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.

Analyses

The trillion naira vault: Building political-proof ports for Nigeria

The Monday Discourse with Ibrahim Nasiru focuses on the strategy to lock away the NPA’s port modernisation funds from the groping hands of the politicians in other to avert the calamity which befell the infamous Cabotage Vessels Financing Fund (CVFF)

Following up on the intense national discussion regarding the NPA’s ₦1.489 trillion revenue target, here is a preview of my analysis on how we can structurally lock this massive wealth away from bureaucratic hands.

We cannot allow the historic failure of the Cabotage Vessels Financing Fund (CVFF) to paralyze our economic imagination.

The solution to Port decay isn’t to stop collecting funds, but to change who holds the keys to the vault.

From deploying bankruptcy-remote SPVs to issuing local currency infrastructure bonds backed by pension funds, this piece outlines the exact financial engineering needed to modernize Apapa and Tin Can Island.

Watch out for the full analysis tomorrow.

Headlines

At World Environment Day celebration, NIWA renews commitment to clean, secure waterways

Umar Yusuf Girei, NIWA Ag. MD

Gloria Odion, Maritime reporter

The Acting Managing Director/Chief Executive Officer of the National Inland Waterways Authority (NIWA), Umar Yusuf Girei, has reaffirmed the agency’s commitment to maintaining clean, safe and sustainable inland waterways as Nigeria joins the global community to mark the 2026 World Environment Day.

The celebration, themed “Urbanisation and Climate Change: Building Resilient Cities for a Sustainable Future,” draws attention to the environmental challenges accompanying rapid urban growth and climate change impacts.

In a statement delivered at NIWA Headquarters in Lokoja, Girei extended greetings to cities across the country, noting that urban areas are increasingly expanding around waterways which continue to serve as vital centres of commerce, culture and economic activity.

He, however, warned that urbanisation places significant strain on the environment, leading to challenges such as rising temperatures, flooding and erosion, all of which require urgent and coordinated response measures.

According to him, NIWA views inland waterways as natural infrastructure for building urban resilience, explaining that properly managed rivers and channels help mitigate flooding by serving as drainage pathways, while also offering a cleaner, low-carbon option for transporting goods and passengers.

Girei reiterated the Authority’s commitment to responsible dredging, protection of riverbanks, and sustained efforts to keep waterways free from pollution and indiscriminate waste disposal.

He also stressed that government cannot shoulder the responsibility alone, urging Nigerians to contribute by disposing of waste properly, planting trees along riverbanks, reporting illegal dredging and encroachment activities, and supporting environmental protection initiatives.

He further encouraged greater adoption of water transportation as a safer and more sustainable alternative to road transport across the country.

Headlines

Tope Fajemirokun, WABOTAN President, decries high cost of water transportation in Nigeria

Funso OLOJO, Editor

The President of the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN), Mr. Tope Fajemirokun, has lamented the prohibitive cost of water transportation in Nigeria which he said has continued to discourage Nigerians from using this viable mode of transportation.

Fajemirokun make this observation during a live Radio broadcast in Lagos.

The WABOTAN President further disclosed that commuters pay more using water transportation than when using road transportation, a development which he feared was inimical to the growth of water transportation that he believed was a viable alternative to road transportation.

According to him, a commuter pays as high as N10,000 commuting on waters from Badagry to CMS, Lagos on two- way journey.

“The cost of water transportation remains high. For example, a commuter travelling from Badagry to CMS may spend about ₦5,000 each way, amounting to ₦10,000 daily on transportation alone.

” This is one of the major factors discouraging passengers from using the waterways. That is why we are appealing to government at all levels to invest more in the sector,” he added.

To bring the cost of water transportation down, Fajemirokun called on government to invest more on water transportation and also give assistance to private operators in the business.

He lamented that rising fuel prices have significantly affected the operations of boat owners and transporters, noting that the increase in fuel costs, coupled with prevailing economic challenges, has made it difficult for operators to acquire new boats and expand their businesses.

“When you are in business, you must continue to improve and invest in it despite the challenges,” he said.

He also expressed appreciation to NIWA and LASWA for their commitment to maintaining safety standards on Nigeria’s waterways.

Fajemirokun further outlined several initiatives undertaken by WABOTAN to educate its members on safety practices ahead of the rainy season.

“Since the beginning of the year, we have been educating our members on safety measures.

“We have conducted two safety induction programmes this year and are currently planning another one before August.

“With the support of my friend and brother, Frank Meke, the programme will bring together stakeholders, the media, and regulatory agencies to further strengthen safety awareness,” he stated.

The WABOTAN President noted that the association has implemented several safety measures in preparation for the rainy season and acknowledged the efforts of regulatory authorities in sensitizing operators and passengers.

“A few months ago, LASWA invested significantly in clearing water hyacinth from Lagos waterways. Water hyacinth is a fast-growing aquatic plant that obstructs navigation and poses safety risks on waterways,” he explained.

Fajemirokun said WABOTAN has enjoyed strong cooperation from both LASWA and NIWA in promoting safety and regulatory compliance across the sector.

“We have received tremendous support from LASWA and NIWA, and we are working closely with them.

“However, we remain particularly concerned about Rivers and Bayelsa States, where incidents on the waterways tend to increase during the rainy season due to their proximity to the Atlantic Ocean.

“With NIWA’s support, we are intensifying sensitization efforts in those states and across other parts of the country,” he said.

He added that several states are establishing their own waterway authorities and commended NIWA for providing guidance and support in that regard.

Speaking on the need to phase out unsafe banana and wooden boats, Fajemirokun called for greater government intervention and financial support for operators seeking to invest in safer and more modern vessels.

“The government needs to come to our aid, just as the Lagos State Government has been doing.

“Eliminating banana and wooden boats will be easier if government provides the necessary support and investment.

” State governments should also invest more in water transportation to ensure that Nigerians can fully benefit from the opportunities offered by the waterways,” he said.

He further urged government authorities to take a more active role in developing the water transportation sector, noting that the high cost of water travel discourages many commuters.

Also speaking on the programme, veteran maritime journalist Frank Meke acknowledged government efforts but stressed that more needs to be done to unlock the full potential of Nigeria’s water transportation system.”Our roads are heavily congested. As we speak, Apapa remains gridlocked. Imagine the impact if government invested more in water transportation.

” Sometimes, there appears to be more lip service than concrete action. The blue economy holds enormous potential.

” Look at the investments and sacrifices being made by associations like WABOTAN to strengthen the sector.

” Government agencies should demonstrate a similar level of commitment,” Meke said.

He also expressed concern about states such as Kwara, Niger, Benue, and Taraba, where waterways could serve as a more affordable and efficient means of transporting agricultural produce.

According to him, many farmers in these states need reliable and cost-effective transportation options to move their goods to market, making water transportation a viable alternative.

Meke called on the government to declare a state of emergency in the water transportation sector, emphasizing the need for alternative modes of transportation beyond road networks.

“Nigerians need efficient alternatives to road transport, and WABOTAN has played a significant role in advancing the sector.

“Government should provide soft loans to boat operators to enable them to acquire modern vessels.

“Investment should not be limited to boats alone; there is also a need for continuous training of boat captains, crew members, and even passengers.

” As the rainy season approaches, we must prepare adequately for emergencies,” he stated.

Fajemirokun concluded by urging all boat operators to prioritize safety at all times and ensure that passengers wear life jackets before embarking on any journey.

“Safety must always come first. Boat operators and passengers should never neglect the use of life jackets, regardless of the distance of the journey,” he advised.