“Pig butchering" operations run out of Asia but target victims globally, with scammers promising love and wealth to get their victims to invest their fortunes.

The scam often starts simply with an unsolicited text message.

Reported U.S. losses from investment scams totaled over $3.3 billion last year, according to the FBI, but experts say many victims are too embarrassed to report their losses.

The road to Kaimi's ruin started in December, with an Instagram message about a Japanese monkey from a handsome stranger who called himself Mike. Over the coming months "Mike" and Kaimi would develop a friendship that quickly evolved into a romance.

Kaimi had no idea he had become ensnared in a romance scam known as "pig butchering," from the Chinese phrase sha zhu pan — the name coming from the idea that scammers must "fatten up" victims first with flattery and fake bonding before stealing their money.

Experts told CNBC it's easy to dismiss victims of these scams as ignorant or foolish but doing so discounts how manipulative the scammers are.

Matt Friedman is the CEO of the Mekong Club, a Hong Kong-based organization that works with corporations to fight modern slavery. "Ten scams come by, and they're very clearly a scam," Friedman told CNBC. "But the 11th one, I may even fall for it."

The scam often starts with a simple text message: "Hi!"

Many people disregard the messages that scammers send. But if they respond, the scammers move quickly to establish a rapport. The mystery texter might say they're a wealthy executive. They'll share images of their lavish lifestyle. Eventually, they'll try to make a meaningful romantic bond with the victim. It can take anywhere from a few weeks to a few months.

At the third stage, the scammers offer to "teach" the victim how to trade cryptocurrencies or foreign currencies. The scammer networks operate fake trading platforms that look "exactly the way they should look," Friedman told CNBC. Victims are "taught" how to trade by their scammer, and the fake exchanges are engineered to show nonexistent profits of 15% to 20%.

When victims try to withdraw money or have run out of fresh funds, the fake exchanges shut down the accounts and demand payment. Panicked and encouraged by their so-called friend, the victims wire what little money they have left. The exchange and their "friend" block the victim shortly after.

It can take weeks before victims understand they've been scammed and even longer to admit what has happened to them.

Experts told CNBC that the scammers on the phone aren't the real beneficiaries of the scam, although they do sometimes get a cut of the proceeds. Most often, they've been trafficked to Cambodia, Laos or Myanmar to work for organized scamming networks, according to extensive reporting from ProPublica and Vice.

Law enforcement and prosecutors acknowledge pig butchering is a problem but tell victims they're largely unable to help. Reported U.S. losses from investment scams totaled $3.31 billion last year, according to the FBI, but experts say many victims are too embarrassed to report their losses.

The U.S. manages to recover relatively little. The Justice Department's only public action seized just $112 million. Federal prosecutors in New York and Virginia have also been pursuing domain names and individuals linked to the scams.

Dennis, a small business owner in Maryland, told CNBC his scammer "Sarah" reached out to him on Facebook around the same time that Mike first reached out to Kaimi.

CNBC has altered the names of the victims in this story to protect their identities, as both Dennis and Kaimi shared personally identifiable information and identity documents with their scammers, and as Kaimi has not disclosed his sexual orientation to everyone in his life.

Kaimi lost more than $120,000 to his scammer. Dennis lost around $500,000.

'My love for you will last forever'

Mike first messaged Kaimi in late December, cracking a joke about a Japanese monkey that Kaimi had posted.

"When I was looking at who had messaged, I was like, 'I don't know if this person is real,'" Kaimi told CNBC. After a few days, Kaimi sent back a perfunctory message. Mike promptly responded and engaged enthusiastically with Kaimi, before suggesting they move to a messaging app called Line.

CNBC reviewed thousands of messages between Kaimi and Mike running through April 2023.

They bonded over their shared love of travel, and Mike eventually invited Kaimi to visit him in Seoul. They'd go shopping, Mike said.

Kaimi told Mike that his schedule as a teacher didn't let him just jet around the world, and he'd have to save money for an international trip. When pressed, Kaimi told Mike about his financial difficulties, stemming from past credit card debt.

Mike suggested he teach Kaimi how to trade in foreign currencies so he could travel to Seoul and pay off his debt.

Mike alternated between talking about making Kaimi rich and sending him what Kaimi described as "flowery" messages.

"My love for you will last forever," Mike told him.

Kaimi acquiesced in January, and created an account on the forex platform Mike claimed he used, called DPEX.

DPEX wasn't a real exchange, but a front controlled by the same scamming group that Mike belonged to.

Over the following weeks, Kaimi wired thousands of dollars from his bank to [Crypto.com], a centralized exchange. He used it to buy ether and send it to DPEX's wallets.

His transfers started small — the first was worth just $140. DPEX claimed it converted his ether transfers into Tether, a U.S. dollar stablecoin.

Mike and Kaimi's first trade together was a bet against the Japanese yen falling in value. When Kaimi saw he'd made $20 on a $100 trade, he was sold.

Mike offered to help Kaimi structure a plan to use profits from DPEX to pay off $300,000 in student loans, mortgage and credit cards. In February, Mike even "sent" $30,000 from his own DPEX account to Kaimi's to help him move closer to his debt-free goal.

"I want to repay you as soon as possible, shrink down most of the debt, then plan a trip to Korea to see you," Kaimi told Mike. Mike pressed Kaimi to add more to his account and join him in bigger bets. He grilled Kaimi about how else he could raise money, from friends or through loans.

In all, Kaimi sent DPEX more than $100,000 worth of ether. His paper profits grew handsomely: In one week in March, Kaimi's balance went from $100,000 to $310,000.

"I thought I was someone who knew when they were being scammed, was able to discern things," Kaimi told CNBC.

But when Kaimi told Mike he was planning to withdraw his funds, the penny dropped. DPEX froze Kaimi's account, claiming that Mike's generous $30,000 "gift" was a suspicious transaction.

Mike claimed his account was frozen too. "OMG," Mike said, "we are the same."

DPEX asked that Kaimi pay back that gift to unlock his full account balance. Kaimi had planned to do so anyway, but sent DPEX nearly $30,000 to settle the "debt."

The scammers settled into a predictable pattern, pumping Kaimi for more and more fees and taxes. Kaimi paid $64,000 in apparent penalties, urged on by Mike. When the scamming operation asked him for another $65,000, Kaimi realized there was no chance he was getting his money back.

When Mike pressed him to pay DPEX's "fees," Kaimi snapped. "I've filed a report to the FBI and the SEC," he told Mike.

'I thought of ending everything'

Dennis didn't have any reason to be suspicious when his first scammer, Sarah, messaged him on Facebook.

"I just said hi and bye," Dennis told CNBC. "But she keeps approaching me," he said. "We became friends."

Sarah claimed she was a wealthy executive at a Chinese electric-vehicle manufacturer. She showed him photos of her "uncle" with Alibaba's Jack Ma. She sent him photos and videos from luxurious stores and apartments.

But it was her show of affection and care more than her material wealth that drew Dennis close, he said.

"They talk to you and manipulate you," Dennis told CNBC. He was in the midst of separating from his wife. They shared a child together, and in his messages with Sarah, he shared his feelings of inadequacy as a father.

Sarah offered Dennis comfort. They talked for hours every day, and it was weeks before she first offered to teach him how to trade crypto.

Sarah said her powerful uncle ran a trading syndicate large enough to influence crypto prices and guarantee a profit. Experts say that scammers will often cite a well-connected relative as part of their fictitious success.

Sarah pointed him to an "exchange" called Bigone-Eth, that could only be accessed through a iOS app called Trust Wallet. Dennis sent thousands of dollars from Coinbase to Trust Wallet and gave the fake exchange permission to control the crypto in his Trust Wallet.

Sarah guided him through trades that predictably returned 20%. From late December through January, Dennis bought nearly $160,000 worth of bitcoin for his "Bigone-Eth" account and invested $100,000 worth of his cousin's bitcoin with Bigone-Eth as well.

It wasn't enough for Sarah, who told Dennis he needed to invest at least $500,000. Otherwise, she suggested, Dennis' son would "suffer" because of Dennis' laziness.

But like Kaimi, Dennis felt he'd made enough. The hammer fell when he went to withdraw his winnings: Bigone-Eth froze him out and demanded $180,000 to release his $1.2 million balance.

The demand made Dennis suspect that the broker was trying to scam him out of his money. It was only in March, months after he began talking with Sarah, that he began to investigate romance scams and fake crypto brokerages.

Along the way, he conducted an internet search and found a company called Financial Fund Recovery, or FFR, which said it specialized in crypto asset recovery.

Bankrupt and 'scammed out of my mind'

In late March, Dennis spoke with a person claiming to be an FFR employee, John Seth, who told Dennis that Sarah and the exchange were part of the same scam. Seth also promised he could recover Dennis' assets, something Dennis now believes was a lie.

Just a few days after Dennis spoke with Seth, he got an unsolicited call from someone identifying himself as Benjamin Grey. He claimed he worked at Bigone-Eth and told Dennis that he could recover his money for $100,000. Dennis never provided Bigone-Eth or Sarah with his phone number, and now suspects Grey was working with Seth to scam him out of more money.

But Dennis, more alone than ever, trusted Seth. Seth urged Dennis to pay the fee but keep it secret from Sarah and the Bigone-Eth scammers. He borrowed $100,000 from his parents and sent it to Grey through Coinbase.

Dennis didn't notice that Grey's wallet address was different from the original scammers, nor that Grey's email address had a slight misspelling of Bigone-Eth's name. Dennis thought he was on the verge of getting his money back, of repaying his parents and his cousin and moving on with his life.

Dennis was out another $242,000 by the time Seth told him to stop talking with Grey.

Seth suggested suing Grey and Bigone-Eth for the lost money. He sent Dennis an invoice detailing how FFR would put a "lien" on Dennis' Bigone-Eth account — which, in fact, was a fictitious account at a fictitious exchange. Dennis would simply have to wire $42,000 to an Abu Dhabi bank account to get started.

This time, Dennis realized he was being "scammed out of his mind" and blocked both Seth and Grey.

CNBC spoke with Seth, who strongly denied that FFR was running a scam. He implied that Dennis was lying to CNBC and said that FFR did not have an employee named Benjamin Grey.

CNBC has reviewed financial documents, emails, blockchain transactions, and recordings of calls between Dennis, Grey, and Seth. Despite his claims to the contrary, the recordings show Seth encouraging Dennis to send money to Grey. Both Seth and Grey contacted Dennis using VoIP numbers from the same issuer. Both numbers were disconnected after CNBC reached out to them.

Other attempts to reach FFR were not successful. In a text conversation with the number Dennis offered for Grey, the person on the other end denied knowing anything about the interaction with Dennis. A customer service representative at FFR's Abu Dhabi-based bank confirmed that company had an account there but declined to provide further information.

FFR used an address of a coworking space in the state of Georgia to register as a limited liability company in Georgia. Over the phone, a receptionist at that coworking space told CNBC that FFR was not a tenant there and that the mailbox used on the registration form did not exist at that space.

But the receptionist said that a visitor had been looking for FFR's office just a few weeks prior and had told the receptionist that FFR had made off with a scam victim's money.

'Powerless'

In the U.S., law enforcement is still grappling with how to seize and restore victims' funds. In California, Santa Clara county prosecutor Erin West is pushing regulators and law enforcement to better understand how these scams work.

West has had some success at a local level in seizing a few million dollars for a handful of victims. But she says without federal intervention and private-sector support, putting a meaningful dent in scamming operations will be difficult if not impossible.

"I wish I could save them all," she told CNBC. Both Dennis and Kaimi reached out to West, who did what she could to connect them with the right people.

But Dennis' and Kaimi's losses form just a small fraction of the billions of dollars lost to scammers from thousands of victims. In 2022, the Department of Homeland Security estimated scam-related losses at over $3.3 billion.

Kaimi has considered filing for bankruptcy. His local Hawaiian bank has closed his checking and savings accounts, according to a letter from the bank shared with CNBC. Kaimi said a bank employee told him his Crypto.com wire transfers were the reason for the closure but didn't offer any more information to him.

He's filed multiple complaints, with the FBI, Secret Service and regulatory agencies but hasn't heard back from any of them.

Dennis said he's been in regular contact with the FBI about the scam. CNBC traced Dennis' bitcoin to a wallet that's received more than 59,000 bitcoin, worth about $1.6 billion, since 2019. The trail ends after that wallet, which regularly transfers its contents to the crypto exchange Binance.

Crypto exchanges such as Binance, Crypto.com and Coinbase are convenient waypoints for scammers because they have a trusted reputation and massive trading volume. All three exchanges have warned of the dangers of crypto scammers, but for some, that isn't enough.

When he reached out to Crypto.com, the exchange told Kaimi they couldn't help him get his money back.

"I'm not asking you to take responsibility of getting my money back," he said. But he pointed out that his scammers had used the same wallet for months.

West said that while private partners in the banking and crypto industry often are conduits for these kinds of scamming operations, they are also ideally positioned to cut off the supply of fresh money to pig butchering networks.

"We are essentially fleecing our entire middle class of their generational wealth, and handing it to bad actors overseas, and nobody's stopping this," West told CNBC.

Shortly before publication of this story, Cloudflare shut down Bigone-Eth's domain name and flagged it as a suspected phishing site. Neither Cloudflare nor the FBI responded to CNBC's request for comment.

Within hours, Dennis' scammer sent him the new domain name and begged him to respond to her. Dennis ignored her.

"Disappointing men with no sense of responsibility," she wrote the next day.

CNBC

The Nigerian National Petroleum Company (NNPC) Limited says the helicopter that crashed in Port Harcourt, Rivers state, was heading to its floating, production, storage and offloading (FPSO) facility.

In a statement by Oluwafemi Soneye, NNPC spokesperson, on Thursday, the national oil company said it engaged the helicopter operated by East Winds Aviation.

NNPC said at about 11:22am, the company lost contact with the helicopter – register number: 5NBQG — after taking off from the Nigerian Air Force (NAF) base in Port Harcourt.

Earlier, the ministry of aviation and aerospace development, said three persons died in the helicopter crash.

According to NNPC, eight persons were on board — six passengers and two crew members.

“On the 24th of October 2024, about 11:22am, we lost contact with the Helicopter – Register Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en route the FPSO – NUIMS ANTAN. The helicopter was operated by East Winds Aviation,” NNPC said.

“There were 8 persons on board (6 passengers and 2 crew members). The appropriate authorities have been contacted, including the Ministry of Aviation, who have since issued a press statement. Search and rescue missions are currently ongoing. So far, three (3) bodies have been recovered.

“We shall continue to monitor the situation and provide regular updates as the events unfold. Our prayers are with the passengers, crew and their respective families at this very difficult time.”

NNPC said the ongoing search and rescue operation will continue to receive support from the national oil company.

The Cable

The Naira yesterday depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday.

However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday, indicating N52.89 appreciation for the naira.

The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar from N80.91 per dollar on Wednesday.

Vanguard

Binance executive, Tigran Gambaryan, has left Nigeria after eight months of detention in the country.

In a statement, yesterday, the family disclosed, “Today, American citizen, Gambaryan, left Nigeria and returned home to his family after eight months of unlawful detention.”

The United States National Security Advisor, Jake Sullivan, also confirmed Gambaryan’s release on humanitarian grounds. He expressed gratitude to Nigerian officials and diplomatic partners who worked to ensure Gambaryan’s return to the U.S.

“As soon as we secured Gambaryan’s release, I called his wife to share this good news,” Sullivan said. Gambaryan’s wife, Yuki, had publicly campaigned for her husband’s release due to concerns over his deteriorating health.

Sullivan also emphasised the importance of U.S.-Nigeria cooperation, expressing hope that the bilateral relationship between the two countries would continue to grow. This cooperation, according to Sullivan, played a key role in the Binance executive’s release.

Echoing Sullivan’s remarks, U.S. Secretary of State, Antony Blinken, said: “The U.S. thanks the government of Nigeria for releasing U.S. citizen, Gambaryan, on medical grounds, allowing him to return to the U.S. to receive the specialised medical care he requires.

“This positive outcome demonstrates the strength of the U.S.-Nigeria partnership and highlights our shared commitment to working together to advance our common interests. Our close law enforcement cooperation remains a cornerstone of our bilateral relationship, and the U.S. is committed to working closely with Nigeria to address mutual concerns and prioritise the safety and well-being of our citizens.”

Recall that the Federal High Court in Abuja discharged the Binance executive on Wednesday from the money laundering charges filed by the Economic and Financial Crimes Commission (EFCC).

According to sources, Gambaryan was allowed to leave Kuje correctional centre on Wednesday night. Reacting, Yuki said: “It is a huge relief that this day has finally come. The past eight months have been a living nightmare. I wish it had not taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family.” She expressed gratitude to the U.S. government for their efforts in securing his release.

“There were moments I feared this day would never come, but Gambaryan’s supporters gave me hope and strength,” she stated, explaining that the road ahead for the Binance official’s recovery will be difficult.

Also reacting, Binance Chief Executive Officer (CEO), Richard Teng, expressed deep relief and gratitude that Gambaryan has finally been released. 

He said: “Throughout this difficult period, Gambaryan has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Gambaryan’s release.”

According to him, Gambaryan’s health and well-being remain Binance’s top priority, and he will receive the medical care and rest he urgently needs alongside his family.

The CEO emphasised Binance’s commitment to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space.

He expressed eagerness to put “the episode” behind them and continue working towards a brighter future for the blockchain industry worldwide.

With a young, tech-savvy population and a strong interest in digital finance, according to him, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. He expressed readiness to play a “constructive role” in that effort.

The Guardian

Palestinian Authority treads tightrope in West Bank crackdown on militants

In the West Bank city of Tubas, the Palestinian Authority has been rounding up militants who are spoiling for a fight with Israel and challenging its own rule, seeking to show it can help shape the future for Palestinians after the war in Gaza.

President Mahmoud Abbas' Palestinian Authority (PA) has poured forces into Tubas, saying it aims to quash lawlessness and deny Israel pretexts to raid the city in the occupied territory.

His militant adversaries - Hamas and Islamic Jihad - say the PA is serving Israel's agenda at a time when Israel is going after their fighters in the West Bank as they battle Israel in Gaza, sharpening old divisions between the militants and Abbas.

Residents of Tubas said clashes between the militants and the PA this month involved heavy machine guns and bombs in some of the worst violence they can remember.

It highlights the precarious position of an authority formed in 1994 as a stepping stone to a state in the West Bank and the Gaza Strip with East Jerusalem as its capital, a prospect that appears as far away as ever, though it has come back into international focus of late as a way to bring peace.

The PA controlled Gaza until 2007, when Hamas routed forces loyal to Abbas, but is now confined to running patches of the West Bank under the eye of Israeli troops.

As Israel presses its Gaza offensive to wipe out Hamas, the United States has said it wants to see the territory and the West Bank unified under a reformed and revitalised PA.

For Abbas, 88, the Tubas campaign is partly about weakening the grip his militant foes have gained over the northern West Bank, in what his Fatah Movement sees as an Iran-backed attempt to undermine their position, according to Fatah officials and security sources.

It is also about disproving critics who view the PA as ineffective - a reputation that has overshadowed diplomatic contacts led by the United States over the role it might eventually play in Gaza, according to a former PA security official and an analyst.

A U.S. State Department spokesperson declined comment on the Tubas operation but acknowledged that U.S. security cooperation with the PA includes funding, training and equipment.

Tubas Governor Ahmed al-Asaad said the PA had decided to strike with "an iron fist" against what he described as lawlessness and anarchy.

Two PA security men have been wounded as their forces fought members of the "Tubas Battalion", an armed group dominated by the Islamic Jihad faction, and detained at least three of its members, including its leader.

STANDOFF

Al-Asaad said the PA was responding to public concern, giving the example of a bomb that had been recently planted near a school - apparently in preparation for an attack on Israeli forces.

"We don't want - under the slogan of resistance or any other slogan - to destroy our country and to destroy Tubas," he said.

"Our approach is clear and is the approach of the president: the approach of peaceful, popular resistance and safeguarding security and order," he told Reuters in an interview.

The Authority has overhauled its operations in a variety of areas, assuaging some of the concern expressed by countries that provide aid.

On the whole, the revitalisation effort had been "pretty well received," a European diplomat said.

On Saturday, dozens of PA security men surrounded a building near Tubas where two Battalion militants were holed up, with one of them, Obada al-Masri, threatening to blow himself up, a source familiar with the incident said.

"We negotiated with him for almost five hours," said his father, Abdel Majid al-Masri, who was called to the scene to help convince his son to surrender.

He said his son eventually agreed after receiving guarantees he would be held in Tubas rather than at another PA jail where he was previously incarcerated and had suffered mistreatment.

Masri expressed relief that his son had been taken into PA custody rather than killed by Israeli forces, which have also been raiding Tubas in search of militants and had previously jailed his son for three years.

His son had chosen "the route of struggle to liberate Palestine", he said, rejecting PA accusations that Battalion members were engaged in lawlessness.

Islamic Jihad condemned the operation, saying PA forces appeared to be aiming to eliminate resistance to Israel and their methods were no different.

LOW-HANGING FRUIT

PA security forces were heavily deployed, with a checkpoint on a road into the city, when Reuters visited Tubas this week, but the city was calm.

Ghaith al-Omari, an expert on PA affairs at the Washington Institute for Near East Policy, said the Tubas campaign was a much-needed attempt by the PA to assert itself in a part of the West Bank where its control had been "practically absent".

"The PA understands that nobody sees it as being capable of running Gaza and everyone cites the fact that they can't even run the northern West Bank," said Omari, formerly an adviser to the Palestinian president.

But he said one operation did not make a reputation, noting that Tubas represented "low-hanging fruit" and militant groups there were weaker than in Jenin, also in the north.

With U.S. support, the 35,000-strong PA security forces were reconstituted after the 2007 Hamas takeover of Gaza.

Yet, the Washington Institute said in a July policy note, for the PA to assume governance in Gaza it would need extensive recruitment, equipment, vetting, and training, a process it said would take years.

While declining to comment on a potential role for PA security forces in post-war Gaza, the State Department spokesperson reiterated that sustained peace in Gaza "must include Palestinian-led governance and Gaza unified with the West Bank under the Palestinian Authority."

In the West Bank, the biggest issue was that PA security forces were "really, really unpopular in the north", Omari said.

A September opinion poll showed 89% of Palestinians in the West Bank want Abbas to resign, and that Hamas has more support than Fatah there. Polls by the Palestinian Center for Policy and Survey Research have consistently shown that Marwan Barghouti, a Fatah leader jailed by Israel, would win any presidential vote.

Omari said: "To do effective security you need both capabilities but also you need credibility and legitimacy."

Reuters

WESTERN PERSPECTIVE

Russian forces capture two villages in eastern Ukraine, Kyiv acknowledges Russian pressure

Russian forces have captured the villages of Serebrianka and Mykolaivka in Ukraine's eastern Donetsk region, Russia's Defence Ministry said on Wednesday, as military blogs reported Russian advances near key frontline towns.

Ukraine's military made no acknowledgement of either village falling into Russian hands, but said both areas of the front were gripped by intense fighting.

Bloggers on both sides reported an intense Russian drive on the town of Selydove.

The Ukrainian General Staff said its forces had repelled all 12 Russian attacks undertaken in an area around Serebrianka just inside the northern border of Donetsk region.

It said heavy fighting gripped towns on the approach to Pokrovsk, the next key logistical town in the Russian military's steady push westward in Donetsk region.

The popular Ukrainian military blog DeepState said Ukrainian troops were facing overwhelming odds defending Selydove - which lies southwest of Mykolaivka. Capturing Selydove would pave the way for a Russian advance on Pokrovsk.

DeepState said Russian forces with "the advantage of endless resources of infantry and equipment" were putting pressure on Ukrainian defences and advancing from both north and south.

Reuters could not independently verify battlefield reports from either side.

Russian military blogs earlier in the day reported fighting around Selydove and three other towns - Kurakhove and Hirnyk further south and Toretsk to the northeast.

Yuri Podolyaka, a Ukrainian-born, pro-Russian military blogger, said Russian forces had seized the central, eastern and southern districts of Selydove, once a town of 20,000. He posted a video he said showed a Russian flag atop a high-rise building.

Russian forces, sent into Ukraine in February 2022, advanced in September at their fastest rate since March 2022, according to open source data, despite Ukraine taking a swath of territory after an August incursion into Russia's Kursk region.

RUSSIAN PERSPECTIVE

Seven NATO members oppose Ukraine membership – Politico

A group of NATO members led by the US and Germany are reluctant to extend an invitation to Ukraine to join the military bloc anytime soon, Politico reported on Wednesday, citing sources.

Last week, Ukraine’s Vladimir Zelensky presented his ‘victory plan’, which included a demand for immediate NATO membership. However, four unnamed US and NATO officials have reportedly told Politico that Berlin and Washington are “slow-walking” the request, adding that “key alliance members are worried about getting ensnared in a war with Russia.”

US Ambassador to NATO Julianne Smith told Politico that the bloc “has not, to date, reached the point where it is prepared to offer membership or an invitation to Ukraine.” German Chancellor Olaf Scholz earlier said that it was his duty to prevent the Ukraine conflict from spiraling into a full-scale war between Russia and NATO, adding that Kiev would become a part of the bloc only when certain conditions are met.

Hungary and Slovakia – which have been critical of the Western approach to the Ukraine conflict and have insisted on an immediate ceasefire – are two other holdouts. Politico described their leaders as following “a generally pro-Kremlin line.”

Hungarian Prime Minister Viktor Orban called Zelensky’s plan outright “terrifying,” while his Slovak counterpart Robert Fico warned that Ukraine’s accession to NATO could lead to World War III.

Furthermore, one NATO official told Politico that “countries like Belgium, Slovenia or Spain are hiding behind the US and Germany” when it comes to the issue of Ukraine’s membership, describing them as “reluctant.” Another source noted that while those nations support Kiev’s NATO aspirations “in the abstract,” they would voice their opposition when push comes to shove.

Russian President Vladimir Putin has said that Kiev’s desire to join NATO – which Moscow has described as an existential threat and an “enemy” – was one of the key reasons for the current conflict in the first place.

Officials in Moscow have also said that Ukraine’s membership in the bloc “in any territorial form is absolutely unacceptable to Russia and cannot be part of any peace plans or mediation initiatives.”

Reuters/RT

Three – maybe three and a half – stories go to the heart of why Nigeria appears stuck in a rut. And for some strange reason, all of them are rooted mainly in energy and power. 

The first is about a project, the Mambilla Hydroelectric Project. If you live in Nigeria – except you’re the Minister of Power, Adebayo Adelabu – there’s a good chance you would have heard about this project, which is located in Gembu, Taraba State. 

In that case, there’s a chance you might also have heard that the national power grid, more in the news for collapsing than for generating power, collapsed three times last week, plunging most parts of the country into darkness. The Minister of Power is too busy making excuses to notice. 

Mambilla, rolling grid collapse

But he doesn’t have to worry. Others are counting the number of grid collapses for him. In its lead story on October 21, PUNCH reported that the national grid has collapsed 105 times in 10 years despite the government's $1.4 billion in loans to fix the problem. If the government still has the appetite for more loans to waste, the report said an additional $2.9 billion from the World Bank could indulge its irresponsibility. 

But that’s just the beginning of the Mambilla story. I’d be foolish to claim there’s one single Mambilla story. There isn’t. But this is a version from several trusted, ringside sources. Sometime in 2003, President Olusegun Obasanjo visited the Three Gorges Dam, the world’s largest power station in China, with an installed capacity of 22,500 MW. 

He liked what he saw and wanted the company to replicate something on a smaller scale in Mambilla. At the time, it was estimated that the dam would generate an additional 3,050 MW for Nigeria, a chronically underpowered country struggling to generate 2,500MW for over 200 million people. The project was divided into three lots at a contract sum of roughly $6 billion to be delivered in five years.

Sunset on a contract

Since the word “contract” and Nigeria are made for trouble, trouble started. Sunrise Power and Transmission Company, promoted by Leno Adesanya, teamed up with North China Power and China Hydroelectric to bid for Mambilla. It seemed, however, that that was not the original plan, which was to have China Three Gorges Corporation, the China state-owned power company that built Three Gorges, build Mambilla, or at least build Lot 1.

One thing led to another, and the Minister of Power at the time, Olu Agunloye, who said he believed he was acting on behalf of the Nigerian government, awarded the contract, as turnkey, at $6 billion to Sunrise through “a letter of intent” in 2007. 

Sunrise and its Chinese partners turned up at Mambilla, as did China Three Gorges, based on Obasanjo’s invitation: two significant contractors, two separate invitations, one task, and one divided government. But the government soon changed hands. Obasanjo was out, and President Umaru Yar’Adua was in. 

Sorry, we can’t pay

In 2009, Adesanya pressed Yar’Adua to cancel Lot 1, which was awarded to the Chinese because it was a turnkey project for Sunrise. The government did, but funds were not released for the project to commence. Meanwhile, China Three Gorges backed off at the first smell of trouble, leaving Nigeria to stew in its misery. 

In 2015, President Muhammadu Buhari came in and cancelled the project. Adesanya was furious and went to the International Court of Arbitration in Paris, demanding $2.3 billion and $400 million in two separate arbitrations for the government’s alleged breach.

Former Attorney General and Minister of Justice Abubakar Malami, doing what he did fantastically well, renegotiated the penalty with Adesanya to $200 million. Buhari refused to pay, and as Adesanya headed back to Arbitration, the EFCC dragged him and Agunloye, charging the latter with seven counts of forgery, contract award without approval, disobedience to presidential orders, etc. 

Long story short, 12 years after Mambilla was supposed to have been completed with all its transformative promises in power, rail, roads, infrastructure, and jobs (not to mention the missing N30 billion Obasanjo left in the project account), the country is still in a rut, stewing deeper and deeper in the misery of rolling blackouts and collapsing grids.

Isn’t it possible, for God’s sake – and the sake of the bigger picture – for this government to end the drama around the project and save Baby Mambilla from the stale, disposable bathwater?

Wilbros war

This second story illustrates how such a missed opportunity never ends well. It’s the story of Wilbros, one of the biggest things in Port Harcourt, Rivers State, in its heyday. In 2008/2009, when the ego war between Obasanjo and his former deputy, Atiku Abubakar, was at its peak, the EFCC, never missing a chance to outdo itself, said Wilbros senior officials had paid $6 million in bribes to top members of the ruling People’s Democratic Party (PDP). 

A director of the company 

pleaded guilty to the charge in a US federal court, and the EFCC pounced. Fair enough, but what was the company, Wilbros, doing, and was it not possible to prosecute the errant directors without destroying the company? At the time of the blowout, Wilbros, a US-Nigerian-based company, was building the West African Gas Pipeline. 

Dream deferred

It was Nigeria's biggest oil and gas construction company, competing with Saipem and having over 3,000 workers. The gas pipeline was massive. According to the World Bank, completion of the project would have improved the competitiveness of the energy sectors in Ghana, Benin, and Togo by promoting cheaper and environmentally cleaner gas from Nigeria instead of solid and liquid fuels for power generation and other industrial and commercial uses.  

Wilbros was at 80 percent completion of the gas pipeline project when the EFCC struck. The matter dragged and dragged. By 2013, Wilbros’ massive pipeline coating plant was rotting, among other valuable assets worth billions of naira. The company was wrecked by its inability to finish the project, yet nothing emerged from the prosecution of the big names bandied about as suspects, including former GMDs of NNPC. Wilbros sold off its remnant to Ascot, and the rest is history. 

Pan Ocean’s troubled sea

Pan Ocean is the third story. Pan Ocean, an indigenous oil and gas exploration company, embarked on one of the most audacious projects of its life. Under Festus Fadeyi, its chairman at the time, the company invested over $500 million in a gas project to feed the Escravos-Lagos Pipeline System and the West African Gas Pipeline. 

It was supposed to have an impact similar to what Wilbros attempted to do. But there was a problem. The chairman, also a significant shareholder in Skye Bank at the time, had allegedly overborrowed from the bank, forcing it to over-leverage. He had reportedly borrowed about N240 billion, over half of the bank’s total loan exposure.

When Buhari’s government pounced in 2015, some of the funds had found their way into oil mining leases, including OML 98 managed by Pan Ocean, which was among the seven revoked. The critical point is that all mining leases that reverted to NNPCL, ostensibly in the public interest, have served neither the public interest nor those of the original owners. They have become NNPCL’s ATM. 

Mother of them all

The half of the three stories, actually the mother of them all, is the Ajaokuta Steel Company. It’s the story of a wasting N4 trillion asset for another day. It competes with the four state-owned refineries in demonstrating how ego, primordial greed, and monumentally poor judgment could lead to state collapse.

Yet, carefully and thoughtfully managed, these cases could have helped lessen the current misery the country is facing. 

One man willing to go on the record on this matter, Dan D. Kunle, power and energy expert and professional of over 30 years, told me last week, “It’s an irony that Nigeria is suffering amid these great opportunities when presidential intervention could turn the page and bring this country the relief it needs badly.”

Three stories, one message: Who will bell the cat?

** Ishiekwene is the Editor-In-Chief of LEADERSHIP and author of the new book Writing for Media and Monetising It.

Jodie Cook

Saying yes to everything might seem like the path to success. But the most accomplished people know that saying no is often more powerful. They guard their time fiercely and focus on what truly matters.

You’re not being antisocial, unhelpful or rude. You’re simply closing off the options that don’t align with your priorities. Being smart with your most precious resource: time. Here’s how successful people master the art of saying no.

How to protect your time like it's your most valuable asset

Set clear priorities

Successful people know exactly what they want to achieve. They are laser-focused on their goals. This clarity makes it easier to say no to things that don't align. Tim Ferriss, podcaster, author and entrepreneur, uses a "not-to-do list" to avoid time-wasters and maintain focus on what's truly important.

Write down your top goals. Be ruthless in cutting the list down to the most important ones. When opportunities come up, ask yourself if they truly help you achieve these goals. If not, it's a no.

Create boundaries

High achievers set clear boundaries around their time and energy. They know when they work best and they don’t give those hours away. Reshma Saujani, founder of Girls Who Code, practices "monk mode" mornings. For the first three hours of her day, she doesn't check email or social media. She uses this time for deep work and strategic thinking.

Set your own non-negotiable boundaries. Maybe it's no meetings before 10 am, or no work emails on weekends. Communicate these boundaries clearly to others and stick to them.

Be direct and honest

Successful people don't beat around the bush when saying no. They're clear and honest about why they're declining. Gary Vaynerchuk, entrepreneur and internet personality, openly states, "I put zero weight into anyone's opinion about me because I know exactly who I am. Can you say the same?" He’s not scared of what someone might think. His boundaries are more important and he communicates them upfront.

Practice being direct. Instead of making excuses, simply say, "I can't take this on right now because it doesn't align with my current priorities." People respect honesty more than vague excuses.

Offer alternatives when possible

Sometimes, a flat no isn't the best option. Successful people often offer alternatives or solutions when they can't say yes. This shows they care and want to help, even if they can't do exactly what's asked. Maybe it’s offering a team member’s help. Signposting a resource. Recording a Loom instead of booking a call.

If you can't take on a project, you probably know someone who can. Or perhaps you can help in a smaller way. Suggest these alternatives. It maintains good relationships while protecting your time.

Guard your schedule

Top achievers are intentional about how they structure their day. Lauren Eskin, owner of LoLa Design Co, starts her day by creating a to-do list divided into tasks for herself, her team, and those that can wait.

Mark Cuban, entrepreneur and investor, says, "I try to be as responsive as possible, but I don't let email control my day. I check it first thing in the morning and then every two hours." Two hours is a big batch of time to be focused on one thing.

Prioritize personal time

Successful people understand the importance of personal time for their overall productivity and well-being. Sheryl Sandberg, former COO of Meta, leaves the office to have dinner with her kids. She responds to emails only after her kids are asleep..

Sallie Krawcheck, co-founder and CEO of Ellevest, schedules her workouts like she schedules her meetings. It's a non-negotiable part of her day.

Simplify decision-making

Reid Hoffman, co-founder of LinkedIn, tries to eliminate or automate any decision that he has to make on a repeated basis. This frees up mental energy for more important decisions.

You can apply this principle by creating systems for routine tasks. Set up email filters to sort your inbox automatically. Use a meal planning app to decide what to eat each week. Wear similar outfits each day to reduce decision fatigue. By simplifying these small choices, you'll have more mental space for the big decisions that really matter.

Create space between tasks

Whitney Wolfe Herd, founder of Bumble, tries to avoid scheduling back-to-back meetings. She needs time in between to process information and prepare for the next one.

This gap isn't just about catching your breath. Use it to record key takeaways from your last task, prepare for the next one, or simply clear your mind. Even five minutes between activities can help you refocus and be more present. Try scheduling 25 or 50-minute meetings instead of the standard 30 or 60, giving yourself that crucial buffer.

Take extended breaks

Some successful people take saying no to the extreme. Yvon Chouinard, founder of Patagonia, took months off every year when he ran the company, to recharge and pursue outdoor activities. He saw it as essential for his creativity and leadership.

While this might not be feasible for everyone, the principle remains valid. Regular, significant breaks can boost your productivity and creativity. Take time off to get fresh perspectives and renewed energy when you return to work.

Say yes to saying no: cultivate selective focus

When you know which doors you’re going through, closing the wrong ones doesn’t matter. Master the art of saying no to have zero regrets. Focus your energy on the things that will move you closer to your goals.

Copy the strategies of successful entrepreneurs when you set clear priorities, create strong boundaries, be direct and honest, and offer alternatives when you can. Guard your schedule, prioritize personal time, simplify your decision making and create space between tasks. Your time and focus are your most valuable assets. Act accordingly.

Forbes

President Bola Tinubu has reshuffled his 48-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.

The ministers of finance, defence, national planning and two junior energy ministers all retained their positions.

The reshuffle includes renaming the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of tourism and arts and culture.

Tinubu's controversial reform push after taking office last year had sparked hope that his administration would be an antidote to mounting economic troubles facing Africa's top energy producer.

But 16 months on, the key planks of his economic overhaul - devaluing the naira and slashing petrol and electricity subsidies - have sent inflation soaring to 32.70%, triggering a cost-of-living crisis.

Presidential spokesperson Bayo Onanuga said in the reshuffle, Tinubu appointed new ministers for humanitarian and poverty reduction, trade and investment, labour, livestock development and junior ministers for foreign affairs, education and housing.

The ministers for education, tourism, women affairs, youth development and the junior housing minister were sacked, Onanuga said.

Tinubu's cabinet remains bigger than that of his predecessor Muhammadu Buhari, who had 43 ministers in his second term in office, despite calls by critics to streamline government bureaucracy and trim costs.

Reuters

The National Bureau of Statistics (NBS) says only 58 percent of households in Nigeria are connected to the national grid.

In its ‘Nigeria Residential Energy Demand Side Survey (NREDSS) 2024,’ on Wednesday, unveiled in Abuja, NBS said nine states; Akwa Ibom, Bauchi, Ekiti, Oyo, Enugu, Kwara, Plateau, Kano, and Sokoto, were selected across the six geo-political zones of the country for the survey.

According to the bureau, households from each state were interviewed, making a total of 8,100 households across urban and rural areas.

NBS said 86.6 percent of households connected to the grid had electricity supply, 85.2 percent of them used an estimated billing system, while 14.8 percent used a pre-paid billing system.

The average monthly expenditure of households on electricity, according to NBS, was estimated at N4,155.8 during the survey period.

In 2024, the national grid has collapsed eight times, with the first recorded on February 4.

The national grid collapsed again on March 28, April 15, July 6, and August 5.

Nigerians experienced another system failure at the grid on October 14,October 15, and October 19.

‘67.8 PERCENT OF HOUSEHOLDS USE FUELWOOD’

The bureau said 67.8 percent of Nigerian households use fuelwood as a source of energy for domestic, agricultural, commercial, cultural, or religious purposes.

NBS added that about 41 percent of the households purchase the fuelwood, while 39 percent collect it themselves.

“While 18.9 per cent of households used other means such as barter, gift, and borrowing,” the bureau said.

“More than half of the fuelwood are cut or collected by households, 55.3 percent were branches, stems, and trees.”

Furthermore, NBS said one in every five households, an average of 22 percent, used charcoal, with 21.6 percent purchasing the product.

The bureau added that 19.4 percent, about one in five households, use liquefied petroleum gas (LPG), also known as cooking gas.

“The average monthly expenditure on LPG was N10,239.7 across the surveyed states,” NBS said.

In addition, NBS advised the government to promote the re-planting of trees, given the wide use of fuelwood. and encourage the use of clean energy such as LPG, wind, and solar.

“This will help to reduce environmental problems such as air pollution, water pollution, climate change, thermal pollution, and solid waste disposal,” it said.

NBS also recommended that the government encourage the establishment of more LPG stations while promoting local production of gas cylinders to lower the end-user’s cost and optimise electricity generation by decentralising the national grid through mini-grids.

The Cable