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Intreensic Moves To Bridge Payment Skills Shortfall

Intreensic, a payments education and advisory group, has unveiled a suite of professional training courses aimed at bridging the growing talent gap in Africa’s digital payments and fintech sector. In a statement released on Wednesday, the company said the new offerings are designed to equip professionals and organisations with critical skills required to thrive in a fast-changing industry. The initiative, it said, is part of broader efforts to transform careers, support business growth, and accelerate innovation across Africa’s payments ecosystem. Founded by Nkebet Mesele, a widely respected payments expert, Intreensic offers structured, certified training for those entering or advancing in the digital finance space. The course lineup spans foundational to advanced topics, beginning with Introduction to Payments, a beginner-friendly course that explores the history and evolution of the payments industry. It is tailored for entrepreneurs, consumers, and individuals curious about finance, offering a holistic understanding of how modern payment systems work. Building on that foundation, The Payments Professional, described by the company as its flagship programme, dives deeper into electronic and real-time payments, mobile transactions, and the four-party model. It also covers practical insights on regulatory compliance and operational pitfalls. A follow-up course, The Payments Operation Professional, expands on TPP by introducing learners to EMV technology, transaction codes, dispute resolution, billing, settlement, reconciliation, and the roles of key stakeholders in the payments ecosystem. The payments business professional focuses on profitability drivers, issuer-acquirer relationships, fee structures, regulatory challenges, and how to build sustainable payments businesses. Other specialised courses include Remote Payments, which focuses on digital commerce, fraud mitigation, cross-border payments, and optimising user experience; and risk and regulations in payments, which covers fraud prevention, anti-money laundering, compliance, and dispute handling. Others include mastering fintech, which is designed for innovators and guides learners from ideation through to product launch and market expansion; cybersecurity, which equips participants to secure financial transactions in an increasingly digital environment; and remittances, which offer a deep dive into global remittance systems, new technologies, and operational best practices. The company said it is currently admitting new cohorts across the continent, with participants already enrolled from Nigeria, Ghana, South Africa, Botswana, and Namibia. All programmes are delivered via a cloud-based learning management system, providing flexible access and interactive sessions. “Our mission at Intreensic is to empower professionals with a world-class education that combines global best practices with localised insights,” said Mesele. “In an era where the payments landscape is evolving rapidly, we’re not just educating — we’re enabling innovation.” The company added that its courses are certified by both the CPD Group and the CPD Certification Service, whose accreditations are recognised in over 100 countries. “This recognition reflects our commitment to offering training that is both globally credible and locally relevant,” Mesele said.

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News_Naija

Ponzi Scams: CBEX Crash Highlights Need For Public Awareness, Investment Regulation

They come with different names but their configuration remains the same, and every time Nigerians fall for them, losing millions of naira in the process. In this piece, OLUWAKEMI ABIMBOLA explores Ponzi schemes that promise wealth but deliver tears and heartbreak to unsuspecting clients “I was sure that CBEX was my breakthrough,” said Adekemi Fakoya, a 28-year-old employee with a side hustle, which she would like to turn into a full-scale business. After investing all her savings in the crashed platform, Fakoya said, “Now, I’m back at zero.” Fakoya is one of the thousands of Nigerians who put their trust and dollars into CBEX, a digital platform that promised overnight prosperity but delivered heartbreak. The internet has been awash with stories of lamentations by unsuspecting Nigerians who put their money into the scheme which promised 100 per cent in 30 days. The scheme was based on the well-known pyramid structure, which involved referrals to get ahead and gain commission aside from the return of the principal. CBEX positioned itself as a high-yield investment platform where investments were made strictly in the American dollar. It was a digital asset trading platform that gained prominence in Nigeria in 2024, claiming to use artificial intelligence for trading in crypto, according to those familiar with the platform. Users were required to agree to a 40–45-day lock-in period before withdrawals, with penalties for early withdrawal. In April 2025, withdrawals were suspended entirely, and many users saw their account balances drop to zero. After the crash, CBEX offered a supposed “lifeline” – users could pay $100 or $200 in verification fees to unlock $1,000 or $2,000, respectively. On Tuesday, April 15, 2025, social media was flooded with complaints, and videos showed angry investors ransacking the CBEX office in Ibadan, culminating in the intervention of the police and Western Nigeria Security Network, codenamed Operation Amotekun. CBEX locked its Telegram channels and attempted to reassure users on social media, but the consensus was that the scheme had failed. Experts are estimating that about $800m (N1.3tn) has been lost to this scheme, which the perpetrators allegedly ferried abroad in cryptocurrency. The dastardly act left an uproar in its wake, necessitating the Economic and Financial Crimes Commission to launch an investigation into the alleged N1.3 tn fraud, with the anti-graft agency’s spokesman, Dele Oyewale, confirming to The PUNCH that the commission would collaborate with the International Criminal Police Organisation to investigate the incident. Oyewale stated that the agency had already begun investigating CBEX before its collapse, adding that efforts were underway to arrest both the local and international operators behind the fraudulent scheme. He said, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in. We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory – the 58 companies we alerted the public about. There are many more we are currently investigating.” He also revealed that the commission was working to uncover other Ponzi schemes operating across the country. History repeats itself This is not the first time Nigerians would lose funds to Ponzi schemes. According to Nigeria’s Securities and Exchange Commission, three million Nigerians lost N18bn when the popular Ponzi scheme, Mavrodi Mundial Movement, aka MMM, crashed in 2016. As of 2022, Nigerians have lost over N300bn in Ponzi schemes in five years, according to a report generated by the Norrenberger Financial Investments scheme. Since the collapse of MMM, there have been other Ponzi schemes that have failed, taking Nigerians’ money with them. There was Ultimate Cycler, which came up also in 2016, promising N50,000 returns in three days for an investment of N12,500. MBA Forex came with 15-20 per cent returns per month in 2018. By February 2021, withdrawals were frozen and people’s funds vanished, revealing the scheme’s true identity, a Ponzi scheme coated in forex trade. There was RackSterli, which launched in May 2019 and got celebrity endorsement along the way, but not too long ago, it was exposed as a pyramid scheme. Others were Baraza and HIVE, which also drained Nigerians’ pockets. Ponzi schemes, also known as pyramid sales schemes, are a money laundering system where investors are lured in with the promise of high returns on investment over specified periods. The system runs in a somewhat cyclic fashion by paying old investors with deposits of new investors. Usually, this cycle becomes unsustainable when the backlog of old investors eligible for payments exceeds the investments coming into the system. Why Nigerians keep falling Speaking on the development, a financial consultant, Feji Iyeke, popular as @your_moneyguy on Instagram, told The PUNCH that Nigerians keep falling for these schemes due to a combination of factors, including macroeconomic headwinds and greed. Nigerians are often drawn to get-rich-quick schemes like CBEX because of a mix of economic hardship, high unemployment, and a deep-seated desire for rapid financial transformation. In an environment where many struggle with limited opportunities, schemes promising unusually high returns tap into both optimism and desperation. “Aggressive marketing, social proof, and the use of sophisticated technology further create an illusion of legitimacy that can override cautious judgement,” he said. Iyeke added that the newly signed Investment and Securities Act was a step in the right direction as it criminalises Ponzi schemes, saying, “The ISA 2025 signed by President Tinubu marks a significant regulatory breakthrough. By expressly criminalising Ponzi schemes and imposing severe penalties, including up to 10 years in jail and hefty fines. It is designed to deter fraudsters and restore investor confidence. However, while stricter laws may reduce the frequency of such scams, their ultimate impact will depend on robust enforcement and the elimination of regulatory loopholes.” He maintained that financial education was key in reducing the number of Nigerians who fall for these pyramid schemes. “Crucially, financial literacy is a powerful tool in this battle. By equipping individuals with the knowledge to critically assess investments and recognise red flags, comprehensive financial education can reduce susceptibility to fraud, enabling Nigerians to make more informed, rational financial decisions,” said Iyeke, the brain behind AstraFidelis LLC, a financial company established in 2023. A financial analyst and investment banker, Segun Aremu, also opined that greed was forcing Nigerians to go into these Ponzi schemes and that more Nigerians would still fall victim. “From experience, I have discovered that our investors are orientated in such a way that they want big returns but not big risks. When it comes to this type of scheme, the number one reason is greed. Everyone who has become a victim of the Ponzi scheme is greedy. You may say that the economy is tough and people are trying to beat inflation, but the truth is, there are verifiable investment products in the market for people. We keep saying these things, but people turn a deaf ear. People are bullish without fundamentals. “Another ‘CBEX’ is coming, and sadly many Nigerians will still fall for it. Many Nigerians don’t learn from history, from the days of major Ponzi schemes like Nospecto, MMM, etc. One wants to wonder why Nigerian investors keep getting their hands burnt. Without being a prophet of doom, I can tell you that another CBEX will come, and some Nigerians will still be victims due to the following reasons: Greed. A large percentage of people scammed made themselves vulnerable to being scammed due to their greedy appetite. An average Nigerian is also hasty and wants things to happen quickly. Many don’t appreciate the process of building; they want the finished product in a jiffy. They generally lack patience. Many investors still don’t understand the basic finance principle of ‘the higher the risk, the higher the return’. This means that an investment that promises higher returns is also vulnerable to becoming a ‘higher loss’. “Many investors don’t seek financial experts’ opinions before investing or even applying their funds to a project. When it comes to money matters, speak to an expert. Many investors make investment decisions based on sentiments alone without checking the fundamentals. You don’t invest based on hearsay alone or what your friends tell you; you are expected to go a step further by asking if the investment or the investment firm is regulated by the relevant authorities. For us in the capital market, with the introduction of the Investment and Securities Act 2025, the SEC now has powers to regulate digital assets and virtual asset providers, and in fact, the SEC also has powers to persecute promoters of Ponzi schemes.” He added that Ponzi schemes do more harm than good to the Nigerian investment climate, as they create apathy towards investments, as many potential investors tend to erroneously group both Ponzi schemes and capital market investments into one. A banker and financial educator, Kelechukwu Godfrey, also fingered greed and the harsh economic conditions for the appetite for Ponzi schemes. “Greed: everyone wants a situation where they can get rich very fast and the high rate of poverty in the country. So, when you see a platform that is offering to let you double your money. You are attracted. That’s the mindset that the operators of the Ponzi scheme are playing on. Another thing that is making Nigerians fall is the low levels of financial literacy. “People don’t know what real and false investments are. I don’t know why people are not keen on doing due diligence but prefer to go with the crowd, herd mentality, or word of mouth. The SEC had warned about it, and the Hong Kong Securities and Futures Commission warned about it. When you see things like this, those are already red flags. Before investing or entrusting your money to someone, do some due diligence.” Meanwhile, the SEC has emphasised its desire to implement the new act by cracking down on illicit activities, such as Ponzi schemes, pump-and-dump tokens, and unregistered exchanges. The SEC Director-General, Dr Emomotimi Agama, in a statement made available to The PUNCH on Tuesday, reiterated that any platform not registered with the SEC is illegal and therefore warned Nigerians against patronising them. Speaking on the provisions of the Investments and Securities Act 2025, Agama said the Act has established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust. He also warned celebrities and social media influencers, “It is important that even for celebrities, we must be cautious around what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians are not going to be tolerated.” Regardless of the harsh economic conditions, without the implementation of stronger regulations and a sustained shift toward financial literacy, Ponzi schemes will keep finding victims.

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Comedian Deeone Sends A Memo To Verydarkman About Priscilla Ojo Mkambalas Wedding

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News_Naija

Police Demanded Money From Protesting Youths After Cops Killed My Cousin Abuja Bizwoman

Abuja businesswoman, God-gift Bala, speaks to TEMITOPE ADETUNJI about how her cousin, Timothy John, was shot dead at an accident scene by policemen How are you related to Timothy? Timothy John was my cousin. I am from the Federal Capital Territory, Abuja. I live in Abuja and run my business there. Where was Timothy from? He was from the FCT Abuja, Dutse Baupma, Bwari Area Council. The incident happened at Dutse Baupma, Tiper Garage, Abuja. Can you describe the kind of person he was? Timothy just completed his apprenticeship as a welder. Just one week before he was killed, he officially started his welding business. He was full of dreams and excited to build a future. He was only 21 years old. He would have turned 22 in November. It still feels unreal; someone so young, with so much ahead of him… gone just like that. How did you hear about what happened to him? I wasn’t far at all; I was in the church just a short distance from the accident scene. Our church is quite close to where the incident happened. I had only just passed the spot when I noticed a large crowd gathering. I stopped and asked what was going on, and someone told me there had been an accident; a truck had crashed, and people were being pulled out from underneath it. I went back to the church, still trying to understand what was happening outside. Then one of his friends suddenly ran into the church. He leaned over and whispered something into someone’s ear. I noticed the change in their expression, and I asked what was going on. After hesitating for a moment, they finally told me: ‘Timothy has been shot dead.’ I froze. My body went cold. I couldn’t speak; I couldn’t move. I asked myself, ‘Timothy shot?’ I didn’t believe it. I was still trying to process the news of the accident, and how a shooting came into this. So, what happened? According to what his friend explained to us, Timothy was actually at the accident scene with a few other people from our community. The truck had run over some people and crushed them, and it caused a terrible traffic jam. The entire area was in chaos. People had gathered out of fear, curiosity, and confusion. Every side of the road was blocked, and it was barely moving. Then, a VIP convoy came, escorted by armed police and soldiers. Because of the traffic and the crowd, they couldn’t move freely. That was when the policemen started firing tear gas to disperse the people. But it didn’t stop there; live bullets were fired—live bullets, not just warning shots. According to Timothy’s friend, he told people to run so they could avoid being hit by bullets. He was trying to help them stay safe. But in the confusion, in the panic, a bullet hit him, and just like that, he was gone; he was shot dead just like that. What about his parents and siblings? How have they been coping with the loss? It’s been difficult; it still doesn’t feel real. One minute, Timothy was alive, vibrant, full of life, and concerned about everyone else… the next minute, he just collapsed and was gone. No sickness, no warning. He fell and was lying there, lifeless. That was how he died. He didn’t even make it to the hospital. He died on the spot. His body was taken straight to his aged parents’ home in Abuja. These are elderly people who do not fully understand the world around them. They’re not educated. They’re not strong. They are simply heartbroken. His father hasn’t even been able to get on his knees since it happened—he’s been battling a stroke for a while now. And guess who had been caring for him all this time? Timothy! Timothy was his father’s hands, his legs, and his support. He lived with them. He helped him on the farm. Now he’s gone. The policemen who shot Timothy dead have denied his father the opportunity to live longer because my cousin was the man’s helper. Everything feels like a terrible dream. The entire family is still in shock. No one saw this coming. Timothy was the second to the last born; so young, so full of purpose. And now… it is just memories. I can say without a doubt that coping with this loss has been nearly impossible. At a time when parents should be reaping the fruits of their labour, when they should be surrounded by their children’s success and care, they are instead burying their child, a child who was everything to them. It is not just sad, it is painful, it is cruel, it is horrible. Can you share fond memories you have of him? He was such a respectful soul. Everyone who knew him would say the same thing. He greeted people with so much warmth, and he could greet you over and over again in a single day. It didn’t matter how many times he had seen you, he would still say ‘good morning’ or ‘good evening’ like it was the first time. He was very calm and didn’t fight; he never argued and didn’t like trouble. I was always teasing him about his girlfriend. It became something I did often, to see that little smile on his face. He wouldn’t talk back but would smile or laugh softly. That was who he was—gentle, peaceful, respectful. The kind of person whose absence you would feel so deeply because even though he wasn’t loud, he had a way of being present. And now that he’s gone, the silence he left behind is even louder. I truly miss him. When did the incident happen? It happened on Saturday, April 6, 2025, a day I will never forget. You said he had just started his welding business before the incident. Was his shop close to the scene? Did he leave his shop to go and check what was going on? No, he had already closed for the day and gone home. But when he heard about the accident, he decided to go there to see what was going on. He didn’t go there to do anything; he was just concerned and curious. That’s the kind of person Timothy was: always showing up, always checking on people. He never imagined it would be the last thing he would do. Did he ever share any of his future dreams or aspirations with you when he was alive? Yes, he did. One of the last things he said was that he hoped to travel out of Nigeria someday when things got better. He believed in hope, in better days ahead. He wanted more for his life. When he was confirmed dead, how did you feel about the situation? I broke down completely. I cried uncontrollably for days. I couldn’t eat, I couldn’t sleep. Even now, as I speak to you, it still hasn’t fully settled in. My chest still feels heavy. The pain hasn’t eased. I still find myself waking up in the middle of the night, hoping it was all just a bad dream. Who informed the parents? His body was taken straight to their house. That’s how they found out. It was the most devastating way for them to receive such news. Was Timothy’s case reported to the nearest police station? I was grieving so badly; I was completely shattered. There was no way I could have followed up with anything at that point. But from what I was told, some of the youths in the community took his body to the police station, and what did the police say? Instead of showing concern or taking any kind of responsibility, they asked them to bring money. Just imagine, a young man had just been killed, and all they cared about was money. Eventually, the boys brought his body back home, and he was buried the next day just like that. No justice. What about his siblings? They are based in Abuja too; he is the second-to-last child out of six children. What would you say about the attitude of the police? It’s heartbreaking. The police didn’t acknowledge what happened. There was no ownership, no accountability, no effort to even pretend they cared that one of them had just taken a life. It was as if nothing had happened. We’re still here, dealing with the pain, and they’ve moved on like Timothy never existed. Did anyone give you a description of the officer who shot him? They said he was masked. The person who fired the shot had his face covered. So, no one could tell who the person was. You mentioned that his parents are old. How have you been trying to comfort them? No one prepares to lose a child, especially not like this. It hasn’t been easy for them at all. We’ve been trying our best to speak comforting words to them, to remind them they’re not alone, but what can words do? The father is already battling a stroke, and now he’s dealing with the loss of the son who was his support system. It’s been painful to watch. They exist in deep sorrow. Has any legal action been taken by the family or civil rights organisations? No. The family hasn’t been able to do anything about the case, especially the parents—they don’t have the strength or awareness to push for justice. But justice is needed. Accountability is needed. We all know that nothing can bring Timothy back. He’s gone. But at least, let the family feel like their child mattered. Maybe it wasn’t intentional. Maybe it was. But silence is not acceptable. The least this country can do is to show them that it still has a conscience. Let people come around the family; let someone take action. Let them feel like they are not completely alone. There should be solidarity. There should be concerns; there should be a response because a life was taken, and that life meant everything to someone. I’m speaking out because my heart is heavy; I’m in deep pain. My cousin didn’t just die — he died a terrible, heartbreaking death. It hurt so much that I had to pick up my phone and use my platform to talk about it. What do you ask for from the government? All I want is for the world to know how Timothy died. He didn’t deserve to die that way. He was young. He had a future, and now, he’s gone. I want his death to mean something. He should not be forgotten. But honestly, I’ve lost hope in this country. People keep telling me, ‘Don’t waste your energy, there will be no justice.’ That’s the hardest part, knowing that after everything, nothing will be done. Nigeria won’t take responsibility. That breaks me even more. We are hurting because our country keeps failing us. It keeps breaking us. What lesson can be learnt from this situation? If there’s one lesson I want people to learn, it’s to protect themselves. When anyone sees a crowd around an accident scene or a fight, he should stay away. When a policeman or any law enforcement officer asks you to leave an area, go, don’t argue. Don’t try to be brave, leave. I say this because if anything happens to you, you’re gone, and in this country, you may be forgotten. So, please, save your life.