profile/5377instablog.png.webp

Instablog9ja

Nigerias Economy Records Fastest Growth In A Decade World Bank

profile/5683FB_IMG_16533107021641748.jpg

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.

profile/5683FB_IMG_16533107021641748.jpg

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.

dataDp/1032.jpeg

Worldnews

Federal Judge Temporarily Blocks Trumps Push To End DEI In K-12 Schools

Critics have said Trump’s order conflicts with promise to return education to schools and states. A federal judge in New Hampshire has restricted the ability of US President Donald Trump’s administration to cut off funding to public schools that engage in diversity, equity and inclusion efforts. District Judge Landya McCafferty in Concord issued a preliminary injunction on Thursday preventing the US Department of Education from enforcing its policy against members of three groups, including the National Education Association, the largest teachers’ union. The NEA, its local New Hampshire affiliate and the Center for Black Educator Development sued after the Education Department in February threatened funding cuts for education institutions that engaged in DEI efforts. In a letter, it said federal law prevented schools from considering race as a factor in areas such as admissions, hiring and promotion, pay, financial aid, scholarships and prizes, housing and graduation ceremonies. McCafferty, an appointee of Democratic President Barack Obama, declined to issue an injunction blocking enforcement of the policy nationwide, but she said an order was warranted preventing it from being implemented with the plaintiffs, their members or any entity that employs or contracts their members. In early April, the Trump administration ordered K-12 schools (kindergarten to 12th grade) nationwide to certify within 10 days that they are following federal civil rights laws and ending any discriminatory DEI practices, as a condition for receiving federal money. It followed a February 14 memo where the Trump administration said it was giving US schools and universities 14 days to eliminate diversity initiatives or risk losing federal money. In the memo, the Education Department also gave an ultimatum to stop using “racial preferences” as a factor in admissions, financial aid, hiring or other areas. Since then, schools across the US have been scrambling to determine what practices could run afoul of the anti-DEI orders. April’s certification letter, however, drew blowback from critics who said it conflicts with Trump’s promise to return education to schools and states. “Is this what the Trump administration calls local control? You can’t say you’re giving control back to states and then dictate how they run their schools,” Keri Rodrigues, president of the National Parents Union, told The Associated Press news agency earlier this month. The American Federation of Teachers, a national teachers’ union, also said it is suing to block the February 14 memo, saying it violates the First and Fifth amendments. The union’s president, Randi Weingarten, told The AP in early April that the certification requirement is illegal, and added that federal law prohibits the White House from telling schools and colleges what to teach, and that federal money cannot be withheld without due process. “He’s wielding a cudgel of billions in federal aid to tens of millions of children, of all races and ethnicities, to force educators to kowtow to his politics and ideology.” Follow Al Jazeera English:...