Connect with us

News

Avoid Deals With FinAfrica, Poyoyo Investment, SEC Warns Nigerians

Published

on

The Securities and Exchange Commission (SEC) has warned the public against dealings with FinAfrica Investment Ltd and Poyoyo Investment.
A circular by the management of SEC and published on the commission’s website, yesterday, said the activities of the companies were not registered by it.
The commission described the business of Poyoyo Investment (Pilvest) Nigeria Ltd., as a Ponzi scheme, where returns were paid from other people’s invested money.
“The attention of SEC has been drawn to the activities of an illegal operator, FinAfrica Investment Limited.
“The company claimed to be an investment company that engages in business development in commercial sectors of the economy and uses the funds in entities under Chinmark Group.
“The commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chinmark Group is registered by SEC.
“The investment scheme promoted by these entities are also not authorised by SEC.
“In view of the above, the general public is hereby warned that any person dealing with the named companies in any capital market-related business is doing so at their own risk,” the circular said.
It also noted that the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd were complete fraud.
“The commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model, hence it is a Ponzi scheme where returns are paid from other people’s invested sum,” it added.
Reacting to the circular, the Chairman, Chinmark Group, Dr Marksman Ijiomah, said FinAfrica Investment Limited was not engaged in capital market business.
Ijiomah, who disclosed that the partnership had been on since six years, said that SEC had never written the company to notify them that their dealings were not in line with their regulations.
“SEC did not term us a Ponzi scheme in the circular.
“We do not do capital market business; we do not sell stock or shares. We are not into equity funding.
“What we do is that we have partners who come together and give us funds to run business, and at the end of the month, we give them profit from the business.
“We do not call it interest, we call it profit.
“We have been doing it for over six years and from that partnership, we have been able to build a six unit hotel in Enugu.
“We have also built a restaurant in Dubai and these things are visible for everyone to see,” Ijiomah said.
He added that the company was not into a Ponzi business.
“Our rate is three per cent monthly, that is what we pay.
“SEC has neither invited us nor sent us a circular to say that what we are doing is not in line with their regulations before they made the publication,’’ he said.

Continue Reading

News

FG Ends Passport Production At Multiple Centres After 62 Years

Published

on

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.

Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.

He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.

“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.

He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.

“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.

 “We promised two-week delivery, and we’re now pushing for one week.

“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.

He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.

Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.

He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.

Continue Reading

News

FAAC Disburses N2.225trn For August, Highest In Nigeria

Published

on

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.

This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.

The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.

Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.

The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.

From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.

From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.

Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.

From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.

Continue Reading

News

KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus

Published

on

The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.

The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.

The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the  Polytechnic, recently.

Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.

He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.

This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly,  Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.

The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.

Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.

He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.

The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.

Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.

 

Chinedu Wosu

Continue Reading

Trending