Happy Workers Day! In today’s trending news stories:
1. Despite the Nigerian federal government’s approval of a N70,000 minimum wage, and some states slightly exceeding it, many civil servants across the country say the new wage is insufficient to meet their basic needs due to rising inflation and cost of living. Workers in Kano, Kaduna, Kwara, Borno, Ondo, Bayelsa, and Plateau lament that their wages barely cover essentials like food, transport, and school fees, forcing many to take on side businesses or live in debt. Retirees in Plateau complain of exclusion from the new wage benefits. While leaders like Senate President Godswill Akpabio and First Lady Remi Tinubu praised workers for their resilience on Workers’ Day, calls for economic reforms, wage reviews, and better implementation continue to dominate workers’ concerns across the nation.
2. On Wednesday in Abuja, the National Universities Commission (NUC) gave operating licenses to 11 newly approved private universities. NUC Executive Secretary, Prof. Abdullahi Ribadu, said private universities play a key role in helping public institutions meet the growing demand for education, especially among young Nigerians.
He noted that since university education was opened to private investors in 1999, the number of universities has grown from 49 to 298, with 159 now privately owned. These new universities have been given licenses valid for three years, during which they must meet quality standards before receiving full approval.
Minister of Education, Dr. Tunji Alausa, said the move will help more students access quality education. He urged the new schools to focus on science, technology, and medical fields, saying Nigeria has enough graduates in the social sciences. He also stressed the need for better quality, innovation, and partnerships with international institutions.
Tony Iredia, founder of one of the new universities, asked the government to keep the approval process smooth and support better communication of research work.
3. The EFCC visited the Port Harcourt refinery on Wednesday to question the new Acting Managing Director, Jelili Ademoye, just hours after the NNPC fired the heads of its three main refineries. People at the refinery said the EFCC agents arrived suddenly, ignored normal procedures, and took Ademoye away. Some witnesses described the scene as scary, with security officers from different agencies nearly clashing. The EFCC was believed to be looking for important documents left by the former boss. The event has raised concerns about the way the EFCC is handling its investigations.
4. The online investment platform CBEX is currently being investigated by several Nigerian and international regulatory agencies following its sudden collapse in April. Over 600,000 Nigerians reportedly lost a total of N1.2 trillion after the platform’s AI trading system failed.
CBEX had promised users 100% profit in 30 days, attracting huge investments. The company, registered in the UK, started operations in Nigeria in late 2024 with approval from the Corporate Affairs Commission and EFCC’s anti-money laundering unit.
An audit of CBEX’s finances, being handled by a UK-based insurance company, is expected to be completed by June 25. According to insiders, affected users may begin withdrawing part of their funds from that date. Old accounts remain frozen, but new investors are reportedly able to fund and withdraw from newly created accounts.
Despite warnings from the Securities and Exchange Commission (SEC) and EFCC, many Nigerians are still joining CBEX, lured by promised profits and referral bonuses. The platform claims it is insured and blames a cyberattack on its AI system for the massive losses.
So far, the EFCC has declared several individuals wanted in connection with the scheme. One prominent trader has already surrendered. Meanwhile, the agency recently issued a bulletin declaring a foreign national, Elie Bitar, wanted for his alleged role in the scam.
The Nigerian Financial Intelligence Unit (NFIU) has also flagged other risky platforms like WWCoin, eWealth Connect, ADK, and Delux. These platforms promise unrealistic returns and use referral systems similar to Ponzi schemes. SEC officials stressed that company registration with CAC or EFCC doesn’t mean a platform is safe. A new law now provides up to 10 years in prison and a N20 million fine for anyone running or promoting Ponzi schemes.
5. The Central Bank of Nigeria (CBN) has fined Paystack ₦250 million for operating its Zap app as a digital wallet, which goes beyond the scope of its regulatory licence. Paystack is licensed to process transactions but not to hold customer funds, a function reserved for banks and licensed financial institutions. Although Zap works in partnership with Titan Trust Bank, which is authorised to accept deposits, the CBN still considers the app’s operations a breach of regulations. Paystack has stated that it is cooperating with the CBN and will refrain from making public comments during the ongoing review. This is the most significant regulatory action against Paystack since it was approved by the CBN in 2016 and reflects increased scrutiny on fintechs offering consumer-facing services.
