The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects involved in cryptocurrency investment fraud and romance scams. The operation, carried out on December 10, 2024, took place at a seven-storey building known as Big Leaf Building on Oyin Jolayemi Street in Victoria Island, Lagos.

EFCC’s Director of Public Affairs, Wilson Uwujaren, explained that the arrests followed months of surveillance based on actionable intelligence. Among those arrested were 193 foreigners, including 148 Chinese nationals, 40 Filipinos, two Kharzartans, and others from Pakistan and Indonesia.

The foreign suspects were found using the building, which resembled a corporate office, to train their Nigerian accomplices on how to carry out romance and investment scams. The operation discovered that the building contained high-end computers and, on one floor alone, 500 SIM cards purchased for criminal activities.

The scammers would recruit Nigerian accomplices proficient in computer skills, particularly typing, to engage in phishing schemes targeting victims, mainly from the United States, Canada, Mexico, and Europe. They would be trained to create fake profiles and engage victims in romantic chats and fake investment opportunities, directing them to a bogus online investment platform, Yooto.com. Those who showed interest were asked to pay an activation fee to join the platform.

The Nigerian recruits, who were unaware of the true identity of their employers, were paid in cash or through personal accounts rather than corporate accounts. After gaining the victims' trust, the foreign criminals would take over the scam, cutting off the Nigerian accomplices from the operations.

EFCC is continuing its investigation, working with international partners to determine the extent of the fraud and possible links to larger international crime rings. Items recovered from the suspects included computers, mobile phones, laptops, and cars. The suspects have made statements, and further legal proceedings are underway.

The EFCC emphasized that while Nigerians are often wrongly blamed for fraud, foreigners are exploiting Nigeria’s reputation to operate their scams. The commission assured that there would be no safe haven for criminals in Nigeria.

The Federal Government has announced free train rides for Nigerians during the Christmas and New Year celebrations.

Minister of Information and National Orientation, Mohammed Idris, shared the update on Monday while briefing journalists on the outcome of the Federal Executive Council (FEC) meeting.

The free train services will run from December 20, 2024, to January 5, 2025, covering all routes where train operations are currently available. This initiative aims to ease travel for Nigerians during the festive period.

Nigeria's inflation rate rose to 34.60% in November 2024, an increase of 0.72% from October's 33.88%. The latest Consumer Price Index report by the National Bureau of Statistics highlights a significant year-on-year rise, as the November 2024 figure is 6.40 percentage points higher than the 28.20% recorded in November 2023.

The inflation surge is primarily driven by rising food prices, which continue to strain Nigerian households. While the month-on-month inflation rate saw a slight deceleration, standing at 2.638% in November compared to 2.640% in October, the annual increase underscores ongoing pressures on consumers.

Food inflation climbed sharply to 39.93% in November, up from 32.84% the previous year, with staple items like yam, rice, maize, and palm oil experiencing significant price hikes. On a month-on-month basis, food inflation rose by 2.98%, slightly above October's 2.94%, driven by higher prices for fish, rice, dairy, and meat. The twelve-month average food inflation for November reached 38.67%, reflecting an 11.58 percentage point increase from the previous year's 27.09%.

Core inflation, which excludes food and energy prices, also surged to 28.75% in November 2024, compared to 22.38% in November 2023. This reflects rising costs in sectors such as transportation, housing, and personal services, with notable increases in taxi fares, bus prices, rents, and grooming services. Although month-on-month core inflation dipped slightly to 1.83% from October's 2.14%, the twelve-month average rose to 26.64%, up from 20.35% in November 2023, indicating widespread price pressures across the economy.

Regional disparities in inflation were evident. Bauchi, Kebbi, and Anambra recorded the highest year-on-year inflation rates at 46.21%, 42.41%, and 40.48%, respectively, while Delta, Benue, and Katsina had the lowest rates, ranging from 27.47% to 29.57%. Month-on-month, Yobe, Kebbi, and Kano experienced the steepest increases, while Adamawa, Osun, and Kogi recorded the slowest rises.

Food inflation varied across regions as well. Sokoto, Yobe, and Edo recorded the highest year-on-year food inflation rates at 51.30%, 49.69%, and 47.77%, while Kwara, Kogi, and Rivers saw slower increases at 31.39%, 32.95%, and 33.27%. Month-on-month food inflation was steepest in Yobe, Kano, and Kebbi with rates of 6.52%, 5.95%, and 5.68%, respectively.

Urban inflation outpaced rural inflation, standing at 37.10% in November 2024, compared to 32.27% in rural areas. Year-on-year, urban inflation rose by 6.88 percentage points while rural inflation increased by 5.84 percentage points. Month-on-month, urban inflation climbed by 2.77%, slightly higher than rural inflation's 2.51%.

The twelve-month average for urban inflation reached 35.07%, an increase of 9.62 percentage points from November 2023, while rural inflation's average rose to 30.71%, up by 8.00 percentage points.

The persistent rise in inflation underscores the significant challenges facing Nigerian consumers and businesses as the cost of living continues to escalate.