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News_Naija

Student Loan Scheme Failing, It Mustnt

THE recent exposé concerning the misgovernance of funds under the Nigerian Education Loan Fund is deeply troubling. President Bola Tinubu, his Education Minister, Tunji Alausa, and the Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, must probe the scheme and ensure its success. The student loan scheme must not fail. Media reports allege that some universities may be conspiring with banks to withhold disbursed loan funds meant for indigent students. NELFUND says it has disbursed N45.1 billion in loans to undergraduates from inception in May 2024 to March 2025. In a meeting with Sawyerr, the Director-General, National Orientation Agency, Lanre Isa-Onilu, said the recent activity of the NOA community orientation and mobilisation officers discovered that tertiary institutions were suspected to collude with banks to delay student loan payments. He said some institutions had failed to acknowledge funds sent to them by NELFUND, pointing out that these institutions deliberately delay the deployment of loans to offset tuition fees to the disadvantage of beneficiaries. This translates to the fact that the delayed deployment of the funds is warehoused in banks for corrupt gain. Meanwhile, students, unaware that their fees have been paid, continue to face harassment from school authorities, including threats of being barred from exams. This exploitation undermines the very purpose of the scheme, a landmark initiative of the Federal Government designed to alleviate the financial burdens of students. The loan process, structured to prevent diversion of funds by students, has instead created loopholes for corruption. Funds are released from NELFUND to banks, then to universities, bypassing students to ensure tuition is paid directly. However, some university officials and bankers have turned this into an opportunity for fraud. Students remain powerless, unaware that their loans have been disbursed. This mirrors Nigeria’s broader struggles with accountability, where public programmes are routinely hijacked for private gain. The government must fight corruption with clean hands to conquer it across every sector of national life. For this scheme to succeed, NELFUND must publish a verified list of beneficiaries, enabling students to confirm their loan status and demand accountability. Also, a digitised system should track disbursements from NELFUND to banks and universities, with notifications sent to students upon payment. Students should receive SMS or email alerts confirming loan disbursements, reducing opportunities for exploitation. Crucially, there should be swift punishment for offenders. The Independent Corrupt Practices and Other Related Corrupt Offences, Economic and Financial Crime Commission, and the self-styled Department of State Services must collaborate to investigate and prosecute corrupt university officials and bankers. The NOA should not just condemn corruption but actively expose culprits. This will serve as a deterrent to other university officers and institutions. While the student loan scheme is commendable, it cannot be the sole solution to Nigeria’s education crisis. The government must fund bursaries, scholarships, and infrastructure investments in existing institutions to expand investments in the sector. Furthermore, the government must halt the needless expansion of institutions in the country. Approving new universities while neglecting the infrastructural, research and learning needs of current ones is irresponsible. The government must prioritise funding and quality over quantity. Nigeria must borrow a leaf from the books of other countries with successful student loan programmes. It must study and emulate successful loan systems in the US and UK, adapting best practices to Nigeria’s context. The NELFUND is a litmus test for the government’s declared commitment to reforming education. If allowed to fail like past development initiatives, such as Operation Feed the Nation, it will not only betray Nigerian students but also reinforce the culture of impunity. Tinubu must ensure NELFUND is insulated from corruption, with strict oversight and consequences for failure. Education is the foundation of national development; those who sabotage it must face the full wrath of the law.

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News_Naija

CBEX Scam: Folly Of Greed

ONCE again, another cycle of financial anguish has been repeated in Nigeria. The collapse of the so-called Crypto Bridge Exchange has left over 600,000 Nigerians devastated, with N1.3 trillion disappearing overnight. The masterminds of the latest Ponzi scheme-gone-bust have vanished into thin air, just like the promises they made, leaving tears, sorrow, and regret in their wake. Despite huge losses from previous scams, Nigerians continue to fall into the same trap, driven by desperation and unchecked greed. CBEX, operated in Nigeria by ST Technologies International Limited, appeared legitimate on paper. It was registered with the Corporate Affairs Commission and even listed with the EFCC’s Special Control Unit Against Money Laundering. That is where the credibility ended. CBEX operated without a licence from the Securities and Exchange Commission, despite aggressively soliciting public funds and promising outrageous returns of 100 per cent in 30 days. Even after Hong Kong’s financial authorities issued a public warning against CBEX in April 2024 for false licensing claims and unauthorised transactions, Nigerian regulators failed to act until it was too late. The CBEX fiasco is not an isolated event. It is just the latest in a long list of elaborate Ponzi schemes and scams set up to fleece the gullible and the greedy. In the 1980s, Umanah Umanah pioneered Nigeria’s Ponzi era. MMM, with Russian origins, scammed three million Nigerians and crashed in 2016, erasing over N18 billion in people’s funds. In 2022, MBA Forex made off with more than N213 billion, using the façade of forex investment. Since 2016, at least 50 Ponzi schemes have stolen untold sums from Nigerians. They used buzzwords—crypto, forex trading, and AI-—which most Nigerians barely understand, to lure victims. The Nigeria Deposit Insurance Corporation estimates that over N2 trillion has been stolen from Nigerians by such dubious entities over the past decade. While poverty, unemployment, and a struggling economy make Nigerians vulnerable, it is greed, not ignorance, that drives this epidemic. Most victims are fully aware that there is a risk of loss, but think they are smart enough to quickly cash out before doomsday. Funds reserved for property purchases, wedding arrangements, tuition expenses, loans…even money pilfered from employers and relatives have been drained by Ponzi scheme operators due to Nigerians’ penchant for quick profits. This same mentality has mainstreamed sports betting, now a booming industry with in-country revenues set to hit $590 billion this year, per Statista. Nigerians must realise that there is no such thing as quick, risk-free wealth. An offer of consistently high returns with no transparency or regulation is not an opportunity; it is a trap. Will Nigerians ever see the folly of greed? Besides the scam artists, there are other enablers. CBEX, like many scams before it, thrived with the help of influencers, celebrities, pastors, and social media figures who lent credibility and trust to a lie for a fee. Such promoters must be held accountable. Influencers who push Ponzi schemes must face legal, financial, and social consequences. There should be no excuses for fronting for schemes with the potential to ruin lives and livelihoods. Regulators need to be alive to their duties. The passage of the Investments and Securities Act, 2025, is a positive step. It gives the SEC authority to regulate digital asset platforms and imposes steep penalties on Ponzi scheme operators. However, laws only matter when enforced proactively, not after the money is gone. CBEX was missing from the blacklist issued by the EFCC days before it crashed. Regulators must monitor platforms in real-time, respond swiftly to red flags, and collaborate with global partners when warning signs emerge. More importantly, massive public enlightenment campaigns are needed to stem this growing societal problem. Nigerians must return to the traditional values of hard work as a foundation of enduring wealth.  Citizens should be wary of pipe dreams sold as instant prosperity.

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News_Naija

Afrobeats Musician Seeks To Bridge Cultural Gap With Music

Aramide Babalola, popularly known as Mykah, has vowed to bridge cultural divides and showcase the richness of Afrobeats to a global audience. The 29-year-old producer, in a statement made available to PUNCH Online on Wednesday, shared his vision, expressing his desire to use music as a tool for cultural connection. “Looking ahead, Mykah hopes to continue spreading his music to a global audience, bridging the gap between cultures and showcasing the richness of Afrobeats to the world. His dedication to his craft and his unwavering passion for music are a testament to his potential to make a lasting impact on the music industry,” the statement partly read. Raised in a musically gifted family, Mykah credits his early exposure to music to his father, who served as the choirmaster of their local church, and to his brothers, who also shared a love for creativity. “His journey into music began with piano lessons, eventually expanding to guitar playing, which helped him hone his musical skills. His venture into music production began when he gained admission to the university. A laptop gifted to him by his father became the key to his evolution as a producer. He downloaded FL Studio and began exploring beat-making, laying the groundwork for his professional career. “Mykah chose his stage name from the Bible, reflecting a spiritual and personal connection to his craft. Specialising in Afrobeats, he has produced several tracks that highlight his distinctive style and talent. One of his standout works is Eva Longoria—a cross-cultural collaboration featuring Puerto Rican star Ozuna and Nigeria’s Davido, which exemplifies his ability to merge international sounds with the vibrant rhythms of Afrobeats. “Recently, he released an EP titled Long Time Coming, featuring eight tracks: Uche Jombo, Que Se, Water, Keys, Vibration, Maltida, and Felony. The project includes collaborations with artists like Egarboi, Jhae, Rine, and others. Among his notable achievements, Mykah produced Medicine by Ghanaian artist Eugy, featuring Maleek Berry and LADIPOE. Reflecting on his journey, he acknowledged the challenges faced along the way but remains grateful for the opportunities he’s received”, the statement added.