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SEC Probes 77 Unregistered Investment Schemes, Warns Against FF Tiffany

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The Securities and Exchange Commission (SEC) has begun a sweeping investigation into 77 unregistered investment schemes operating in the country, with a particular focus on one entity: FF Tiffany, which authorities say is linked to a fraudulent Ponzi scheme that has cost Nigerians at home and abroad several billions of naira.

 

Preliminary findings suggest that FF Tiffany lured investors with the promise of unusually high and unrealistic returns, leaving thousands of victims across the country and the diaspora.

 

Describing the situation as a “serious threat to investor confidence and the overall integrity of the financial system,” the SEC assured the public that it is “working closely with law enforcement agencies and other relevant bodies to bring everyone involved in this unlawful operation to justice.”

 

“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the commission stated on Tuesday.

 

In the midst of these developments, the SEC reiterated its warnings about the dangers of unregistered investment platforms and Ponzi schemes, emphasising that such outfits do not offer investor protection. “The commission is currently investigating 77 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC stated.

 

The Commission urged Nigerians to conduct due diligence before investing, verifying any firm or product’s status on the SEC’s official channels.

 

“It is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC,” the director general of SEC, Dr. Emomotimi Agama, stressed.

 

The SEC has launched extensive sensitisation campaigns nationwide, distributing flyers and engaging directly with traders about the risks of unregulated investments.

 

Explaining the motive behind these actions, Dr. Agama noted, “We are happy that we have come out here to inform them and more importantly, they are now being enlightened to the effect that if it is too good to be true then it is not good, certainly it is not true. They encouraged us to come back again on this journey and we have also encouraged them to inform more people all around them about the dangers of Ponzi schemes. We believe strongly that by this action; a lot of people would be free from ponzi scheme scams.”

 

He clarified that the Commission moved outreach efforts to the markets because, “Sitting in our offices and requiring them to go to our websites and getting to us through the telephone may not be the best way; we needed to come out to let them know the dangers of a Ponzi scheme.”

 

Dr. Agama warned: “The danger is real. You could lose all your money. You could fall into ill health from the stress. When that happens, you risk destroying your family, your foundation, your business, even your nation.”

 

He expressed the Commission’s determination to eradicate such illegal platforms from Nigeria’s financial landscape.

 

“President Bola Ahmed Tinubu has signed into law the new ISA 2025. Now, anyone involved in Ponzi schemes—whether influencers, bloggers, accomplices, or anyone else—faces a N20 million naira fine and up to 10 years in jail.

 

“We will not stop here. We will go to every market we can reach—every nook and cranny of this country. We will visit churches, mosques, hospitals, even the navy. We want everyone to hear this message.

 

“It is never too late. When you wake up, that is your morning. Now that you are educated, you can protect yourselves and others. Ponzi schemes are a global problem, but together, we can fight them here.”

 

He said, “The SEC of today is reaching out like never before. We will continue to do this, but we need your help to spread the information. Together, we will be better off.”

 

The SEC’s renewed crackdown and aggressive awareness drive aim to ensure perpetrators are brought to justice, restore faith in the financial system, and prevent more Nigerians from falling victim to fraudulent schemes.

 

 

-Leadership

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Fidelity Bank Enhances Maternal and Child Healthcare Delivery at ESUTH

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Fidelity Bank Plc has brought relief to indigent patients at the Enugu State University Teaching Hospital (ESUTH) Parklane, by offsetting medical bills and providing financial support to children battling chronic health conditions alongside donations of ante-natal kits to pregnant women.

 

The intervention, which was carried out under the bank’s Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), was funded and executed by newly inducted employees of the bank, the Optimizers Inductees Class, as their community impact project, with matching financial support from the bank.

 

Commenting on the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative underscores the bank’s commitment to improving lives through targeted social interventions across its four CSR pillars.

 

“This project reflects the spirit of who we are as a bank. Beyond providing financial services, we are committed to touching lives within the communities where we operate. Today, we are donating ante-natal kits to pregnant women and also supporting indigent patients who have remained in the hospital due to unpaid bills. Some of the children also require long-term medical care, so we have given additional financial support to aid their continued treatment,” Dr Nwagboh said.

 

Whilst wishing the beneficiaries quick recovery and good health, Nwagboh described the intervention as both significant and timely, enabling many families to reunite and celebrate the festive season without the burden of outstanding hospital debts.

 

Receiving the donation, the Chief Matron of the Children’s Ward, Esther Nnaji, commended Fidelity Bank for the timely intervention, describing it as a lifeline for families grappling with rising healthcare costs.

 

“There are so many families here in desperate need. Some of the children are battling cancer, sickle cell disease and other chronic conditions. Fidelity Bank’s support will go a long way in relieving their pain. Because of what you have done, some of these children will now be able to see their siblings again,” she said.

 

Several beneficiaries expressed deep gratitude to Fidelity Bank for easing their financial burdens. Mrs. Adaeze Ilo, whose baby’s bill was cleared, said the support came at a moment of despair.

 

“After spending months in the hospital, we had no idea how to raise the money,” she said. “Fidelity Bank came through for us when we needed it the most. We are deeply grateful.”

 

Another relieved parent, Jane Anthony, whose son’s bill was cleared, said her family had already accepted that they would spend Christmas in the hospital.

 

 

 

“God used Fidelity Bank to send us home to enjoy Christmas. My heart is full.” she said.

 

The recent outreach to Enugu State University Teaching Hospital further highlights Fidelity Bank’s continued commitment to supporting vulnerable groups and strengthening community well-being across Nigeria through community-driven CSR efforts.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

 

Photo caption:

 

L-R: Public Relations Officer, Enugu State University Teaching Hospital (ESUTH), Amarachi Amusi; Team Member, Optimizers Inductees Class of 2025, Precious Uchechi-Uneke; Class Governor, Optimizers Inductees Class of 2025, Chinedu Hilary-Elijah (both of Fidelity Bank Plc); Matron, Children’s Ward ESUTH, Esther Nnaji; and Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; during the Fidelity Helping Hands Program (FHHP) outreach to ESUTH recently.

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Polaris Bank Champions Girls’ Hygiene Awareness with Female Hygiene Essentials Distribution in Kuramo & Victoria Island Junior and Senior Secondary Schools

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Polaris Bank has continued its commitment to empowering the Nigerian girl-child through health education and essential support, with the successful distribution of female hygiene essentials to female students of Kuramo and Victoria Island Junior and Senior Secondary Schools, Lagos. 

 

This initiative stems from Polaris Bank’s 2025 International Women’s Day celebration and forms part of our ongoing Adolescent Health and Hygiene Support Programme.

 

Through the Bank’s Girl-Child Support and Hygiene Education Initiative, the outreach aims to improve menstrual hygiene education, build confidence and dignity among young girls, and reduce school absenteeism resulting from lack of access to sanitary products.

 

Speaking at the event, Group Head, Customer Experience & Value Management, Polaris Bank, Mrs. Bukola Oluyadi, delivered a practical health talk to the girls, emphasizing the importance of maintaining proper hygiene during their menstrual cycle and in their daily lives.

 

She advised the students on essential personal care practices including the appropriate use of sanitary pads, the importance of daily use of clean underwear, and maintaining good body hygiene with deodorants and regular washing, especially during puberty when their bodies are developing.

 

“Your body is precious, and how you take care of it determines your confidence and wellbeing,” Mrs. Oluyadi told the students. “Good hygiene is not just about looking clean; it is about staying healthy, feeling comfortable, and showing up confidently in school and everywhere you go.”

 

She also encouraged the girls to cultivate life-long healthy habits, be informed about their bodies, and speak confidently about their health needs.

 

Also present at the distribution was the Non-Executive Director of Polaris Bank, Mrs. Subulade Giwa-Amu, who delivered a powerful motivational session on self-care, confidence, and self-presentation.

 

In her address, she reminded the girls that taking care of their appearance and hygiene contributes significantly to building a successful future.

 

“A clean girl equals a successful woman,” Mrs. Giwa-Amu affirmed. “Success is not only about your academic performance; it is also about how you present yourself. People see you before they know you, and first impressions always last. Loving yourself and caring for yourself should be a daily habit.”

 

She further encouraged the students to build confidence from within, stay self-assured, and always be conscious of their personal hygiene as young girls stepping into womanhood.

“Confidence starts with knowing who you are and being proud of yourself,” she added.

 

“When you take care of your body, you build respect for yourself, and others see that confidence reflected in how you speak, walk, and show up in the world.”

 

Polaris Bank’s support for the girl-child aligns with the Bank’s broader Sustainability and CSR strategy, which includes empowering young girls through education, access to essential learning materials, and social support systems that improve their health and academic performance.

 

The Bank believes that sustained investment in girls’ wellbeing ensures equal opportunity, reduces school dropout rates, and helps drive long-term social and economic development.

 

The female hygiene essentials distribution initiative directly addresses barriers that affect school attendance among adolescent girls, especially those who lack access to basic hygiene products.

 

By equipping students with knowledge and materials, Polaris Bank is helping to normalize conversations around menstruation, reduce stigma, and support healthier outcomes for young girls.

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Sterling Bank Champions Collective Action……to Accelerate Nigeria’s Renewable Energy Transition

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Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector. 

 

The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

 

Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

 

The CEO, who was represented by Dele Faseemo, Group Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

 

He noted that by focusing on these areas, the Bank can do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.

 

In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.

 

He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

 

The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the MD, said “REA is strategically expanding and optimizing channels to accelerate the adoption and sustainable growth of renewable energy acrossthe country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardization.”

 

Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the conversation on renewable energy.

 

He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

 

The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal Ministry of Power has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

 

In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, noted that the current administration is implementing the most ambitious energy transformation ever undertaken.

 

He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

 

The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.

 

Instead, she encouraged everyone to leverage the strength of their networks, act with intention, and remain focused on delivering meaningful impact.

 

The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.

 

//Ends.

 

 

About Sterling BankSterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group.

 

With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

 

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at at large.

 

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.

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