Author: Akintayo Adams

Abiola Kayode, a 37-year-old Nigerian national, has been extradited from Ghana to the United States to face charges related to a $6 million cyber fraud scheme. Kayode, who was on the FBI’s Most Wanted Cyber Criminal List, was arrested in Ghana in April 2023 and extradited to Nebraska following a formal request from the US. Kayode is accused of participating in a Business Email Compromise (BEC) scheme between January 2015 and September 2016, which defrauded businesses in Nebraska and other states of over $6 million. The scheme involved impersonating high-ranking executives to trick employees into making fraudulent wire transfers. Many…

The Naira, on Friday, depreciated against the dollar. In the official market, the Naira fell to ₦1,540.00 per dollar from ₦1,532.00 on Thursday. Related || FAAC distributes ₦1.7tn among tiers of Govt In the parallel market, it closed at ₦1,660.00 per dollar, up from ₦1,640.00 on Thursday. This depreciation is linked to ongoing adjustments to the newly introduced Electronic Foreign Exchange Matching System (EFEMS), which aims to enhance transparency in FX transactions. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

The Federation Accounts Allocation Committee (FAAC) has disbursed a total of ₦1.727 trillion as revenue for November 2024 among the Federal Government, states, and local government areas. The distribution was finalized during the FAAC meeting held in Abuja. The total distributable revenue included ₦455.354 billion from statutory allocations, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from Exchange Difference revenue. The gross revenue for November was ₦3.143 trillion, with deductions for collection costs amounting to ₦103.307 billion and ₦1.312 trillion allocated for transfers, interventions, and refunds. From the total…

Lt. Changfe Maigari has made history as the first female pilot in the Nigerian Navy since its inception in 1964. Maigari, who hails from Langtang North Local Government Area of Plateau but was born in Kaduna, was presented with the ‘Pilot Wing’ award during the 2024 Nigerian Navy Ceremonial Sunset at the Naval Training Command Headquarters in Ebube-Eleme, Rivers. Maigari’s journey began in 2016 when she graduated from the Nigerian Defence Academy (NDA) and was commissioned as a Sub Lieutenant. She completed her basic pilot training and fulfilled all requirements to achieve this milestone. In an interview, Maigari shared that…

Governor Francis Nwifuru of Ebonyi State has approved a ₦150,000 Christmas bonus for each civil servant in the state. The announcement was made during a banquet organized in honor of the visiting British Deputy High Commissioner to Nigeria, Gill Lever, at the Government House in Abakaliki. Governor Nwifuru stated that the bonus is a gesture of appreciation for the workers’ commitment to duty and their understanding during the recent strike action. He directed that every worker should receive the bonus before the close of work on Tuesday next week. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

The Federal Government has suspended the monthly review of electricity tariffs as the power subsidy climbs to ₦768.68 billion in four months. This decision comes amid concerns over the financial strain on the power sector and the lack of budgetary provision for tariff shortfalls in the 2025 budget. The Nigerian Electricity Regulatory Commission (NERC) had previously adjusted end-users’ tariffs monthly, factoring in the prevailing economic situation, including inflation, foreign exchange, and gas prices. However, the Federal Government has now halted this practice. Electricity generation, which was promised to reach 6,000 megawatts by the end of 2024, currently hovers between 2,000MW…

The Naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday, December 12, 2024. According to data from FMDQ, the Naira strengthened to N1,534.35/$1 on Thursday, compared to N1,545/$1 traded the previous day. This represents an appreciation of N11 against the American greenback. Similarly, in the black market, the Naira closed at N1,680/$1 as against the N1,710/$1 recorded the previous day. The appreciation follows the Central Bank of Nigeria’s recent launch of the Electronic Foreign Exchange Matching System (EFEMS) to eliminate distortion and bring transparency to the FX market. Get instant and latest news…

The Federal High Court in Abuja has granted former Kogi State Governor Yahaya Bello ₦500 million bail in an alleged ₦80 billion fraud case. Justice Emeka Nwite ordered Bello to produce two sureties who must own properties in Abuja and swear to an affidavit of means. The properties’ title documents will be verified by the court’s Deputy Chief Registrar. Bello, who pleaded not guilty to the 19-count charge of alleged money laundering brought against him by the Economic and Financial Crimes Commission (EFCC), was ordered to surrender his Nigerian passport and submit two recent passport photographs to the court. He…

Seplat Energy has completed its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil for $800 million. This deal, initially valued at $1.28 billion, is expected to double Seplat’s crude oil production to approximately 120,000 barrels per day and enhance its reserves by 86% to 887 million barrels of oil equivalent. The acquisition positions Seplat as Nigeria’s leading independent energy company and is fully funded through existing cash and debt facilities. Chairman Udoma Udo Udoma expressed gratitude to President Bola Ahmed Tinubu and various ministries and regulators for their support. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online…

The World Bank is expected to approve a $500 million loan to Nigeria on Friday, marking the 10th loan under President Bola Ahmed Tinubu’s administration. This loan is part of the Rural Access and Agricultural Marketing Project – Scale Up, designed to enhance rural access and agricultural marketing in the country. The loan aims to close the gap between communities and the broader marketplace in Nigeria. A major prerequisite for participation in the project is that subnational entities must have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provisions for administrative costs in the…