Latest news with #Imo
Zawya
6 days ago
- 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.
United News of India
26-06-2025
- United News of India
Mangaluru man held for illegally staying and attending lecture in IIT Mumbai
Mumbai, June 26 (UNI) Mumbai Police arrested a resident of Mangaluru, Karnataka, for illegally staying in a hostel and attending lectures in Indian Institute of Technology( IIT) Mumbai, one of the leading universities of the world, police said. The accused was produced before a local court which remanded him in police custody till July 8. The accused identified as Bilal Ahmed Fayaz Ahmed Telli, a resident of Mangalore, Karnataka, was arrested from the Powai campus of the IIT after it was discovered that he had been conducting reconnaissance activities within the institute. He had reportedly come to the institute for a one-day study programme, and then stayed on the campus and began attending lectures. The investigation has now been officially handed over to the Crime Intelligence Unit (CIU) for a more in-depth probe, while the Anti-Terrorism Squad is also conducting a parallel investigation into the matter. During his stay, he occupied different hostels and managed to avoid detection for almost two weeks. His movements and presence were uncovered through campus CCTV footage, which helped police identify and track him. The police have interrogated Bilal and examined data from his seized mobile phone, along with other technical evidence. The agencies found apps like Signal and Imo on Telli's mobile phone. 'He shot multiple videos of IIT Bombay and claims that he wanted to share this on his (social media) channel," said police source. Inquiries have also been made with his family and friends. The Mangalore resident reportedly completed a six-month software development course after his 12th grade, police said. The Powai police had earlier registered a case under Sections 329(3) and 329(4) of the Bharatiya Nyaya Sanhita (BNS). After further investigation, additional sections were added, police said. UNI AAA PRS
Yahoo
10-06-2025
- Yahoo
June's Strawberry Moon Is the Lowest Full Moon Since 2006 — Here's How to See It
Moon gazers are in for a special sighting this year. June's Strawberry Moon is not only the lowest-hanging full moon since 2006, but it will also appear in a wonderfully apt coloring and bring with it a star guest. Read on to find out everything you need to know about this lunar spectacle. The 'Strawberry Moon' is the sixth full moon of the year, and if you've been strawberry picking recently, you might be able to guess how this moon got its name. All of the 12 full moons have nicknames relating to changes in nature through the year. People all over the world gave the full moon names, but the ones commonly used today originated in Native American culture. Tribes used the moon cycle to keep track of the changing seasons. May's full 'Flower Moon', for example, gets its name from the abundance of flowers which start to grow around that time, and the preceding 'Pink Moon' is named after a species of wildflower that starts blooming in North America in April. June's full 'Strawberry Moon' refers to the ripening of wild strawberries. The full Strawberry Moon reached it peak at 3:44 a.m. EDT on the morning of June 11. The peak, Imo Bell, an astronomer at the Royal Observatory Greenwich, explains, is the exact moment 'when the side of the moon facing us is fully lit by the sun.' But, you still have time to enjoy the Strawberry Moon because a full moon can look fully illuminated for up to three days, starting the day before. The night of Tuesday, June 11, is still in the prime viewing window. You can find the exact moonrise time for your location at The Farmer's Almanac. The Strawberry Moon is always a special occurrence because it is the year's lowest-hanging full moon. Earth's natural satellite, as Imo explains, has to be directly opposite the sun to be fully illuminated, which means that when the sun is highest in the sky (always in the month of June), the moon will be at its lowest point. But in 2025, the Strawberry Moon is extra special. 'This year is even more extreme as we have reached a 'lunar standstill' where the tilt of the moon's orbit, which processes over an 18.6-year cycle, has reached its most extreme, resulting in the lowest full moon since 2006,' Imo says. And because the full moon hangs so low, the Strawberry Moon, amazingly, might actually kind of look like a strawberry. "The moon may appear reddish when it's near the horizon due to the scattering of the sun's light," says Imo. The sun's light, they continue, is all colors of the rainbow, which get "split and scattered", or refracted, through the atmosphere. "The blues, with shorter wavelengths, get scattered first, which is why the sky is blue in the day," says Imo. "The oranges and reds have longer wavelengths and are what remains after the blues have been scattered off, resulting in reddish sunrises and sunsets – and of course, a reddish moon when near the horizon." Alongside June's Strawberry Moon, another reddish celestial sight is possible. On 10th and 11th June, you will be able to spot a bright red star right next to the moon, the Red supergiant Antares. "The Moon and Antares together will be a distinctive sight since the star is red enough that it's known for being mistaken for the red planet Mars, with its name even meaning 'rival of Mars' in Ancient Greek," says Imo. You Might Also Like 70 Impressive Tiny Houses That Maximize Function and Style 30+ Paint Colors That Will Instantly Transform Your Kitchen
GMA Network
23-05-2025
- Entertainment
- GMA Network
'Everything About My Wife' makes Netflix global premiere
"Everything About My Wife," the romantic comedy film produced by GMA Pictures, CreaZion Studios, and Glimmer Studio Philippines, makes its worldwide Netflix debut on May 29. Starring Jennylyn Mercado, Dennis Trillo, and Sam Milby, "Everything About My Wife" tells the story of Dom (Dennis), an unhappily married man who struggles to end his marriage to his wife, Imo (Jennylyn). In a moment of desperation, Dom calls on Miguel (Sam), a notorious womanizer, to seduce his wife. The plan succeeds, as Miguel and Imo grow closer, but things take an unexpected turn when Miguel unexpectedly falls in love with her. As Dom realizes he's made the biggest mistake of his life, Imo discovers his scheme. Heartbroken and betrayed, she resolves to give him what he wants and end their marriage. Will Imo ever find it in her heart to forgive Dom? Besides standout performances from Jennylyn, Dennis, and Sam – three of the biggest stars in Philippine entertainment – the movie also features a stellar cast of seasoned artists, including Carmi Martin, Nova Villa, Isay Alvarez, Polo Laurel, Alex Agustin, Joyang, and Karlo Aranza. Directed by Real S. Florido, "Everything About My Wife" will stream on Netflix in the Philippines and in most territories worldwide beginning on May 29. Meanwhile, viewers in the United States of America, Guam, Saipan, Singapore, Malaysia, Brunei, Cambodia, Taiwan, Hong Kong, United Kingdom (Great Britain), France, Italy, Spain, Finland, Australia, New Zealand and the Middle East can catch it starting on July 28. For more news and updates, visit
Yahoo
29-04-2025
- Politics
- Yahoo
Michelle Obama says fear for immigrants under Trump admin haunts her at night: 'Keeps me up'
Former first lady Michelle Obama expressed fear over President Donald Trump's immigration policies, saying they have kept her up at night. "Now that we have leadership that is sort of indiscriminately determining who belongs and who doesn't," the former first lady said Monday during an appearance on the podcast "On Purpose with Jay Shetty," adding that such deportation decisions "aren't being made with courts and with due process." "I worry for people of color all over this country, and I don't know that we will have the advocates to protect everybody," she continued. "And that makes me … that frightens me. It keeps me up at night." "And I and I see that when I'm driving around LA. I'm just looking in the faces of folks who could be a victim and I'm wondering, how are you feeling, how do you feel standing on the bus stop," she said. Obama joined the podcast alongside her brother, Craig Robinson, and the pair discussed race and bias, as well as a host of other issues such as parenting and the siblings' bond from childhood to adulthood. Obama did not cite Trump by name during her remarks on fear of his immigration policies but drew parallels between deportation efforts and the racism her brother faced as a child when a police officer reportedly accused him of stealing a bike at age 12. Michelle Obama Reveals Additional Reason She Skipped Trump's Inauguration Read On The Fox News App "In this current climate, for me it's what's happening to immigrants," Obama said when asked about "recent tests of fear" related to individuals facing discrimination over the color of their skin. Obama noted that the "fear" does not personally impact her as a former first lady who has police protection. Michelle Obama's 'Imo' Podcast Ranks 34Th On Spotify Podcasts Chart "It's not the fear for myself anymore," she continued. "I drive around in a four-car motorcade with a police escort. I'm Michelle Obama. I do still worry about my daughters in the world, even though they are somewhat recognizable." "My fears are for what I know is happening out there in streets all over the city," she added, referring to her hometown of Chicago. Obama's comments come as the Trump administration is in the midst of a massive deportation effort of illegal immigrants who flooded the nation under the Biden administration. Obamas Appear To Lose Influence Among Democrats: 'Couldn't Move The Needle' The administration has deported more than 100,000 illegal immigrants since Trump took office, Fox News previously reported. An estimated 20 million illegal immigrants are still in the U.S., border czar Tom Homan said at a press briefing Monday. Former President Barack Obama's administration notably celebrated its own deportation efforts, particularly during his first term, including former Secretary of Homeland Security Janet Napolitano touting the "record-breaking immigration enforcement statistics achieved under the Obama administration—including unprecedented numbers of convicted criminal alien removals and overall alien removals in fiscal year 2010" in a press release from that year. Under the Obama administration, Immigration and Customs Enforcement deported more than 385,000 people each year during fiscal years 2009–2011. The rate increased in 2012 when 409,849 deportations were carried out, Fox Digital previously reported. Fox News Digital's Danielle Wallace contributed to this report. Original article source: Michelle Obama says fear for immigrants under Trump admin haunts her at night: 'Keeps me up'
