News
Ponzi Operators Risk 10-Year Jail Term, ₦20m Fine In New SEC Law

Promoters and operators of entities engaged in a prohibited scheme are liable to a penalty of not less than ₦20 million or imprisonment for a term of 10 years or both.
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, issued the warning on Wednesday.
Briefing journalists in Abuja, the lawmaker cautioned that the era of fraudulent investment schemes and market manipulation is over, as the Securities and Exchange Commission (SEC) will now properly regulate cryptocurrency trading.
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He said that the new law assented to by President Tinubu has introduced regulatory measures aimed at strengthening Nigeria’s financial system, particularly in the cryptocurrency capital market sectors and State government funding.
“Before now, people engaged in Ponzi schemes without consequences, but the new law is designed to protect investors’ money. If caught, apart from paying a fine, you will go to jail. Initially, we proposed a 20-year sentence, but 10 years has been approved,” he stated.
Izunaso also explained the new law now encourages sub national to access long-term funding through the capital market. He urged states to approach the SEC for infrastructure financing, noting that regulatory reforms have made the process more flexible.
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“Every state can now approach the capital market for funding without unnecessary bottlenecks. This will drive infrastructural development across the country,” he stated.
He also addressed concerns about digital assets and cybercrime, assuring Nigerians that the new securities law will comprehensively address issues related to cryptocurrency and other digital financial instruments.
News
Otuaro Pledges To Expand PAP Scholarship As Beneficiaries Bag Master’s Degrees From UK Varsities

Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has expressed his unwavering commitment to expanding the PAP scholarship scheme.
The PAP boss made the pledge at a graduation reception for nine students who were awarded foreign post-graduate scholarships by PAP in universities in the United Kingdom.
A statement by his Special Assistant on Media, Mr Igoniko Oduma, said the successful scholars are the first graduates in the offshore post-graduate scholarship deployment to UK institutions by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic session.
According to the statement, they graduated from the Anglia Ruskin University, University of Dundee and The University of Law with master’s degrees in cyber security, data science and engineering, law, construction and civil engineering management, project management, and ICT.
READ ALSO:PAP Seeks NCC Partnership On Beneficiaries’ Empowerment
Otuaro disclosed in the statement that 711 undergraduate and post-graduate scholarship beneficiaries are expected to graduate from universities within Nigeria this year.
According to Otuaro, the expansion of the scholarship scheme is aimed at creating more opportunities for indigent students of Niger Delta extraction to access higher education with a view to closing the human capital development gap in the region.
Otuaro said it was for this reason he deployed 3800 beneficiaries in-country in the 2024-2025 academic year, and increased the figure to 3900 in the 2025-2026 academic session with 200 for foreign scholarships.
He said under his administration, 7700 students have been so far deployed for the PAP scholarship scheme within Nigeria in less than two years.
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According to him, aince he took over, he has deployed 162 students from the region for post-graduate programmes in targeted disciplines in the UK universities.
According to him, this is in conformity with the Renewed Hope Agenda of President Bola Tinubu for the Niger Delta, who has given unprecedented support to the PAP because of his sincere love for the area.
The PAP boss said, “Our decision aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR for the Niger Delta. We will continue to create more higher educational opportunities for students from indigent backgrounds in our region.
“We are also deepening the implementation of the programme’s mandate in informal education and other areas for the sustainable peace and socio-economic advancement of the region.”
Otuaro, who congratulated the master’s graduates on their successful graduation, stressed that they completed their programmes in record time which shows the seriousness they had put into their studies.
He said they have justified the Federal Government’s investment in their education with their successful graduation, and urged other beneficiaries not to be distracted in their academic pursuits.
“We congratulate these scholars on their successful graduation. It shows that they took their studies seriously. That is what we demand of every scholarship beneficiary, whether at the undergraduate or post-graduate level”, Otuaro said.
News
Okpebholo Declares Edo Business-friendly

Governor Monday Okpebholo of Edo State on Friday declared the state as Edo business-friendly environment and ready to welcome any investor to the state.
The governor spoke when he played host to members of the South – South Coalition of the Chambers of Commerce, Industry, Mines and Agriculture (COSSCIMA).
The governor, who received his guests through the Office of the Deputy Governor, Hon. Dennis Idahosa, said his administration has provided the enabling environment for investors to promote their businesses.
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The governor commended the COSSCIMA for deeming it fit to choose the stata as host to the annual general meeting of the body.
“It is not surprising that you pick the state as a choice because we have provided the enabling environment by investing in infrastructure and reducing insecurity to the barest minimum.
“So, we assured potential investors that the state is safe, secured for all to come and invest,” he stated.
Also speaking, Hon. Omoh Anabor, Commissioner for Business, Trade, and Investment, said that the state was ready to partner any firm.
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Earlier in his address, President of COSSCIMA, Hon. Indutimi komonibo said, “The Edo State Governor is doing a great job.
He, however, pointed out that nonetheless reiterated, “No government can succeed without partnering with the organized private sector.”
“We seek collaboration wherever we go. We carry the emblem of national development. Investors are looking for where their business will thrive. We understand the language of the business.”
He stated that COSSCIMA membership cut across the six Chambers of Commerce that make up the South-South states of the federation.
News
Oba Of Benin Suspends Priest, Reaffirms Appointment Of Okao

The Oba of Benin, Oba Ewuare the second, has suspended the traditional priest of Uniamen Village, Chief Sunday Sidney Enoma as the Ohen-Ovia of Unuamen for violating the custom and traditional of Benin.
The Monarch reaffirmed Chief Kingsley Igbinosa as the Okao (traditional head) of Unuamen Village, in Ovia North East local Government Area of Edo State.
In a statement by his Chief Press Secretary, Osaigbovo Iguobaro, the Oba described the claim by the suspended Ohen of Unuamen that he is the one who usually installs the Okao of the village as baseless, unfounded and abominable.
The Benin Monarch noted that all Chieftaincy titles in Benin kingdom are conferred by the Oba.
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