Bolt Tests Electric Tricycles in Lagos with 15% Driver Cut
The launch extends Bolt’s current tricycle services already active in Jos and Uyo, but this is the first time it’s bringing electric versions into Nigeria’s commercial capital.
The Securities and Exchange Commission (SEC) has raised an alarm about TOFRO.COM, a cryptocurrency platform it believes is operating illegally in Nigeria. In a recent statement, the commission revealed that TOFRO is not registered under Nigeria’s capital market laws and displays several tell-tale signs of a Ponzi scheme.
Investigations show the site offers investors unusually high returns with minimal risk, while depending heavily on a referral structure to pay users. According to SEC, many participants have also been unable to withdraw their funds — a common sign of fraudulent operations. “Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market,” the regulator stated.
The Commission has urged the public to approach financial platforms with caution, especially those promising quick and excessive gains. “Any person who places such investment with the entity does so at his/her own risk,” the notice added.
SEC Director-General Emomotimi Agama also warned Nigerians to stop committing funds to unregulated platforms. He encouraged the public to always check the status of investment companies through the Commission’s registration portal.
With crypto scams on the rise across Nigeria, the SEC says it is tightening oversight and stepping up education efforts to protect retail investors. The commission had earlier taken similar steps to warn against other suspicious financial operations in the country, as reported in local media.
Related News
- Nigerians on Alert as SEC Flags Suspicious Crypto Site
- CBEX Crypto Suspect Turns Self In Amid $1B Fraud Probe
- African Fintech Giants Join Stablecoin Network for Borderless Payments
- Crypto Chaos Forces Africa to Tighten Rules
- Bitcoin now Trades at over $90,000
- Zone Proposes Regulated Blockchain for Crypto and Banks
I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
Featured Posts
Nigeria’s Economy Shrinks Below 1960 Levels, Says AfDB Chief
Nigerians are worse off today than they were at independence 64 years ago, he stated, urging urgent action to reverse the troubling trend.
Miva Eyes 1m Students, Launches Lagos Hub for Hands-On Learning
The new Lagos facility features cutting-edge computer-based testing (CBT) infrastructure and will soon include a virtual lab tailored for computer science students. This setup is designed to support practical learning while staying true to Miva’s digital-first delivery model.
CBN Grants Licence to Firm Targeting MSMEs
With its newly acquired licence, the firm is set to offer a broad suite of financial solutions, including funds management, advisory services, and loan products such as asset loans, MSME support, payday loans, and education financing.
Nigerians on Alert as SEC Flags Suspicious Crypto Site
Investigations show the site offers investors unusually high returns with minimal risk, while depending heavily on a referral structure to pay users.
Starlink’s Subscription Sparks New Reactions
This isn’t the first time Starlink has tried to raise its subscription cost in Nigeria. Back in October 2024, the company announced a new fee of N75,000 per month.
NECA Hosts Strategic Fair to Empower MSMEs
Themed “Galvanising MSMEs for Economic Growth and Stability,” this year’s edition focuses on enhancing business resilience, streamlining regulatory processes, and promoting financial inclusion.
GTBank Customers React as SMS Alert Fee Rises
In a notice sent to its customers, GTBank explained that the fee adjustment was necessary due to “a recent increase in telecom rates as communicated by the telecommunication service providers.”
Tinubu Launches ICT Hub to Empower Women, Boost Skills
The state-of-the-art facility, located at Oladipo Alayande School of Science, was built by the National Information Technology Development Agency (NITDA) and delivered under the Renewed Hope Initiative (RHI
Paystack Fined ₦250m as CBN Flags Zap for Licence Breach
Zap, launched in March 2025, was introduced as a peer-to-peer payment tool. However, according to a person familiar with the situation, the CBN believes the app’s structure mimics a deposit-taking service, a feature reserved only for microfinance banks or institutions with a full banking licence.
Top on the week
Bolt Tests Electric Tricycles in Lagos with 15% Driver Cut
The launch extends Bolt’s current tricycle services already active in Jos and Uyo, but this is the first time it’s bringing electric versions into Nigeria’s commercial capital.
Nigeria’s Economy Shrinks Below 1960 Levels, Says AfDB Chief
Nigerians are worse off today than they were at independence 64 years ago, he stated, urging urgent action to reverse the troubling trend.
Miva Eyes 1m Students, Launches Lagos Hub for Hands-On Learning
The new Lagos facility features cutting-edge computer-based testing (CBT) infrastructure and will soon include a virtual lab tailored for computer science students. This setup is designed to support practical learning while staying true to Miva’s digital-first delivery model.
CBN Grants Licence to Firm Targeting MSMEs
With its newly acquired licence, the firm is set to offer a broad suite of financial solutions, including funds management, advisory services, and loan products such as asset loans, MSME support, payday loans, and education financing.
Nigerians on Alert as SEC Flags Suspicious Crypto Site
Investigations show the site offers investors unusually high returns with minimal risk, while depending heavily on a referral structure to pay users.
Starlink’s Subscription Sparks New Reactions
This isn’t the first time Starlink has tried to raise its subscription cost in Nigeria. Back in October 2024, the company announced a new fee of N75,000 per month.
NECA Hosts Strategic Fair to Empower MSMEs
Themed “Galvanising MSMEs for Economic Growth and Stability,” this year’s edition focuses on enhancing business resilience, streamlining regulatory processes, and promoting financial inclusion.
GTBank Customers React as SMS Alert Fee Rises
In a notice sent to its customers, GTBank explained that the fee adjustment was necessary due to “a recent increase in telecom rates as communicated by the telecommunication service providers.”
Tinubu Launches ICT Hub to Empower Women, Boost Skills
The state-of-the-art facility, located at Oladipo Alayande School of Science, was built by the National Information Technology Development Agency (NITDA) and delivered under the Renewed Hope Initiative (RHI
Paystack Fined ₦250m as CBN Flags Zap for Licence Breach
Zap, launched in March 2025, was introduced as a peer-to-peer payment tool. However, according to a person familiar with the situation, the CBN believes the app’s structure mimics a deposit-taking service, a feature reserved only for microfinance banks or institutions with a full banking licence.
Accessibility
2
Posts
Agritech
8
Posts
Audio
1
Posts
Banking
65
Posts
Strive for tech news and insights? Subscribe to our newsletter and stay up-to-date with the latest tech trends, expert insights, and exclusive content.
Create a Modern Blog or Magazine with Caards
Start your perfect news blog or magazine with Caards, the premium WordPress theme you've been looking for.
Recent Post
Gallery
Featured Videos
No Comments