Crime
SEC Raises Alarm Over AI-Powered Fraudulent Investment Platforms
The Securities and Exchange Commission (SEC) has expressed concern over the increasing use of artificial intelligence in fraudulent investment schemes targeting Nigerians.
In a statement issued on Sunday, the Commission identified several unregistered online operators, including CBEX, Silverkuun and TOFRO, which have been advertising AI-based trading systems that promise extraordinary profits.
According to SEC, fraudsters behind these platforms are employing AI tools such as deepfake technology to create fake endorsements featuring well-known politicians, celebrities, and media personalities.
READ ALSO: $1bn Crypto Fraud: Court Authorizes EFCC To Arrest Six CBEX Promoters
These manipulated clips, the regulator explained, are being spread widely on Facebook, Instagram, and Telegram to mislead unsuspecting investors.
“Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness,” SEC warned.
The Commission noted that it is deploying new real-time surveillance technology to track suspicious activities and is strengthening collaboration with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to improve information sharing and coordinated enforcement.
“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission stressed.
As part of its measures, the SEC said it has also opened discussions with social media companies to eliminate misleading investment ads and has cautioned content creators not to promote illegal financial products.
“Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” the regulator added.
The SEC urged the public to be extra vigilant when considering investments, particularly those that guarantee risk-free daily returns or claim to have the backing of popular figures.
The Commission further advised citizens to always check its official website to confirm whether an investment company is duly licensed.
It reminded Nigerians of the CBEX collapse in April 2025, which left more than 600,000 people counting losses of about N1.3 trillion.
The promoters of the platform operated under ST Technologies International Limited, which was registered with the Corporate Affairs Commission in September 2024.
The Economic and Financial Crimes Commission (EFCC) is still carrying out investigations into the scandal.
“Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag,” SEC maintained, urging Nigerians to avoid platforms that operate solely on Telegram or WhatsApp without a physical address.
Crime
Why South African Opposition Leader Malema Was Sentenced to 5 Years in Prison
A South African court has sentenced opposition leader Julius Malema to five years in prison following his conviction for illegal possession and public discharge of a firearm.
Malema, who leads the Economic Freedom Fighters (EFF), was found guilty on multiple counts linked to a 2018 incident during the party’s fifth anniversary celebration in the Eastern Cape.
At the event, he was captured in a widely circulated video firing a semi-automatic rifle into the air.
ALSO READ: Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud
According to court proceedings, Malema argued that the act was merely celebratory.
However, the court rejected his defence, ruling that the action was not spontaneous but deliberate.
The presiding magistrate described the incident as premeditated and emphasized that Malema’s position as a prominent political figure placed a higher burden of responsibility on him.
The charges against him included unlawful possession of a firearm, discharging a weapon in public, and reckless endangerment.
The court held that such actions posed a serious threat to public safety and could not be excused under any circumstances.
Despite the five-year sentence, Malema was granted leave to appeal, meaning he will not be taken into custody immediately.
He walked free from the courtroom and was greeted by hundreds of supporters who had gathered outside.
Addressing the crowd, Malema alleged that the ruling was politically motivated, claiming that certain forces were attempting to silence him.
His supporters responded with chants and songs, showing continued loyalty to the outspoken politician.
Malema, a former youth leader of the African National Congress (ANC), was expelled after a fallout with former President Jacob Zuma.
He later founded the EFF, which has since grown into one of South Africa’s most influential opposition parties.
Reacting to the development, ANC Secretary-General Fikile Mbalula suggested that the case reflected broader political tensions.
However, lobby group AfriForum, which initiated the case after the video surfaced, insisted the prosecution was based strictly on enforcing the law.
Crime
Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud
A High Court of the Federal Capital Territory (FCT), Abuja, has issued a warrant of arrest against former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, and a Permanent Secretary in the ministry, Bashir Nura Alkali, over their alleged involvement in a multi-million naira fraud case.
The arrest order was issued on Thursday, April 16, 2026, by Justice Jude Onwuegbuzie of the FCT High Court after the two defendants failed to appear in court for their scheduled arraignment.
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The duo, alongside a third defendant, Sani Nafiu Mohammed, are facing a 21-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The charges border on alleged criminal breach of trust, abuse of office, fraudulent contract awards, and the diversion of public funds totaling $1.3 million and N746,574,303.
At Thursday’s proceedings, only Mohammed was present in court.
According to the EFCC, the alleged offences occurred between May 2021 and September 2022 in Abuja.
The anti-graft agency accused Farouq and Alkali of misappropriating funds meant to be refunded to the ministry by a private firm, Visual ICT Limited.
The money was reportedly linked to excess payments under the National Social Safety Net Coordinating Office (NASSCO) for the validation of Rapid Response Register beneficiaries.
The prosecution counsel, Rotimi Jacobs, told the court that although the charges were filed on December 15, 2025, the two defendants could not initially be served.
He added that despite assurances from their legal representatives, they failed to present themselves in court.
Jacobs further revealed that Farouq had earlier requested the release of her passport for a medical trip to Saudi Arabia in 2024 but has yet to return it or provide any medical report to justify her absence.
“My lord, since that passport was released to her, she has not returned it to the Commission, and no medical report has been submitted,” Jacobs stated, questioning the validity of the health claims presented by her counsel.
Counsel to the first defendant, Abdul Ibrahim, attributed his client’s absence to ill health and attempted to tender an affidavit to that effect, but the court rejected the application.
The EFCC also sought to amend an earlier ex-parte motion to focus on the first and second defendants and requested a bench warrant to compel their appearance.
The prosecution supported its request with an affidavit stating that both defendants had been granted administrative bail but failed to report back.
In response, the defence counsel pleaded with the court to grant a six-week extension to produce Farouq in court.
However, in his ruling, Justice Onwuegbuzie granted the EFCC’s application and issued a warrant for the arrest of the two defendants.
The case was subsequently adjourned to May 18, 2026, for arraignment and commencement of trial.
Crime
“Where Is My Baby?” — Woman Sparks Chaos in Lagos Hospital Over ‘Missing’ Twin After Delivery
Pandemonium broke out at a private hospital in Ikotun, Lagos, after a woman accused medical staff of withholding one of her twins following childbirth.
The incident, which has since gone viral on social media, captured the emotional moment the woman—identified as 28-year-old Blessing Isioma David—stormed the hospital premises while clutching a newborn and demanding answers over the whereabouts of her second baby.
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In the video, the distraught mother is heard shouting, “Where is my baby? I did not come here to lose my child,” drawing attention from other patients and passersby.
Those who accompanied her also joined in the confrontation, calling on authorities to arrest the hospital staff over suspected foul play.
According to reports, the woman had earlier undergone an obstetric scan in March 2026, which indicated a twin pregnancy.
The scan reportedly showed two foetuses with normal heart activity, further fueling her insistence that she delivered two babies.
However, the hospital, identified as Tip-Top Solution Hospital, has denied the allegation.
The Medical Director, Dr. Sunday Babajide, maintained that only one baby was delivered, attributing the confusion to an error in the initial scan.
He explained that the patient’s husband was present during the delivery and witnessed the birth of only one child, adding that the mother was conscious throughout the procedure.
Babajide noted that scans done at certain stages of pregnancy could sometimes produce inaccurate results, especially if not confirmed with follow-up examinations.
“The mistake was that we didn’t insist on another scan to verify the result,” he admitted, while dismissing claims of baby trafficking or misconduct.
Meanwhile, the Nigeria Police Force in Lagos has confirmed that it has commenced an investigation into the matter.
Police spokesperson, SP Abimbola Adebisi, said the Command is working with relevant medical authorities to determine the truth behind the conflicting claims.
She added that the Area Commander in charge of the district is personally overseeing the case, assuring the public that findings will be made known once investigations are concluded.
Residents have been urged to remain calm as authorities work to unravel the circumstances surrounding the incident, which has continued to generate heated reactions online.






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