Headlines

Nigerians lose over N200 billion to Ponzi scheme

Mr Abdulrasheed Bawa, EFCC boss

—-as EFCC says Diezani’s diamond bra was social media creation

Eyewitness reporter

The Chairman, Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa, has revealed that innocent but gullible Nigerians have lost over N200 billion to investment and employment scams in the country.

In a television interview monitored by our reporter in Lagos, Mr Bawa, who also used the platform to dismiss the rumoured diamond bra seized from the former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, as “social media creation”, stated that the Ponzi scheme scam has become a huge problem that the commission was grappling with for which the anti-graft agency is being inundated with complaints by the victims.

“This issue of investment scam is something that has been observed and we are working on that. In fact, as of the last briefing when we aggregated all the complaints involving investment scam and employment scam, Nigerians have complained to us to have lost over N200 billion in complaints. It’s a huge problem”, the anti-corruption czar declared.

“Ponzi schemes are going on left, right and centre and Nigerians have to be wary about anybody that is promising you some money- doubling interest. How can you invest N500,000 and somebody is promising you N50,000 every month and at the end of that, you collect your N500,000 back”, Bawa observed.

He also used the opportunity to make clarification on the seized properties from Mrs Diezani Alison-Madueke, said to contain expensive diamond bra listed among to be auctioned by the Federal government.

According to Bawa, there was no diamond bra as the fictitious claim was the creation of the social media, saying he ought to know if there was anything of such as the lead investigator who investigated the former minister.

”The government has not sold a single property recovered. We are working towards that. You have accused us several times of media trials but I think it is good to be fair to everybody at all times.“This case is a two-way thing, there was nothing like diamond bra; it is just a creation of social media. I can tell you that for free because I am the lead investigator. I am not aware of it.

“If there is something like that, I should know because I led the search and all of that. It is one of the things I mentioned to you that is one of the biggest problems we have is our attitude, we need to change for the better,” Bawa said.

Headlines

Yinka Onigbinde election as MARAN president excites SIFAX Group

– pledges support for his administration

Gloria Odion, Maritime reporter

The SIFAX Group has congratulated Mr. Oluyinka Onigbinde on his election as the new President of the Maritime Reporters Association of Nigeria (MARAN).

The Group described his emergence as a reflection of his professionalism and dedication to maritime journalism.

The congratulatory message was conveyed in a formal letter signed by Dr. Taiwo Afolabi, Chairman of SIFAX Group, on behalf of the Board, Management, and Staff of the conglomerate.

In the letter, Dr. Afolabi described Mr. Onigbinde’s election as well-deserved, noting that his consistent contributions to maritime journalism and the broader maritime industry over the years had earned him the confidence of his colleagues.

“Your emergence as the President is proof of your professionalism, dedication, and consistent contributions to maritime journalism and the broader maritime industry over the years,” Afolabi stated.

Afolabi expressed confidence that the association would continue to advance the ideals of professionalism, ethical journalism, unity, and constructive engagement within the maritime sector under Onigbinde’s leadership.

He further noted that the new president’s tenure was expected to strengthen the media’s role as a vital partner in the growth and development of Nigeria’s maritime industry.

Afolabi, who serves as Patron of MARAN, assured Onigbinde of his goodwill and support as the new president works towards advancing the association, while wishing him wisdom, strength, and outstanding success in the discharge of his duties.

Headlines

The Billion-Naira Ballot: Can digital primaries finally cure Nigeria’s “Delegate Disease”?

MONDAY DISCOURSE with NASIRU

“Whatever is hidden by the fog of political intrigue is eventually revealed by the light of the ballot.”

This maxim captures the true essence of Nigeria’s current political transformation as we navigate the high-stakes journey toward 2027.

In May 2026, the landscape is defined by a massive administrative and financial pivot, where the intersection of a record-breaking ₦1 trillion election budget and the mandatory shift to digital democracy has created a fortress that is reshaping how power is won and funded.

This record allocation, driven by a ₦1.01 trillion statutory transfer to INEC, represents a massive liquidity injection that is both a logistical necessity and a significant inflationary risk.

High inflation, reaching 23.7% in April, has drastically increased the costs of logistics, while over ₦209 billion is earmarked for technological integrity, including a massive overhaul of 200,000 BVAS units to ensure the digital transparency mandated by the Electoral Act 2026.

The 15 year reliance on the “delegate system” has officially been abolished, replaced by a revolution that permits only two nomination modes: Direct Primaries or Consensus. This shift to a “one member, one vote” system is intended to curb the influence of “Money Bags” and “Ghana-Must-Go” politics by moving power from a few thousand delegates to millions of registered party members.

However, this democratic ideal has birthed an operational nightmare for party administrations, who must now fund ward-level voting for their entire memberships. This strain has led to skyrocketing nomination fees, with the APC presidential ticket pegged at ₦100 million just to cover these new logistics.

Consequently, while the concentrated delegate market has vanished, political spending has merely decentralized, forcing aspirants to “induce” thousands of voters across every ward in the country.

A new digital arms race has emerged under Section 77 of the 2026 Act, which requires parties to submit a digital membership register linked to NINs to INEC at least 21 days before any primary.

The ruling APC has already registered over 12 million members online, claiming a head start in digital compliance. In contrast, the opposition has undergone a seismic shift; on Sunday, May 3, 2026, Peter Obi and Rabiu Kwankwaso formally joined the Nigeria Democratic Congress (NDC). This “NDC Surge” has reportedly seen over 10 million Nigerians register with the party within its first 24 hours, as Obi cited the “toxic” environment and endless litigation within the ADC as his reason for seeking a more stable platform.

The NDC, led by former Bayelsa Governor Seriake Dickson, is now the primary challenger racing to consolidate its digital register before the looming May primary deadlines.

Beyond the internal party mechanics, the broader economic impact is staggering. The election budget contributes significantly to a ₦23.85 trillion deficit in the 2026 budget, narrowing the fiscal space for long-term development.

Economists, including the Central Bank Governor, have warned that this ₦1 trillion injection poses a severe inflationary risk that could destabilize ongoing reforms. Furthermore, the government has set aside ₦135.22 billion specifically for electoral adjudication, signaling an expectation of intense post-election litigation.

As we move toward the off-cycle governorship tests in Ekiti and Osun states, the question remains: is Nigeria ready for the transparency of a unified digital window, or will the costs of this “Digital Democracy” bankrupt the very system it seeks to save?

Chief Ibrahim Nasiru, a public affairs analyst, writes from Abuja

Headlines

Sustained government expansion project, infrastructural development drive port growth trajectory in Qi, 2026

– as NPA records 46.75m GRT

‎Funso OLOJO, Editor

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‎Nigeria’s maritime sector recorded strong operational growth in the first quarter of 2026, with Gross Registered Tonnage (GRT) for ocean-going vessels rising by 19.5 per cent to 46.75 million.

This growth underscores the increasing dominance of larger-capacity ships across the nation’s ports amid ongoing reforms targeted at positioning the country as a regional trade hub under the African Continental Free Trade Area (AfCFTA).

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‎According to the Q1 2026 Operational Performance Review released by the Nigerian Ports Authority (NPA), the rise in vessel tonnage signals improved cargo-carrying efficiency and growing confidence among international shipping lines in Nigerian ports.

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‎The report noted that the development reflects a strategic shift toward larger and more efficient vessels, driven partly by the operational impact of the Lekki Deep Sea Port and expanding trade demand.

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‎The strong performance comes at a time the federal government is intensifying efforts to modernise Nigeria’s port infrastructure, improve cargo handling efficiency and capture a larger share of regional cargo flows under AfCFTA.

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‎Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, had recently said Nigeria’s ports must evolve beyond traditional limitations if the country hopes to compete effectively in a rapidly integrating African market.

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‎Speaking at an industry forum in Lagos, Dantsoho said efficiency, speed, innovation and reliability would determine which countries dominate cargo flows in the new continental trade environment.

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‎“The time has come for a paradigm shift in the structure of Nigeria’s economy towards the full utilisation of our marine resources.

” Our port system, if properly harnessed, can serve as a major driver of economic growth,” he said.

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‎Total cargo throughput excluding crude oil terminals also posted strong growth during the quarter, increasing by 11.6 per cent year-on-year to 32.38 million metric tons from 29.02 million metric tons recorded in the corresponding period of 2025.

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‎The NPA attributed the growth to rising trade volumes, stronger import and export activities, improved port productivity, and sustained demand for port services.

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‎One of the strongest performances during the period came from outward cargo traffic, which surged by 23.7 per cent to 14.13 million metric tons, reflecting stronger export competitiveness and deeper integration into regional and global supply chains.

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‎Similarly, outward laden container traffic recorded exceptional growth of 67.6 per cent, rising from 61,332 TEUs in Q1 2025 to 102,803 TEUs in Q1 2026, a performance linked to improved export logistics and terminal efficiency.

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‎Vehicle traffic also emerged as a major growth area, with total vehicle units handled rising sharply by 67 per cent to 58,870 units during the quarter, compared to 35,262 units in the same period last year.

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‎The report further highlighted an 83.1 per cent increase in transshipment container activity, reinforcing Nigeria’s growing relevance within regional maritime trade and logistics networks.

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‎Industry analysts said the increase in transshipment activity is particularly significant because it suggests Nigeria is beginning to attract more regional cargo movement within West Africa, a critical objective as AfCFTA gradually dismantles trade barriers across the continent.

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‎The maritime reforms being pursued under the administration of President Bola Ahmed Tinubu have centred on infrastructure upgrades, digitalisation and institutional restructuring aimed at transforming the country into a leading maritime logistics hub in Africa.

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‎A major component of the reforms is the ongoing rehabilitation of the Lagos Port Complex and Tin Can Island Port following the approval and signing of the MOU for $1 Billion overhaul of longstanding infrastructure deficiencies for improved port competitiveness.

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‎Minister of Marine and Blue Economy, Adegboyega Oyetola, has also disclosed that procurement processes are underway for upgrades in Warri, Port Harcourt, Onne and Calabar ports as part of efforts to ensure balanced port development nationwide.

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‎In addition to physical infrastructure upgrades, the government is pushing an aggressive digitalisation agenda through the deployment of the Port Community System and the National Single Window platform to streamline cargo clearance processes, reduce delays and improve transparency.

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‎Industry stakeholders believe these initiatives could significantly lower the cost of doing business at Nigerian ports while improving turnaround time and operational efficiency.

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‎The government has also expanded investments in rail integration, inland dry ports, barging operations and export corridors to improve cargo evacuation and reduce congestion around port corridors.

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‎Security improvements within Nigerian waters have further strengthened confidence in the sector.

Nigeria has now recorded over four years without piracy incidents, a development attributed to the Deep Blue Programme and enhanced maritime surveillance systems.

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‎According to the NPA, the Q1 performance demonstrates that the maritime sector is evolving into a more cargo-intensive and commercially dynamic ecosystem capable of supporting economic growth, trade facilitation and regional connectivity.

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‎Despite the progress, Dantsoho recently acknowledged that Nigeria still handles only about 25 per cent of cargo traffic in West Africa despite accounting for more than 60 per cent of the region’s GDP, stressing that the country must sustain ongoing reforms to fully optimise its maritime potential.

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‎“With sustained commitment to these initiatives, Nigeria’s port system will enter a new phase and emerge as a leading maritime logistics hub in Africa,” he assured.