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BREAKING NEWS: Federal Bureau of Investigation, FBI charges Nigerian, others over $41m insider trading, market manipulation

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A Nigerian is among five suspects charged by the United States Federal Bureau of Investigation, FBI, over “insider trading and market manipulation on a massive scale” put at $41 million.

The suspects are Izunna Okonkwo, a Nigerian; Muhammad Saad Shoukat, Muhammad Arham Shoukat, Muhammad Shahwaiz Shoukat, and Daniyal Khan, all Pakistanis.

Another suspect, Gyunho Justin Kim, is being tried over another complaint.

According to the FBI, “Saad Shoukat … tipped off … Arham Shoukat, Shahwaiz Shoukat, Khan, and Okonkwo — who traded and profited from the MNPI (material non-public information).

“Overall, Saad Shoukat and his co-conspirators received illicit profits from the Insider Trading Scheme totaling at least $41 million.”

Shoukat got the MNPI from Kim who “worked at an investment bank that was involved in multiple mergers and acquisitions of publicly traded healthcare and biopharmaceutical companies.

“Kim obtained MNPI about many of these pending deals, either by working on deals directly or from others who did.”

He then shared MNPI on about nine of the deals with Saad Shoukat, who “traded on that information by himself and through others.”

The FBI said the suspects were charged to court in a case that stemmed from “three overlapping securities fraud schemes that occurred at various points from June 2020 through February 2024”.

“The FBI takes allegations of insider trading with the utmost seriousness,” said FBI Newark Special Agent in Charge, Stefanie Roddy.

“Shoukat and his co-conspirators benefitted greatly from their years-long scheme, and cheated the system to reap their rewards. As complex as a financial fraud scheme is, the FBI will endeavor to stay one step ahead of these alleged criminals.”

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Foreign News

Ramaphosa Urges South Africans to Remember African Solidarity Amid Xenophobic Attacks

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South African President Cyril Ramaphosa has urged his citizens engaging in xenophobic attacks against foreign nationals to remember the role other African countries played in the anti-apartheid struggle. Speaking at the 2026 Freedom Day commemoration in Bloemfontein, Ramaphosa said: “We should never allow the legitimate concerns of our communities about illegal migration to breed prejudice towards our fellow Africans.” His remarks come amid attacks on Nigerians and Ghanaians.

Key Points:

Ramaphosa said South Africa carries a responsibility to advance constitutional values beyond its borders.
Two Nigerian nationals were recently killed by South African security personnel.
Fresh protests are reportedly planned in Gauteng Province this week.
The Nigerian Consulate has called for urgent investigations into the killings.
Ramaphosa warned against allowing migration concerns to give rise to xenophobia.

The president’s call for solidarity comes as tensions rise between South Africans and other African nationals.For More. Read The Complete Article. Thank You.

Sources: Vanguard News

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BREAKING NEWS: 2 Nigerians Killed in South Africa as Xenophobic Tensions Rise

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The Nigerian Consulate in Johannesburg has called for urgent investigations after two Nigerian nationals, Amaramiro Emmanuel and Ekpenyong Andrew, died in separate incidents involving South African security operatives.

Emmanuel reportedly died on April 20 after sustaining injuries allegedly inflicted by South African National Defence Force (SANDF) personnel. Andrew was arrested on April 19, and his body was later discovered at the Pretoria Central Mortuary. The consulate has urged independent investigations.

Key Points:

The consulate described the incidents as “deeply disturbing.”
Formal cases have been opened with the South African Police Service.
The consulate warned against stereotyping Nigerians as criminals.
Nigerians in South Africa have been urged to remain calm and law-abiding.
The consulate is engaging relevant authorities and will support bereaved families.

The consulate called for thorough, transparent, and impartial investigations.For More. Read The Complete Article. Thank You.

Sources: Instagram / Social Media Reports

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Respect Our Laws, Traditions – Ramaphosa Tells Nigerian, Other Immigrants

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South African President Cyril Ramaphosa has urged Nigerians and other foreign nationals residing in South Africa to respect the country’s laws, customs, and traditions.

Speaking on Freedom Day amid renewed anti-foreigner tensions, Ramaphosa said: “To those who are here legally, respect us as South Africans, respect our laws, respect our conventions and our traditions.” He stressed that South Africa would enforce its immigration laws while remaining committed to multilateralism.

Key Points:

Nigeria’s Acting Ambassador said Nigerians are “not under siege” in South Africa.
NiDCOM issued safety advisories urging Nigerians to avoid confrontations.
Protests have turned violent in East London, Cape Town, Durban, and KwaZulu-Natal.
The Nigerian Consulate remains operational and is working with South African authorities.
The Minister of State for Foreign Affairs is engaging with her South African counterpart.

Both governments are collaborating to ensure the safety of Nigerian citizens in South Africa.For More. Read The Complete Article. Thank You.

Sources: Punch Newspaper , Vanguard

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