Economy
Court Jails Teenager Over Use of Afrinvest to Defraud Investors
By Modupe Gbadeyanka
A teenager accused of committing capital market fraud, Mr Tanko Damilola Balogun, has been directed to spend the next 12 months in jail by Magistrate Ibrahim Mohammed of Senior Magistrate Court Zone 6, Wuse, Abuja.
Mr Balogun, 19, admitted that in June 2019, he started a Ponzi scheme, where he promised to double investment of participants in 45 minutes. To make his business work well and lure unsuspecting investors, he had to use the name and image of Afrinvest, a reputable investment company in the capital market registered by the Securities and Exchange Commission (SEC).
“What prompted me to start the business was an advert that I saw on face book and I decided to copy. The advert is about investing and getting double payment. I only picked the name Afrinvest because I know that it is an investment company when I saw it on media. I copied and pasted the name and started using for my business,” the convict confessed.
“So far, I have been able to raise about N30,000 in the account from about 15 investors. This is because most of the investors pay in mostly N1000 or N2000, except for one that invested N10,000. It is only after discussing with them and gaining their confidence that I now forward my account details for payment,” he further said.
The teenager blamed “the devil” for pushing him to commit the capital market crime. However, he advised “people that are into such activity should stop as there is no gain and peace of mind in the business and it will add more problems and you can never escape the law.”
During the court session, a police prosecutor from the SEC Police Unit, ASP Abubakar Shehu Mandiya, stated that Mr Balogun created a WhatsApp group in the name of Afrinvest to commit the fraud.
“He operated two different accounts with two different names. The real name of the culprit is Balogun Tanko Damilola and he went ahead to open another online account with Olalekan Balogun in Ecobank. He used the Olalekan Balogun account to receive the fraudulent money,” Mr Mandiya said.
In his ruling, Mr Mohammed told the convict, “You are very talented. You should have used your talent in legal ways to help yourself and your family instead of resorting to crime
“Since he is a first-time offender, this court will temper justice and sentence him to prison for one year without an option of fine.”
Business Post reports that Mr Balogun, a native of Kogi State, was brought before the court on a one count charge of impersonation contrary to Section 179 of the Penal Code Law, Chapter 89 and convicted under the same law.
He got into trouble when in September 2019, Afrinvest petitioned SEC about activities of the convict on social media. The agency immediately swung into action, leading into his arrest and prosecution after an investigation.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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