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Crypto Chaos: EFCC Declares 2 More Wanted Over ₦1 Billion CBEX Scam

Fola Badmus4 months ago4 months ago12 mins

The Economic and Financial Crimes Commission (EFCC) has declared Folashade Odelana and Bamidele Ayodele Abiodun wanted over their alleged roles in a staggering ₦1 billion cryptocurrency scam linked to the now-defunct Crypto Bridge Exchange (CBEX). In a notice issued on Wednesday, the anti-graft agency revealed the suspects’ last known address as No. 17 Oremeta Street, Allen Avenue, Ikeja, Lagos, and urged the public to provide any useful information about their whereabouts at any EFCC office nationwide. With this announcement, the number of wanted individuals in connection to the CBEX collapse has risen to 10, as Nigerian investors continue to count their losses. In April 2025, panic erupted when CBEX users were suddenly locked out of their accounts, unable to withdraw funds, sparking nationwide outrage and allegations of fraud. The EFCC had earlier declared eight others wanted, including Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Arrest warrants were also secured for six of them as part of an ongoing crackdown on the suspected syndicate. EFCC Chairman Ola Olukoyede assured the public that investigations were advancing, with some suspects already in custody and “a reasonable amount” of stolen funds recovered. He reaffirmed the commission’s resolve to bring all perpetrators to justice and recover as much of the looted cryptocurrency as possible.

Tinubu’s EV Revolution: 12 Nigerian Universities Picked to Build Made-in-Nigeria Electric Vehicles

Fola Badmus4 months ago4 months ago02 mins

In a bold move to position Nigeria on the global electric vehicle (EV) map, the federal government has selected 12 universities—two from each geopolitical zone—to design and manufacture 100% made-in-Nigeria electric vehicles. The project is part of President Bola Tinubu’s First Nigeria policy, with financing support from the Bank of Industry and other key financial institutions. Director-General of the National Automotive Design and Development Council (NADDC), Mr. Oluwemimo Osanipin, made this announcement in Uyo during a stakeholder engagement session with the Association of Motor Dealers of Nigeria (AMDON) and the Nigerian Automotive Manufacturers Association (NAMA). He emphasized Nigeria’s commitment to EV development and local component production as a pathway to industrial self-reliance. According to Osanipin, these universities are already working on a prototype dubbed the “University Shuttle Bus”—a fully electric vehicle designed and manufactured domestically. “Most parts will be sourced locally,” he said, noting that 10 of the universities already have EV charging stations built in anticipation of the rollout. The project aims not only to reduce import dependency but also to jumpstart a local auto-parts industry with comparative advantages in areas like plastic production and petroleum by-products. “Even global carmakers don’t build all components in-house,” Osanipin explained. “What matters is building a reliable after-sales ecosystem and parts supply chain.” He highlighted the economic opportunity in servicing Nigeria’s 18 million vehicles on the road today, compared to the 500,000 produced annually. “We’re building infrastructure and parts for the future—gradually but deliberately,” he added.

Why Nigerians Still Get Rejected: Expert Spills

Fola Badmus4 months ago4 months ago03 mins

Paper Perfect, Visa Denied”: Expert Spills Why Nigerians Still Get Rejected Nigerian globetrotter Bethia Idoko, who has visited 90 countries on a green passport, says the biggest killer of visa dreams isn’t money—it’s sloppy paperwork. Embassies comb applications for concrete “home ties,” solid finances, and a crystal-clear itinerary; any gap or inconsistency triggers the dreaded refusal stamp. “Even well-prepared files get double-scrutinised because of Nigeria’s reputation for overstays,” she told Nairametrics. Fake bank statements and “street agents” make matters worse. Idoko warns that forged documents can earn an instant blacklist: “Too many Nigerians are banned from the UK for one dodgy payslip.” She urges applicants to ditch unlicensed fixers, verify requirements on official embassy sites, and remember that a passport “tells a story—use it to prove you travel responsibly and come home.” Her survival kit: build a clean travel history with easier-visa countries, submit immaculate paperwork early, add a compelling cover letter, and pay for reputable advice—because even flawless files can fail. Idoko’s own U.S. visa was once refused: “The officer simply said they weren’t convinced I’d return. It hurt, but I regrouped, improved, and reapplied.” Bias doesn’t end at approval. She’s been grilled for 40 minutes in Norway despite valid papers, a reminder that perception still shadows Nigerian travellers. Meanwhile, Schengen states rejected 45.9 % of Nigerian applications in 2024, costing applicants over €4.5 million in non-refundable fees. Idoko says Nigeria must negotiate stronger visa-reciprocity deals and set up verified information centres so citizens stop betting their savings on guesswork—and losing.

Pope Urges Russia to Embrace Peace in Phone Call with Patriarch Kirill

Fola Badmus4 months ago4 months ago02 mins

In a significant diplomatic gesture, Pope Leo held a phone conversation with Russian Orthodox Patriarch Kirill, during which he appealed for a meaningful gesture from Russia to help advance peace in Ukraine. The call, which addressed various mutual concerns, focused especially on the ongoing conflict and the importance of dialogue in resolving it. The Pope emphasized the critical role of open communication between all parties involved in the war, urging that dialogue must remain a cornerstone of peace efforts. He highlighted the deteriorating humanitarian conditions in affected areas and stressed the urgency of delivering aid to those most in need. He also acknowledged the ongoing efforts to facilitate prisoner exchanges, commending the mediation role played by Cardinal Matteo Zuppi. During the conversation, Pope Leo expressed appreciation for the well-wishes he received from Patriarch Kirill at the beginning of his pontificate. He reiterated that shared Christian values—such as the defense of life, promotion of peace, and pursuit of genuine religious freedom—can serve as moral beacons during times of global crisis. The Vatican sees the dialogue as part of its broader peace mission, underscoring the Holy See’s commitment to humanitarian diplomacy. As the war in Ukraine grinds on with no clear end in sight, Pope Leo’s latest outreach represents a continued effort by the Catholic Church to act as a bridge-builder in one of the most divisive global conflicts of the 21st century.

DSS Moves to Block Pat Utomi’s Shadow Government Rallies Cites Threat to National Security

Fola Badmus4 months ago4 months ago03 mins

The Department of State Services (DSS) has filed a fresh legal bid at the Federal High Court in Abuja to restrain Professor Pat Utomi from launching rallies and public events in support of his proposed “shadow government.” In a motion filed on Wednesday, the DSS described Utomi’s actions as a threat to national security and accused him of trying to destabilise the country under the guise of free speech and democratic expression. According to intelligence cited in the application, Utomi—currently outside Nigeria—is planning to return on June 6 to hold roadshows and media engagements promoting the shadow cabinet idea. The DSS warned that such activities are capable of inciting public unrest and undermining the authority of the legitimate government. It urged the court to grant an interlocutory injunction to stop Utomi and his associates from holding any rallies, media events, or public discourse related to the controversial plan until the pending suit is determined. The DSS is seeking a legal declaration that Utomi’s shadow government initiative, which it deems unconstitutional, poses a significant threat to public peace. In its affidavit, the agency likened Utomi’s mobilization efforts to the events that triggered the 2020 End SARS protests, warning that a similar scenario could erupt if not urgently contained. The security agency insisted that it is acting within its constitutional duty to preserve internal stability and protect Nigeria from potential chaos. The controversy stems from a pending case—FHC/ABJ/CS/937/2025—already filed by the DSS, which argues that Utomi’s shadow cabinet plan amounts to an attempted usurpation of governmental authority. The agency highlighted a May 26 lecture in which Utomi defended the legitimacy of a shadow government, suggesting that his group would merely rename the initiative if barred by the court. Justice James Omotosho has fixed June 25 for hearing the substantive case.

PDP Roars Back: 2027 Will Be a Referendum on Tinubu’s Failures – Ologunagba

Fola Badmus4 months ago4 months ago02 mins

The Peoples Democratic Party (PDP) has declared its readiness to take on the ruling All Progressives Congress (APC) in 2027, calling the upcoming general election a referendum on what it described as the “failures” of President Bola Tinubu’s administration. PDP National Publicity Secretary, Debo Ologunagba, made this bold assertion during a press briefing in Abuja following the party’s 99th National Executive Committee (NEC) meeting. Ologunagba praised the unity displayed at the NEC meeting, brushing aside pre-meeting skepticism and describing the successful gathering as a symbol of the PDP’s resilience. “The meeting held despite all doubts, and it showed our capacity to reorganise, refocus, and stay united. This is a signal that the PDP is back and ready,” he declared. He slammed the APC-led government over worsening insecurity, economic hardship, and policy failures. “People are dying in instalments, and this government is celebrating defections while citizens go hungry. Propaganda won’t feed Nigerians,” Ologunagba said. He insisted that no wave of defections could rescue the APC from electoral backlash in 2027, adding, “The question every Nigerian must ask is: Am I better off today than I was two years ago?” On internal cohesion, the PDP spokesperson revealed ongoing reconciliation efforts ahead of the next national convention. “We’re having critical conversations behind the scenes. The NEC meeting is just the beginning—we’re determined to present a credible alternative to Nigerians and protect this democracy from being reduced to a one-party state,” he concluded.

Moniepoint Turns Staff Into Millionaires as Unicorn Deal Pays Off Big

Fola Badmus4 months ago4 months ago02 mins

When Moniepoint secured a $110 million funding round in October 2024 and officially joined the unicorn club, it wasn’t just early investors who smiled to the bank. At least two long-serving employees cashed out big—one taking home a jaw-dropping ₦1.3 billion ($850,000) by selling part of their shares, while another made $20,000, according to internal documents seen by TechCabal. These share sales were part of a rare but growing trend in Nigeria’s tech space: employee secondary liquidity, where workers sell their vested equity to incoming investors. Moniepoint reportedly allowed only employees with at least three years of tenure to participate, capping how much equity could be sold. The deals were facilitated through Carta, a startup equity marketplace. While the shares were sold at a discount to the unicorn valuation—a common practice—the impact was life-changing. “I had personal financial plans, and this gave me the push I needed,” said one of the employees, who had spent nearly a decade at the company. The move has boosted staff morale and deepened loyalty, especially as local tech firms rarely offer such liquidity events. As exits like IPOs remain elusive in Africa’s startup scene, Moniepoint’s bold move signals a shift in how equity is viewed—not just as compensation, but as real wealth. It also adds pressure on other startups to follow suit, making employee ownership a powerful tool for hiring, retention, and motivation in the ecosystem.

Tinubu to Commission 17 Landmark Projects in Abuja Starting June 10 — FCT Minister Wike

Fola Badmus4 months ago4 months ago14 mins

President to personally inaugurate 10 projects as FCT undergoes historic infrastructure transformation Abuja is set to experience an unprecedented wave of infrastructural development as President Bola Ahmed Tinubu has approved the commissioning of 17 landmark projects in the Federal Capital Territory (FCT), beginning Tuesday, June 10, 2025, immediately after the Eid-el-Kabir celebrations. The announcement was made by Minister of the FCT, Nyesom Wike, during an inspection tour of ongoing projects in the capital on Wednesday. Wike confirmed that the commissioning will begin with the International Conference Centre (ICC), describing the rollout as a significant milestone in the development of the nation’s capital. “Mr. President has finally approved the commissioning of projects to start on the 10th of June, which is Tuesday, after the Sallah holiday. And that will start with the International Conference Centre. As you can see, we are good to go,” Wike said. On Wednesday, June 11, attention will turn to the Gishiri Interchange, which connects key parts of the city including Jahi, Maitama, and Mabushi, highlighting the administration’s drive to enhance mobility and connectivity in the FCT. Wike disclosed that President Tinubu will personally commission 10 of the 17 projects, while the remaining seven will be inaugurated by other senior government officials. These include: “We want to thank the President. It is not easy for him to give us 10 good days to commission these projects. This level of presidential involvement shows the importance of what we are doing here. Abuja is truly being transformed,” the minister stated. Wike emphasized that the projects are part of the Renewed Hope Agenda, the national development initiative spearheaded by President Tinubu. He noted that residents, especially children, are already experiencing the benefits of enhanced infrastructure and urban planning. “You can see the joy of the children, and they are all feeling the impact of the Renewed Hope Agenda. All the promises we made, we’ve been able to accomplish them,” Wike added. Describing the rollout as “unprecedented,” the minister praised the coordination and support from the Presidency and affirmed the FCT administration’s commitment to continued service delivery and urban transformation. “We give God Almighty the glory and thank Mr. President for all his support,” Wike concluded. As the capital braces for the historic 10-day commissioning period, residents can expect visible improvements across key sectors, reflecting the federal government’s renewed commitment to infrastructure, mobility, and quality of life in Abuja.