NEWS
FRAUD: Ovaioza Group Boss arrested for running a Ponzi scheme
The Nigeria Police has arrested one Imu Yunusa, 28, the CEO of Ovaioza Group of Companies, for allegedly being involved in a Ponzi scheme cum criminal breach of trust and cheating.
The suspect is reportedly co-owner of Ovaioza Farm Produce Storage Business (OFPSB), a company registered with CAC and very popular on social media. It deals with Farm products such as processing, storing, and distribution of Garri, plantains, etc.
She argues that having registered with the Corporate Affairs Commission (CAC), she was not aware that she was also required to register with the Securities and Exchange Commission (SEC).
Ovaioza Skills Acquisition Center (OSAC) and Relax & Chill are both co-owned by Ovaioza.
Ovaioza, who got married earlier in the year, is accused of scamming hundreds of people’s money running into billions of Naira.
Yunusa, who was arrested on Monday, April 18, and taken to the police headquarters, handled by the Force Criminal Investigations Department (FCID)
Yunusa is currently in police custody and will be transferred to the State Police Command on Tuesday, April 19, 2022, according to The Whistler.
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Trouble started for Yunusa after she allegedly created a partnership plan for her business that guaranteed investors a 70-80% return on investment on her Facebook page.
Following the introduction of this scheme, she was able to gain the heart of many of her followers, with the investing and entrusting their money to her while keeping them up to date on their investments on her verified Facebook page, gaining more attention and confidence from potential investors.
Yunusa, shortly after the investment scheme blossomed was accused of leading a lavish lifestyle, after the company expanded into new sectors last year.
She is alleged to have bought a house in the US for $400K. She applied for Investment Visa to get her Green Card in the US which costs about $1Million.
She bought her Plaza in Abuja for N600M Investor and spent millions buying trucks, infrastructure, and some other things.
She also spent millions buying cars for her friends and doing reckless giveaways.
Ovaioza who offered investors a huge return on investment claimed to have bought a plaza in the nation’s capital for more than N500million.
The same property was put on sale for N500million on a trading website after it expired.
According to reports gathered by Biztellers, Ovaioza allegedly collected N3Billion from investors.
In March 2022, Yunusa was accused of mismanaging investors’ funds, after the company went bankrupt, resulting in her inability to pay investors a return on their investments.
She, via her Facebook post on Saturday, April 16, 2022, assured investors that their money would be returned.
She was allegedly planning to leave the country with her husband, David when the officers apprehended her in Abuja on Monday.
A tweet, @EstherIjewere alleged that some investors put in as much as N36 million in Ovaioza’s care.
“How she managed to fool people on Facebook should be studied. Ovioza scammed people to the tune of 3billion naira with her storage PONZI scheme. I’m all about women supporting women but this sister right here didn’t show love to other women. Some invested up to N36M!!!”
A secondary schoolmate of Ovaioza identified as Okey Aliyu shared some information about her while they were in high school.
In his words: “On Ovaioza, I want to share a secret I have kept away for long.
“I guess most of you didn’t know that I knew Ovaioza right from our secondary school days. Her closest friends then were Hrh Henry Prosper and Blessing Duru. The name
“wire wire” was given to her by our Biology teacher Mr. Joseph.
“I know she might have defaulted in her business but she is not as bad as most of you painted her truth be told. She has a good heart and was ever ready to give even from her last penny.
“Before we wrote our WAEC, she struggled to pay her school fees because according to some of her closest friends, they said she was from a poor home. But that didn’t discourage her from taking school seriously. We wrote JAMB in the same center back then at Okene Kogi state before we lost contact.
“When i saw her pulling weight a few years ago online, I quickly did underground research. I went to her house at Lugbe when I visited Abuja for a contract. She personally came to the airport to drive Hilary Knox and me to our hotel room… Ehhh, na story wey no happen I won dey share now… I no Sabi the ekperima ooo
Born Ovaioza Yunusa on December 30, 1993, in the Okene Local Government Area of Kogi State.
She studied Arabic and Islamic Studies at the College of Arabic and Islamic Studies in Okene.
Ovaioza also reportedly attended the School of Nursing And Midwifery in Nasarawa State and Bayero University in Kano State.
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.