Nigerians lose savings to Ponzi scheme, Dangote raises fuel - Punch Newspapers

Five major stories dominate the morning news, including Nigerians counting their losses after the PXES online investment platform stopped paying returns and became inaccessible; criminal groups posing as civil society organisations, humanitarian workers, and orphanage representatives to gain access to children. Also, the growing problem of miracle scams that have cost citizens millions, NCAA fining RwandAir over consumer protection-related infractions, and Dangote Refinery’s increase of its petrol gantry price to ₦1,350 per litre. Here’s your complete morning roundup 1. Again, Nigerians lose savings to Ponzi scheme Nigerians who invested millions of naira in an online investment platform known as PXES are counting their losses after the scheme abruptly stopped paying returns and became inaccessible. Saturday PUNCH gathered that the platform stopped paying participants in early September, with investors who committed sums ranging from tens of thousands of Naira to millions left in limbo and, in some cases, unable to reach the operators. The collapse has triggered outrage among investors, some of whom stormed and looted PXES offices across the country, particularly in Adamawa and Kogi states, in a desperate bid to recover part of their money. Read full story here 2. Dangote refinery raises petrol gantry price to N1,350 Dangote Petroleum Refinery has increased the gantry price of premium motor spirit (petrol) from N1,265 to N1,350 per litre, effective Saturday, 12 September 2026. The PUNCH had earlier predicted that there could be a fresh hike in fuel prices following the rise in oil prices. The latest adjustment is the fourth upward review of Dangote refinery’s petrol gantry price since August 21. The refinery had increased the price from N1,165 to N1,185 per litre on August 21 before raising it to N1,200 on August 26. It subsequently increased the price to N1,265 on August 29 and has now added another N85 per litre, taking the gantry price to N1,350. Read full story here 3. NCAA fines RwandAir N15m The Nigerian Civil Aviation Authority has sanctioned RwandAir over consumer protection-related infractions. Dangote refinery raises petrol gantry price to N1,350 NCAA fines RwandAir N15m Child traffickers’ new trick exposed The NCAA spokesperson, Michael Achimugu, announced this in a post on his personal X handle on Friday. The regulators imposed a N15m fine on the airline for its failure to resolve a passenger’s baggage complaint within the stipulated timeframe. The regulatory authority said the sanction followed the airline’s failure to address the baggage issue in accordance with the provisions governing consumer protection in the Nigerian aviation sector. Read full story here 4. Holy scam: When chasing miracles cost citizens millions From prophets selling ‘miracle products’ and promising divine breakthroughs to Islamic clerics allegedly collecting millions for spiritual rites, Nigerians seeking solutions to their financial, health and personal troubles are increasingly falling victim to religious exploitation that has become a lucrative venture, VICTOR AYENI investigates When Oluremi Sokoya (not her real name) indicated to members of her church in the middle of June 2023 that she was no longer returning to them, it sent shockwaves through the people who knew her. Sokoya, an entrepreneur, had been a member of the church for more than a year and had been working as part of the protocol team for the pastor of the Pentecostal church in Ikorodu, Lagos. Read full story here 5. Child traffickers’ new trick exposed Organised criminal groups have started posing as civil society organisations, humanitarian workers and representatives of orphanage centres to exploit vulnerable families and gain access to children. Saturday PUNCH gathered that the groups persuade parents to hand over their children, with some of the victims rescued from trafficking networks operating across several states. In a recent report released on its website, the National Agency for the Prohibition of Trafficking in Persons disclosed that it rescued over 180 children allegedly trafficked from five states by criminal groups operating under the guise of civil society organisations. Read full story here Olugbenga Ige Olugbenga Ige is a journalist at Punch Newspapers with over nine years of professional reporting experience. He is known for his sharp eye for compelling stories and a strong instinct for identifying newsworthy developments. Over the years, Olugbenga has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience, editorial judgment, and a commitment to accurate, impactful journalism.

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