General News
DisCos Explain Why They Take over Transformers, Cables Bought by Consumers

Association of Nigerian Electricity Distributors (ANED) has said the electricity Distribution Companies (Discos) assume ownership of equipment customers buy for their networks to ensure safety and protection.
Barr. Sunday Oduntan, executive director for Research and Advocacy, ANED, in a statement, said: “The DisCos take responsibility for any incident that happens with those infrastructures. It is important for Nigerians to understand that DisCos have a responsibility to ensure that only good quality equipment duly certified by the Nigerian Electricity Management and Services Agency (NEMSA) are installed in our network.
“After installation, Discos have to take steps to protect such equipment such that it will be safe for use by customers.”
ANED said it was reacting to enquiries as to why those equipment were taken over by the DisCos. It gave the instance of some transformers installed during the PHCN era, for instance in Lugbe in Abuja, which had caused electrocution. “We need to protect the equipment and ensure that access is only granted to qualified personnel. People have lost their lives because they were trying to ‘maintain their transformers.
“This is why we ask customers to write a letter of donation to the DisCos. If the items do not belong to the DisCos, they cannot exercise any right over the use of the items nor should they bear liability for any incident that occurs thereafter.”
The Nigerian Electricity Regulatory Commission (NERC) had severally noted that it remains the right of the DisCos to provide all transformers and other equipment needed for power supply to consumers.
However, there are cases where consumers donate to buy this equipment where the DisCos would not provide such even as they seek to earn revenue from those places.
Oduntan in the statement also said accusations surrounding disconnections and reconnection fees charged by DisCos were unfair. “The truth is that there are clear grounds for disconnections. Disconnections are not random and there are clear guidelines stipulated by NERC under which disconnections can take place.”
General News
NITDA Inaugurates Start-up Consultative Forum

Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.
While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.
“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.
He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.
Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.
The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.
Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.
The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.
While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.
He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”
Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”
She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.
She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.
With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.
The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.
General News
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams

The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.
These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.
Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.
Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.
Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.
The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.
It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.
General News
EFCC Declares Foreigner Wanted for Alleged CBEX Cryptocurrency Scam

Economic and Financial Crimes Commission has declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.
According to an official bulletin issued by the Commission, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.
“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.
The Commission disclosed that Bitar’s last known address is at Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.
The EFCC has urged anyone with useful information regarding Bitar’s whereabouts to contact any of its zonal offices in Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja.
The public can also reach the commission via the phone number 08093322644 or email at info@efcc.gov.ng.
CBEX emerged in the wake of Nigeria’s growing appetite for cryptocurrency investments.
It promised users quick and high returns through crypto trading and investments but soon drew suspicion over its lack of regulatory compliance and transparency.
The EFCC’s investigation into CBEX has reportedly uncovered a trail of transactions linked to Bitar and individuals, some of whom have been arrested.
Head of Media and Publicity at the EFCC, Dele Oyewale, signed the wanted notice, reaffirming the agency’s commitment to tracking down individuals exploiting Nigerians through financial fraud schemes.
- News3 days ago
NBC Loses Appeal as Tribunal Upholds ₦190m Fine for Misleading Packaging
- Telecom3 days ago
MTN’s Talent Hunt Returns: A Stage for Nigeria’s Next Creative Stars
- Telecom2 days ago
Emerging Technologies, Cybersecurity, Others Form Key Focus of NCA 2003 Review
- E-Business2 days ago
CAC to Prosecute Business Owners Operating Without Registration
- E-Financial17 hours ago
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations
- E-Financial3 days ago
CBN Urges Banks to Source FX for PAPSS Settlement Through NFEM
- News3 days ago
US Identifies Corruption as Key Barrier to Trade and Investment in Nigeria
- General News3 days ago
Wanted CBEX Promoter Surrenders to EFCC Amid $1 Billion Fraud Probe