News
FG Offers Amnesty to Insurgents
The Federal Government yesterday offered amnesty to Boko Haram members, who lay down their arms.
Boni Haruna, minister of Youth Development, said at a youth programme titled: “A day with young leaders of Nigeria”, to mark Democracy Day in Abuja that President Goodluck Jonathan has approved amnesty for the sect members who renounce violence. President Jonathan and his wife Patience attended the event.
He said: “A series of integration programmes have been lined up for the members of the sect who would surrender their arms and embrace peace. Let me use this opportunity on behalf of the Federal Government, to call on the members of the Boko Haram sect to embrace the government’s gesture and key into the amnesty programme.”
The late former President Umaru Yar’Adua, who Jonathan succeeded, granted amnesty to Niger Delta militants in exchange for dropping their arms.
On the youth restiveness in the Niger Delta, Haruna said the government introduced a development programme which gave the youths an opportunity to have a meaningful life.
According to him, over 30,000 youths have benefited from the amnesty programme which he recalled followed a bitter national security experience.
The beneficiaries of the amnesty have transformed from militants to wealth creators, employers and skilled citizens.
During an interactive session with the youths, President Jonathan said terrorism cannot succeed in any community without support from the local people.
Calling on those respected by the insurgents to join hands with the government to encourage them to lay down their arms, the President said the military alone could not stop terrorism.
He said: “Terror succeeds with local support. It will be difficult for terror to thrive where people reject it. It is a major challenge to all of us.
“Military alone cannot stop terror or any radicalism. Terrorists have people they respect, they have community, traditional and opinion leaders they respect. All of us can deradicalise them.”
“We will through persuasive activities encourage people to shun violence.”
To ensure that youths are reorientated and not misled, he said his government is working out modalities for reintroducing moral education in schools.
Youths, he said, were already leading because they decide who rules at all levels of government through their large population, which he said is about 60 per cent of the total electorate in any election.
Stressing that his administration would continue to encourage youngsters, he said they were no longer leaders of tomorrow but leaders of today.
The President added that his government was working hard to redistribute wealth in the country, which he said had not been even.
One of the emphasis of the government is to encourage self-employment, he said.
On the youths request for a youthful person to be Minister of Youth Development, the President replied: “The best person to take care of a child may not necessarily be a child.”
According to him, the younger generation needs to tap from the experiences of older ones.
Jonathan harped on the need for parties to give women more opportunities in elective positions.
President Jonathan also said $40m venture capital funds had been set aside to help local entrepreneurs access funds to develop their businesses in the country.
He said part of the fund amounting to $25 million is currently domiciled with the Ministry of Agriculture and Rural development while another $15million is with the Ministry of Communication Technology for the promotion of ICT related businesses.
He said: “So, we are creating platforms for young people to access grants more than just loans”
There were motivational talks at the occasion by the youngest African billionaire and Chief Executive Officer, Mara Foundation, Mr. Ashish Takker, and the Co-Founder of Jumia Nigera, Tunde Kehinde.
There was also a presentation of a book on the third anniversary of the President’s transformation agenda, a video documentary of the third anniversary of the transformation agenda and the launching of Youth Entrepreneurial Mentorship and Empowerment Scheme.
Others in attendance were Vice President Namadi Sambo and Chief Justice of Nigeria Maryam Mukhtar, former Head of Interim National Government Chief Ernest Shonekan, former Vice President Alex Ekwueme and former Chief of General Staff Gen
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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