. While welcoming stabilization efforts, the IMF stressed that social support is crucial. An IMF team will visit Nigeria soon for the 2025 Article IV Consultation, assessing economic policies and advising on domestic revenue improvement and welfare protection.
Athena Commentary:
In better-governed countries, economic reforms are balanced with strong social safety nets to cushion citizens from hardship. While Nigeria removes fuel subsidies without adequate relief measures, countries like Canada and Germany provide direct financial aid, unemployment benefits, and price control mechanisms during economic transitions. The IMF’s call for targeted cash transfers highlights Nigeria’s weak welfare system. Without proper implementation, rising costs will deepen poverty. Effective governance means protecting vulnerable citizens first, not after suffering sets in. Nigeria must learn from economies that prioritize people, ensuring that economic stability does not come at the cost of mass hardship. Read more
- Vigilante shoots self trying to arrest suspect in Abuja
A vigilante in the Dei-Dei community, Abuja, accidentally shot himself while trying to arrest a resident for violating a curfew. Mujahid Ibrahim, 32, was injured when his rifle discharged bullets into his feet during a struggle. At least seven cartridges were removed from his body, and he is awaiting further medical examination. The suspect fled, but his elder brother took responsibility for Ibrahim’s treatment. Authorities have given the suspect 24 hours to turn himself in. The incident highlights the risks faced by community vigilantes and the need for better training in firearm handling.
Athena Commentary:
This incident highlights the dangers of poorly trained community vigilantes handling firearms. In better-governed countries, law enforcement is professionalized, with officers receiving rigorous training in weapon safety, de-escalation, and legal procedures. Community security is managed through well-equipped police forces rather than informal groups with inadequate oversight. In contrast, Nigeria’s reliance on vigilantes stems from weak policing, forcing communities to fend for themselves. To improve security, Nigeria must invest in better police training, community policing, and firearm regulations to prevent such accidents. Security should not depend on undertrained individuals risking their lives with little support or accountability. Read more
- Natasha Akpoti’s Recall Petition Does Not Meet Constitutional Requirements, INEC Says
INEC has rejected the petition to recall Senator Natasha Akpoti-Uduaghan, stating it does not meet the constitutional requirements under Section 69(a) of the 1999 Constitution. The petition, submitted by a group of constituents, claimed to have signatures from over half of the district’s 474,554 registered voters. However, after review, INEC found it insufficient to trigger a recall process. The commission reaffirmed its commitment to legal procedures and urged the public to ignore misinformation. This decision follows increasing political tension around the senator, with allegations of bias in the recall process circulating on social media. Read more
Athena Commentary:
In more developed democracies, recall procedures are typically transparent, with clear and accessible guidelines that ensure fairness. For instance, in countries like the U.S., the recall process is often backed by robust public awareness campaigns, providing citizens with all necessary information to participate. In contrast, Nigeria’s recall process, as seen with the case of Senator Natasha Akpoti-Uduaghan, appears more prone to ambiguity and legal challenges. The rejection of the petition by INEC highlights concerns over the clarity and effectiveness of Nigeria’s recall mechanism, which can lead to public distrust and perceptions of political bias.
Compiled by Isah Kamisu Madachi
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