Latest news with #GodswillAkpabio
Zawya
10-07-2025
- Business
- Zawya
Senate probes Ponzi schemes in Nigeria, loss of $850mln to CBEX crash
Operators of Ponzi schemes in Nigeria have come under the Senate's spotlight following the passage of a resolution on Wednesday to investigate their activities and other similar online transactions that defraud investors of their hard-earned money. Of particular concern to the Senate is the recent collapse of the Crypto Bullion Exchange (CBEX), which resulted in Nigerian investors losing a staggering N1.3 trillion. Four Senate committees—Capital Market and Institutions; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT/Cybersecurity—were mandated on Wednesday to 'conduct a comprehensive investigative hearing, including public hearings, on the operations of Ponzi schemes in Nigeria' within the next four weeks. The resolution was passed while the Senate President, Godswill Akpabio, presided over the plenary. It followed a motion jointly sponsored by Senators Mukhail Adetokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), drawing attention to the immense economic hardship caused by failed Ponzi schemes over the years. ALSO READ: Nigeria's automotive sector key to Nigeria's economic growth — Oyebanji The Senate expressed deep concern over the 'rapid proliferation and alarming rise of unregulated and fraudulent investment schemes—commonly known as Ponzi or pyramid schemes—such as MMM Nigeria in 2016 and MBA Forex in 2020, among others, which have repeatedly defrauded millions of Nigerians, causing severe financial hardship, and in some cases, leading to depression, family breakdowns, and even suicide.' The motion also noted the recent case of CBEX, a digital investment platform that lured millions of Nigerians with promises of outrageous returns before suddenly collapsing. The result: over N1.3 trillion (about $847 million) lost, making it one of the most devastating financial scams in the country's history. It further highlighted that the CBEX incident was not isolated but part of an existing and growing pattern of unregulated, tech-driven schemes leveraging social media, referral commissions, celebrity endorsements, and fake testimonials to deceive the public. Leading the debate, Senator Abiru expressed shock that such schemes could grow so rapidly despite supposed regulatory oversight by institutions such as the Central Bank of Nigeria (CBN). He questioned how CBEX continued to operate without sanctions from regulatory bodies like the Securities and Exchange Commission (SEC), CBN, the Nigerian Financial Intelligence Unit (NFIU), or the Economic and Financial Crimes Commission (EFCC). Abiru called it a failure of regulatory agencies and urged the National Assembly, as representatives of the people, to intervene through detailed investigations. 'The lack of coordinated oversight, real-time monitoring, and strict enforcement by relevant agencies has created an enabling environment for these schemes to flourish. This erodes public trust in legitimate financial institutions and poses systemic risks to the economy,' he added. Senate Whip, Senator Mohammed Monguno (Borno North), while contributing to the debate, observed that Ponzi operators take advantage of vulnerable and gullible Nigerians, defrauding them of their hard-earned money and even driving some to early graves. He called for tougher legislative measures to address the economic threats posed by these fraudulent schemes. Kwara State Senator, Sadiq Suleiman, urged the Senate to step in to protect Nigerians, many of whom he said are unaware of the risks involved in staking their limited resources on such online investments. 'We must continually monitor financial schemes to protect citizens. Our agencies must rise to the occasion and carry out their regulatory functions,' he said. Senator Solomon Olamilekan (Ogun West), Chairman of the Senate Committee on Appropriations, pointed out that young Nigerians are often the largest group of investors in these schemes, attracted by the promise of quick returns. 'I wonder how this monumental fraud happened under the watch of the CBN. We will summon the CBN to explain what regulations were in place to prevent such scams. Beyond Ponzi schemes, there are many other online platforms defrauding Nigerians. Are we saying Nigeria is so porous that we lose trillions of naira just like that?' he queried. Senator Abdul Ningi (Bauchi Central) described the motion as 'extraordinary,' requiring equally extraordinary action. 'We have laws, but Ponzi schemes keep evolving. Who are the people behind them, and why have there been no arrests?' Ningi asked. He also shared personal stories of constituents who invested their meager stipends—N5,000, N10,000, and N20,000—into Ponzi schemes, only to lose everything. Before the debate concluded, Senate President Akpabio recalled the infamous Umanah Umanah scheme in Port Harcourt during the 1990s, which promised quick returns and collapsed after people were encouraged to continuously deposit more money. 'It was a terrible nightmare. Many people lost their savings,' he recalled. He directed that the Senate's investigation must include zonal public hearings where necessary and be thorough enough to bring all Ponzi scheme operators to justice. Akpabio also recommended a nationwide public awareness campaign—including road walks and other activities—to educate vulnerable Nigerians about the risks of investing in fraudulent schemes.
Yahoo
05-07-2025
- Politics
- Yahoo
Court strikes suspension for Nigerian senator who complained of sexism
A Nigerian court Friday called for the reinstatement of a senator who was ousted after she complained about sexual harassment, delivering a long-awaited ruling in a case that has divided the socially conservative west African country. Senator Natasha Akpoti-Uduaghan in February accused the Senate president, Godswill Akpabio, of making unwanted advances towards her. Days after she made the comments during an interview with a Nigerian television station, she was suspended from the Senate for six months on an apparently unrelated charge. The suspension was handed out for what the Senate majority leader called "gross misconduct and unruly behaviour" during an argument that erupted in the chamber over her seating arrangement -- though the case galvanised Nigerian feminists who saw the move as an obvious retaliation. A court in the capital Abuja on Friday ordered Akpoti-Uduaghan, commonly known as Senator Natasha, to be recalled to the Senate, ruling that the six-month punishment was excessive. The court also found Akpoti-Uduaghan guilty of contempt for violating a gag order on the case, fining her five million naira ($3,250). When she first detailed the alleged sexual harassment, Akpoti-Uduaghan said the Senate president -- who denies the accusations -- repeatedly blocked a motion she tried to advance and then tied its moving forward to sexual favours. Speaking to broadcaster Arise TV, the senator said Akpabio told her that the motion could go through if she "took care" of him. Amid the political fallout, Akpoti-Uduaghan faces another trial for spreading false information after she alleged that Akpabio and former Kogi State governor Yahaya Bello sought to have her assassinated. - Pushback from other women - While some women's groups rallied around Akpoti-Uduaghan, her sexual harassment allegations were notably met with resistance from other prominent Nigerian women. Former senator Oluremi Tinubu, who is also Nigeria's First Lady, said in the aftermath that the Senate had acted correctly and that, as a woman, "people compliment you all the time". Tinubu is a member of Akpabio's governing party, whereas Akpoti-Uduaghan is part of the opposition. At the time of Akpoti-Uduaghan's suspension in March, women held just 17 seats in the House of Representatives, out of 360. With Akpoti-Uduaghan's ouster, the Senate dropped down to three women, out of 109 seats. Nigeria has not implemented gender quotas for its National Assembly, a method that some African countries have successfully used to increase women's representation. The few women in Nigerian politics often come from powerful families and are in many cases the wives, daughters or sisters of politicians -- giving fuel to the stereotype that women are not qualified for office. The upper chamber itself is rife with sexism, one former National Assembly employee told AFP shortly after the suspension, asking to remain anonymous because of the sensitive nature of the topic. nro/su/tba/kjm
France 24
04-07-2025
- Politics
- France 24
Court strikes suspension for Nigerian senator who complained of sexism
Senator Natasha Akpoti-Uduaghan in February accused the Senate president, Godswill Akpabio, of making unwanted advances towards her. Days after she made the comments during an interview with a Nigerian television station, she was suspended from the Senate for six months on an apparently unrelated charge. The suspension was handed out for what the Senate majority leader called "gross misconduct and unruly behaviour" during an argument that erupted in the chamber over her seating arrangement -- though the case galvanised Nigerian feminists who saw the move as an obvious retaliation. A court in the capital Abuja on Friday ordered Akpoti-Uduaghan, commonly known as Senator Natasha, to be recalled to the Senate, ruling that the six-month punishment was excessive. The court also found Akpoti-Uduaghan guilty of contempt for violating a gag order on the case, fining her five million naira ($3,250). When she first detailed the alleged sexual harassment, Akpoti-Uduaghan said the Senate president -- who denies the accusations -- repeatedly blocked a motion she tried to advance and then tied its moving forward to sexual favours. Speaking to broadcaster Arise TV, the senator said Akpabio told her that the motion could go through if she "took care" of him. Amid the political fallout, Akpoti-Uduaghan faces another trial for spreading false information after she alleged that Akpabio and former Kogi State governor Yahaya Bello sought to have her assassinated. Pushback from other women While some women's groups rallied around Akpoti-Uduaghan, her sexual harassment allegations were notably met with resistance from other prominent Nigerian women. Former senator Oluremi Tinubu, who is also Nigeria's First Lady, said in the aftermath that the Senate had acted correctly and that, as a woman, "people compliment you all the time". Tinubu is a member of Akpabio's governing party, whereas Akpoti-Uduaghan is part of the opposition. At the time of Akpoti-Uduaghan's suspension in March, women held just 17 seats in the House of Representatives, out of 360. With Akpoti-Uduaghan's ouster, the Senate dropped down to three women, out of 109 seats. Nigeria has not implemented gender quotas for its National Assembly, a method that some African countries have successfully used to increase women's representation. The few women in Nigerian politics often come from powerful families and are in many cases the wives, daughters or sisters of politicians -- giving fuel to the stereotype that women are not qualified for office. The upper chamber itself is rife with sexism, one former National Assembly employee told AFP shortly after the suspension, asking to remain anonymous because of the sensitive nature of the topic. © 2025 AFP
BBC News
19-06-2025
- Politics
- BBC News
Senator Natasha Akpoti-Uduaghan plead not guilty to defaming Akpabio, Bello as court grant her N50 million bail
Natasha Akpoti-Uduaghan wey be di lawmaker representing Kogi Central Senatorial District for di National Assembly don plead not guilty to di three-count charge of defamation, wey di office of di Attorney General of di Federation sama her. Di lawmaker bin appear bifor Justice Chizoba Orji of di Federal Capital Territory High Court for di Maitama area of Abuja on Thursday. Dis three-count charge accuse Mrs Akpoti-Uduaghan of making false claims say di President of di Nigeria Senate, Godswill Akpabio, bin make plans wit di former Govnor of Kogi State, Yahyah Bello, to kill her. Di AGF say Akpoti-Uduaghan know say di claims na false but she make am to discredit Akpabio and Bello, and to tarnish dia image. As di matter come up for court, di court registrar read out di charges to di lawmaker and she plead not guilty to each of dem. Afta dat, counsel to di Federal Goment, David Kaswe, ask di court to remand di defendant in prison pending wen di trial go commence. Kaswe claim say im reason be say dem wey be di prosecution bin find am very difficult bifor dem fit serve di defendant wit di charges. However, di defence counsel Roland Otaru, ask di trial judge to use her discretion and grant im client bail based on di fact say she no be flight risk, she no go fit interfere wit police investigation or wit di witnesses for di case, and di law presume her innocent until proven guilty. Afta listening to di arguments, Justice Orji agree wit di defence counsel and say she go grant di defendant bail in di sum of 50 million naira and one surety. Di surety must to get landed property within di jurisdiction of di court, and e must be a pesin of integrity. She den adjourn di matter to September 23, 2025 for di trial to start. Some popular rights activists bin follow Mrs Akpoti-Uduaghan come court to show am solidarity. Dem include former Minister of Education Oby Ezekwesili, Aisha Yesufu and others. Emmanuel Uduaghan, di husband of di embattled lawmaker also follow her come court on Thursday. BBC Pidgin bin don report say dis na di fourth court case wey involve Senator Akpoti-Uduaghan since late March dis year wen she get public quarrel against di Senate President Dis particular three-count charge na majorly about libel, two counts against Akpabio and one count against Yahaya Bello. According to di charges, Akpoti-Uduaghan allege for interview say Akpabio and Yahaya Bello bin meet for a hotel on March 14, 2025, wia dem emphasis say dem go kill her, but e no go be for Abuja rather e go be for her state Kogi. "Dat na one of di reason why I bin no go home on time. I bin delay to go home bicos I get to put some measures on ground," di charge sheet quote Akpoti-Uduaghan. Also, di senator allege, according to di charge sheet, say Akpabio and Yahaya Bello bin hold three discussions day. "Di first one na my recall, di second one na to eliminate me, and di third one na to put somebody wey go take di ticket from me if I wan contest for 2027." According to di AGF, Mrs Akpoti-Uduaghan know or she get reason to believe say "dis imputations go harm di reputation of Senator Godswill Akpabio, President of di 10th senate of di Federal Republic of Nigeria", and di reputation of Yahaya Adoza Bello, former Govnor of Kogi State. Di third allegation for di charge sheet na during a two-way phone interview wey Natasha Akpoti-Uduaghan allegedly do with one Sandra Duru for Abuja, wia di senator bin claim say Akpabio bin use di internal organs of one girl wey her name na Umoren Iniubong, for im wife who bin dey sick for three years. Akpabio, Bello, and one oda Senator - Asuquo Ekpenyong - na some of di witnesses wey di AGF say dem go call for di matter.
BBC News
05-06-2025
- Business
- BBC News
All di court cases wey Senator Natasha Akpoti-Uduaghan dey face
Justice Idris Kutigi of di Federal High Court Abuja don order di Senate President of Nigeria, Godswill Akpabio to appear bifor am, sake of one defamation case wey Senator Natasha Akpoti-Uduaghan bin file against am. Dis na just one out of di plenty court cases wey involve Mrs Akpoti-Uduaghan, di suspended lawmaker wey dey represent Kogi Central Senatorial District for di National Assembly. According to tori by local media, Justice Kutigi bin grant di lawyer of Mrs Akpoti-Uduaghan, Victor Giwa, permision to serve Akpabio wit di court proceedings thru substituted means, since di senate president bin no show face for court on 7 May, 2025 wey di matter bin suppose start. Di Judge order Akpabio to show face for di court on Monday, 9 June, 2025. Though e neva dey clear weda dis date go get head since di Nigeria goment don declare am as public holiday for di muslim celebration of Eid-El-Kabir. Since late February dis year wen di crisis start between di female lawmaker and di senate president Akpabio, na so court cases dey pile up betwin di two. Some of dem na Mrs Akpoti-Uduaghan start am, di odas na either di Nigeria goment or Akpabio family start am. Remember say Mrs Akpoti-Uduaghan dey accuse Akpabio of sexual harrasment, wey she claim say e happen several times including for Akpabio house and for di senate premises. However, Akpabio don deny di allegations. Here na listicle of dis court cases and wetin be di issues: 350 billion naira suit by Mrs Akpabio Shortly afta Natasha Akpoti-Uduaghan accuse Akpabio of sexual harassment during one TV interview, Mrs Ekaette Akpabio, wife of di senate president, call a press conference, wia she tok say she don sue Mrs Akpoti-Uduaghan for defamation against her husband. Akpabio wife say she file two court cases - marked CV/814/25 and CV/816/25 - for di federal high court Abuja, demanding damages of N250 billion and N100 billion respectively. She tok say di allegations against her husband don cause her and her children "emotional and psychological abuse", and e don make her family to dey live for constant fear of threat to dia lives. She want make di court restrain Mrs Akpoti-Uduaghan from making defamatory statements against di Akpabio family, and for her to withdraw di allegations and tender "unconditional apology to di senate president" wey go dey published for two national newspapers. 100 billion naira suit by Akpoti-Uduaghan Natasha Akpoti-Uduaghan bin also file court case against Godswill Akpabio and imegislative aide, Mfon Patrick, wia she allege say di aide bin post one article on Facebook wey wan damage her reputation. Di Kogi lawmaker ask di court to order di defendants to pay her N100 billion for damages and anoda N300 million in litigation costs. Inside di suit, marked CV/737/25, Mrs Akpoti-Uduaghan say di post by Mfon Patrick dey "defamatory, provocative, and damaging to her reputation". Oga Patrick bin make dis post afta di wahala wey happen for di senate chambers on 21 February, 2025, wia Mrs Akpoti-Uduaghan bin para and shout for di senate president afta dem change her sitting position. Di incident wey show for national TV bin see di female lawmaker telling Akpabio say "I am not afraid of you", "I don take a lot from you. I bin no wan go public, but if you want I go let Nigerians know how you don discriminate against me, how you dey malign me..." Days later, oga Patrick den post di article on Facebook wit di title: "She di Local Content Committee of di Senate be Natasha Birthright?" Di legislative aide say Mrs Akpoti-Uduaghan dey para bicos di Senate President bin remove her as di chairman of dat senate committee. But di female lawmaker vex for di part wia Patrick say she no sabi anything about being a legislator except to dey "pancake her face and dey wear transparent outfits to di chambers." Dis remarks, she tok, "dey false and na to ridicule her, damage her credibility, and expose her to public contempt". Natasha vs Senate, Akpabio, Senate committee E also get anoda court case wey Natasha file to challenge her six-month suspension from di senate, afta a report by di senate comittee on etichs, privileges, and public petitions. Di committee bin recommend di suspension afta Natasha fail to appear bifor dem for investigation into her conduct for di senate chambers on February 21. Natasha hersef explain say she no attend dat investigation sake of say court bin don order di committee to postpone di hearing pending di determination of di matter bifor di court. But di committee members say dem no dey bound by any court order since dem dey do dia work as independent arm of goment. Dis matter on weda Mrs Akpoti-Uduaghan suspension dey valid or not, dey bifor Justice Binta Nyako of di federal high court Abuja, and e dey expected say sho go deliver di judgement dis July. AGF vs Natasha Most recently, di office of di Attorney General of di Federation file anoda court case for di Federal Capital Territory High Court, sake of allegations of defamation against di senate president Godswill Akpabio and di former guvnor of Kogi State, Yahaya Bello. For di three-count charges wey di goment bring against di female lawmaker, dem say Mrs Akpoti-Uduahan bin claim say Akpabio and Bello bin get plans to kill her, and say dis allegation na lie. According to di AGF, Mrs Akpoti-Uduaghan know or she suppose know say "dis imputations go harm di reputation of Senator Godswill Akpabio, President of di 10th senate of di Federal Republic of Nigeria, and di reputation of Yahaya Adoza Bello, former guvnor of Kogi State". Di witnesses wey di FG say dem go call for dis matter include Akpabio, Yahaya Bello and one oda senator Asuquo Ekpenyong plus three oda pipo. Dis matter suppose start on Tuesday, 3 June, 2025, but e no come go ahead bicos of strike wey di Judiciary Staff Union of Nigeria (Jusun) bin start di previous day. E never dey clear wen di new date go be.
