Nigeria News (Standard)
SEC Warns Nigerians in Lagos Against Fake Dangote Refinery IPO Offers
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
The Securities and Exchange Commission (SEC) has issued a strong warning to investors in Lagos and across Nigeria against falling for alleged Initial Public Offering (IPO) schemes linked to Dangote Refinery. The alert was released on Wednesday following increasing reports of fraudsters claiming to sell shares in the refinery to unsuspecting members of the public.
According to the SEC, these offers, often advertised on social media and via unofficial channels, have not been approved or sanctioned by regulatory authorities. The commission emphasised that Dangote Refinery has not floated any IPO or invited the public to subscribe for its shares as at the time of this advisory.
The development comes amid rising investor interest in Nigeria’s oil and gas sector, especially after the official commissioning of the multi-billion naira Dangote Refinery in Lekki, Lagos State. Many Nigerians seeking quick returns have reportedly been targeted by scammers promising high profits from purported refinery share purchases.
In a statement, SEC management urged Nigerians to always verify any investment offer with the commission before committing funds. “Investors are advised to exercise utmost caution and avoid falling victim to fraudulent investment schemes promising shares in companies that are not listed or offering public subscription,” the commission said. The regulatory body further warned that engaging with unregistered operators exposes investors to significant financial risks.
The SEC reiterated its commitment to safeguarding Nigeria’s capital market and advised anyone with information on such illegal offers to report directly through its official channels. No official response has been received from Dangote Group regarding these fraudulent claims. Investors are encouraged to remain vigilant as enforcement actions against perpetrators are ongoing.
Nigeria News (Standard)
Lagos Businesswoman Sacked from Two Shops After Spending Millions on Renovation Amid Tenancy Disputes
Incident triggers online debate as Lagos government considers law to curb arbitrary evictions and rising commercial rents
Incident triggers online debate as Lagos government considers law to curb arbitrary evictions and rising commercial rents
A Lagos-based entrepreneur has raised alarm after she was sacked from two separate business locations in the state, despite investing millions of naira in renovations. The incident, which gained attention through a viral video on Monday, has revived concerns over commercial tenancy rights and landlord practices in Nigeria’s commercial capital.
According to the businesswoman, who narrated her ordeal online, she was first issued a quit notice by her original landlord who claimed to need the property for personal use. She later discovered the premises had been rented out again to another tenant running a similar business. “They gave us a quit notice. She claimed she wanted to use it for her personal use just to rent it to somebody else. I was doing the same business,” the entrepreneur lamented.
After downsizing into a smaller shop in hopes of stabilising her business, she faced yet another eviction when her new landlord announced plans to demolish the building. “Then we had to downsize to a smaller space, try to recover from the losses and everything. We’re thinking we’re going to be able to manage this for a while and back to square one, the landlord said he wanted to demolish it, to pack out, and gave us quit notice,” she said.
Her story has sparked widespread reactions on social media platforms, with many Nigerians criticising what they described as exploitative behaviour by landlords. Some commentators stressed the need for stronger legal agreements before tenants invest heavily in rented spaces. One user wrote: “How about we start holding landlords accountable? And we start taking paperwork seriously?” Another added that tenants should always engage lawyers and ensure contracts specify minimum occupancy periods before renovations are made.
The development comes as Lagos State Government is considering new tenancy regulations aimed at curbing arbitrary rent increases, illegal charges by estate agents, and unregulated eviction practices. Rising rents and frequent tenancy changes have become major challenges for small businesses in high-demand areas such as Victoria Island and Lekki. In recent weeks, other entrepreneurs have reported sharp increases in commercial rent—some exceeding 390 percent—while actress Lilian Esoro also disclosed that her own business premises now attract annual rents of up to ₦50 million.
While some commentators sympathised with the affected entrepreneur’s plight—”My heart honestly goes out to her,” one user posted—others urged all parties involved in commercial property transactions across Lagos and beyond to adopt more transparent practices and adhere strictly to legal requirements moving forward.
Nigeria News (Standard)
Kebbi Bandits Kill Ex-APC Chairman in Captivity, Abduct Sitting Chairman’s Family in Yauri
Police deploy personnel after armed men seize wife and son of APC Yauri chairman; state authorities yet to comment
Police deploy personnel after armed men seize wife and son of APC Yauri chairman; state authorities yet to comment
A former chairman of the All Progressives Congress (APC) in Koko/Besse Local Government Area of Kebbi State, Alhaji Muhammadu Mai Barga Besse, has been confirmed dead in bandit captivity, just hours after gunmen abducted the wife and son of a serving APC chairman in Yauri LGA. The incidents, which occurred within days of each other, have heightened concerns over insecurity targeting political leaders in Kebbi, North-West Nigeria.
According to security sources and social media reports on Tuesday, Besse was kidnapped along with an associate earlier in June. A video circulated online showed both men being humiliated by their captors inside the Birnin Gwari forest, a notorious hideout for bandit groups. Both men have now died in captivity without being reunited with their families. As at the time of filing this report, Kebbi State authorities had not issued an official statement regarding the deaths.
The killing comes barely a day after suspected bandits stormed the home of Alhaji Yusuf Alhassan, the current APC chairman for Yauri LGA. The attackers reportedly entered his residence in the Low-Cost area of Yauri during the early hours of Thursday and whisked away his wife and son into a nearby forest. The Kebbi State Police Command said officers had been deployed to track down the kidnappers and secure the safe release of the abducted victims.
The two incidents underscore growing threats facing both current and former local government officials across Kebbi State. Armed attacks and abductions have continued despite ongoing military operations targeting bandit groups operating throughout Nigeria’s North-West zone. Many residents say these attacks have deepened fears among political stakeholders and ordinary citizens alike.
As at Tuesday, neither Kebbi State government nor APC officials had issued a formal response to the latest killings and abductions. Security analysts say urgent action is needed to restore public confidence as families await news on the fate of those still held captive. Police authorities maintain that efforts are ongoing to rescue abducted persons and curb further violence.
Nigeria News (Standard)
UNAIDS Warns US Funding Withdrawal May Jeopardise HIV Programmes in South Africa
Global health agency cautions that reduction in support could reverse years of progress and threaten lives across region
Global health agency cautions that reduction in support could reverse years of progress and threaten lives across region
The Joint United Nations Programme on HIV/AIDS (UNAIDS) has raised alarm over the potential withdrawal of United States funding for HIV programmes in South Africa, warning that such a move could lead to loss of lives and undermine hard-won progress in the fight against the virus. The warning was issued on Wednesday, with officials emphasising the stakes for millions who depend on ongoing support.
According to UNAIDS, the United States is currently the largest donor to South Africa’s national HIV response, providing critical resources for testing, treatment, and prevention services. Any significant reduction or withdrawal of this support, the agency said, would threaten access to antiretroviral medication and essential health interventions for those living with HIV.
South Africa has one of the world’s largest HIV epidemics but has achieved major progress over the past decade through international partnerships. The country’s ability to maintain widespread testing and ensure availability of antiretroviral drugs has been credited with reducing AIDS-related deaths and slowing transmission rates. However, UNAIDS officials expressed concern that budget cuts could reverse these gains at a critical time.
“The continuation of US support is vital not only for South Africa but also for global efforts to end AIDS as a public health threat,” UNAIDS stated. The agency urged international partners to reaffirm their commitments. No official statement had been issued by South African authorities or US representatives as at press time.
Public health experts warn that any disruption in funding may force clinics to reduce outreach activities and limit services, potentially resulting in increased new infections and mortality rates. Stakeholders say they are monitoring developments closely while appealing for urgent diplomatic engagement between governments involved.
