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Avoid Deals With FinAfrica, Poyoyo Investment, SEC Warns Nigerians

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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.

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NAF, US Officials Meet To Fast-Track Delivery Of Attack Helicopters

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Officers of the Nigerian Air Force have met with senior officials of the United States Government and representatives of Messrs Bell Textron to fast-track the acquisition of 12 AH-1Z attack helicopters.

The meeting took place during a Programme Management Review meeting led by the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, from 5 to 6 January 2026 in San Diego, California, United States.

A statement by the NAF spokesperson, Ehimen Ejodame, yesterday, said the meeting focused on assessing the status of the helicopter acquisition and measures to ensure the timely delivery of the 12 AH-1Z platforms.

According to the statement, Aneke said the review was aimed at strengthening programme oversight, accountability and adherence to agreed timelines and budget.

“In a strategic move to enhance the operational capacity of the Nigerian Air Force, the Chief of the Air Staff, Air Marshal Sunday Aneke, led a Programme Management Review meeting with senior United States Government officials and representatives of Messrs Bell Textron from 5 to 6 January 2026 in San Diego, California, USA.

“The engagement focused on fast-tracking the acquisition of 12 AH-1Z attack helicopters, a critical capability enhancement aligned with the CAS’s Command Philosophy of building and sustaining a highly motivated, professional, and mission-ready force capable of delivering decisive airpower effects in synergy with surface forces for the attainment of national security objectives, ” the statement partly read.

Aneke expressed appreciation to the United States Government and Messrs Bell Textron for their continued cooperation, professionalism, and transparency in the execution of the helicopter acquisition programme.

He noted that the structured review reflects the NAF’s deliberate emphasis on programme discipline, accountability, and results.

“We deeply value the professionalism and openness demonstrated throughout this process, and we remain fully committed to working closely with our partners to ensure the timely and successful delivery of these platforms,” the CAS stated.

The CAS further emphasised that the acquisition of the AH-1Z helicopters represents more than a platform upgrade, describing it as a reflection of the enduring defence cooperation between Nigeria and the United States.

According to him, the programme underscores a shared responsibility for regional and global security, built on mutual trust, shared values, and a common vision for peace and stability.

“This partnership speaks to our collective resolve to confront evolving security challenges through collaboration and sustained capability development,” he added.

Reaffirming the NAF’s sense of urgency and commitment, Air Marshal Aneke assured the US team that his administration would take all necessary measures to ensure the helicopters are delivered in the shortest possible time.

He also charged the programme management team to work smartly and proactively to complete production on schedule and within budget.

“Timelines and standards must be met concurrently. We must remain focused, innovative, and solutions-driven,” the CAS stressed.

The CAS expressed profound gratitude to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Tinubu, for his unwavering support to the Nigerian Air Force.

He noted that the acquisition of the AH-1Z helicopters would significantly enhance the NAF’s combat capability, operational efficiency, and mission readiness, thereby strengthening the Service’s ability to deliver decisive airpower in support of national security and stability.

He added that the advanced capabilities of the helicopters would enable the Nigerian Air Force to conduct highly precise operations, minimise collateral damage, and provide timely and effective support to ground forces, ultimately saving lives and protecting property across affected communities.

The CAS reassured Nigerians of the NAF’s unwavering commitment to eliminating terrorist and criminal threats with professionalism, restraint, and accountability, while sustaining public trust and confidence in the Service’s operations.

Recall that Nigeria’s purchase of 12 AH-1Z attack helicopters was first approved by the United States government in April 2022, when the U.S. State Department, through the Defence Security Cooperation Agency, cleared a possible Foreign Military Sale of the helicopters and related equipment to the Government of Nigeria.

According to Military Africa, the formal production and delivery contract for the 12 AH-1Z helicopters, valued at $455 million, was awarded to Bell Textron on 12 March 2024 by the U.S. Department of Defence.

 

 

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Fast-Track Approval Of NDDC N1.75trn Budget, Group Begs N’Assembly

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The Niger Delta advocacy group, the 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC), has called on the National Assembly to expedite consideration and approval of the 2025 budget of the Niger Delta Development Commission (NDDC) to enable the Commission accelerate its development programmes across the region.

In a statement issued yesterday by its Coordinator, Izon Ebi, the group said swift passage of the budget would empower the Managing Director and Chief Executive Officer of the NDDC, Dr. Samuel Ogbuku, to fully implement his renewed developmental strategy and extend projects to all target communities in the Niger Delta.

The group recalled that the NDDC, on December 30, 2025, presented a ?1.75 trillion budget proposal for the 2025 fiscal year to the Senate and the House of Representatives.

Explaining the proposal, Ogbuku had noted that the 2025 budget is about nine per cent lower than the ?1.985 trillion proposed and appropriated for the 2024 fiscal year.

He said the ?1.75 trillion estimate comprises ?776.5 billion as Federal Government contribution, ?752.8 billion from oil companies, ?109.4 billion as revenue brought forward from 2024, ?53.67 billion as recoveries from Federal Government agencies, and ?8.35 billion as internally generated revenue.

The group praised Ogbuku’s leadership, describing him as having transformed the NDDC into “a beacon of renewed hope” for the Niger Delta region.

The group said it was impressed by what it called Ogbuku’s charismatic leadership, grassroots engagement and developmental drive, which it noted align with President Bola Tinubu’s Renewed Hope Agenda.

According to the group, Ogbuku’s consultations with traditional rulers and stakeholders across the Niger Delta have helped identify priority needs of communities, strengthened collaboration in the fight against crude oil theft and contributed to a noticeable decline in criminal activities in the oil and gas sector.

The statement also highlighted the Commission’s partnership with the World Health Organization (WHO) on health insurance and medical outreach programmes, improved monitoring and supervision of projects, and the deployment of solar-powered streetlights across communities, which it said has enhanced security and economic activities at night.

The group urged lawmakers to act swiftly on the budget, stressing that timely approval would further boost development, peace and stability in the Niger Delta.

It also announced that it had conferred on Ogbuku the award of “Extraordinary Leader of 2025 in the Niger Delta Region.”

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Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police

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Port Harcourt based media practitioners under the aegis of Port Harcourt Press, have urged the Rivers State Police Command to arrest and prosecute all suspects involved in the recent attack and harassment of Arise TV crew in Port Harcourt.

The media practitioners, at a World press conference in Port Harcourt, described as dangerous the continuous harassment of journalists by various political actors in the ongoing political crisis in the State.

The text of the briefing which was read by a former State Commissioner for information and Communications and federal lawmaker in the State, Hon. Ogbonna Nwuke, described as condemnable the attack on the Arise TV crew by suspected political thugs in Port Harcourt, while conducting an interview with Dr Leloonu Nwibubasa, a former commissioner in the State.

According to him, “That harrowing event of Friday, January 2, where the Arise TV crew were brutally attacked by armed men in a hotel in Port Harcourt while conducting interview with Dr Leloonu Nwibubasa, former Honourable Commissioner for Employment Generation and Empowerment, smacks of nothing but act of intimidation, threat to both the Nigerian media and human lives especially in the forceful carting away of broadcast equipment.”

The group further noted that the attack was not only an insult on the press freedom but on the larger society.

The group regretted the inability of the Police to arrest and bring to book the perpetrators of the act till date, warning that it may be forced to boycott police activities if those involved are not arrested and brought to book.

“From all indications, the police appear to be playing to the gallery. While the broadcast equipment were reportedly recovered, no definite arrest have been made. This body, therefore, demands an urgent and thorough investigation of this matter and those find  culpable brought to justice within two weeks.

“Failure to address this issue with the urgency it requires and not carrying out satisfactory actions as required in their prosecution will attract sanctions such as withdrawal of coverage of all police activities in Rivers State by media organisations and journalists as we stand in solidarity with the NUJ,” the group warned.

John Bibor

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