Month: February 2025

EFCC chairman: I rejected N500m offers during my mother’s burial

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'EFCC Recovered Over N200bn, Convict 3,000 In One Year'

The Chairman of the Economic and Financial Crimes Commission, Olanipekun Olukoyede, disclosed that he turned down offers of about N500m from various individuals during his mother’s funeral in 2019. Olukoyede spoke at the 38th Anti-Corruption Situation Room in Abuja on Thursday with the theme: Ethics, Integrity, Corruption Risk Assessments and Anti-Corruption at National and Sub-National levels: Sustaining the fight against corruption in Nigeria. The programme was organised by the Human and Environmental Development Agenda Resource Centre, Kano State Public Complaint and Anti-Corruption Commission, ICPC, and EFCC with the support of…

Tinubu signs N54.99tn 2025 budget into law

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President Bola Tinubu has signed into law the N54.99tn 2025 Appropriation Bill. Tinubu signed the budget in the presence of principal officers of the National Assembly and other top government officials in a small ceremony in his office at the State House, Abuja, on Friday. The bill was passed by the two Chambers of the National Assembly on Thursday, February 13, after Tinubu asked for an increase from the proposed N49.7tn. The National Assembly approved a ₦54.99 trillion ($36.6bn) budget for the fiscal year, surpassing President Bola Tinubu’s initial proposal…

Telecom sector regulatory framework to be reviewed — Tinubu

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Tinubu Sacks PTAD Boss

President Bola Tinubu has said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure. He made the assertion on Thursday at a meeting with an Airtel delegation led by Chairman Sunil Bharti Mittal at the State House. “I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length. “The entire ecosystem will be further examined, and if there is…

Consumers kick as FG plans fresh power tariff hike

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The Federal Government is considering adjusting electricity tariffs to address disparities in the current billing system, particularly for customers outside the Band A category, aiming to enhance liquidity in the Nigerian Electricity Supply Industry. This proposed hike would align tariffs for Band B and C customers with the N206/kW rate paid by Band A customers, who constitute about 15 percent of the nation’s 12.82 million power consumers. However, this plan has faced strong opposition from power consumers and the Organised Private Sector, who question the government’s continuous increase in commodity…

Naira Devaluation Cripples MTN Earnings, Resulting in N400bn Loss

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MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the N137.02bn loss recorded in 2023. The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year. The…

CBN’s Strategy: Stabilizing the Naira and Combating Inflation

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The Central Bank of Nigeria (CBN) and its Monetary Policy Committee (MPC) have implemented strategic measures to stabilize the naira and control inflation, marking a significant shift in the nation’s macroeconomic direction. At the 299th MPC meeting, held on February 19 and 20, 2025, the committee decided to maintain the Monetary Policy Rate (MPR) at 27.5 percent, demonstrating a commitment to balancing inflation control with exchange rate stability. CBN Governor Olayemi Cardoso announced this decision, emphasizing the unanimous agreement to retain all parameters, including the asymmetric corridor, cash reserve ratio,…

Lagos Assembly: Panel Intervention Ineffective, Obasa Returns

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Mudashiru Obasa’s unexpected return to the Lagos State House of Assembly on Thursday has plunged the legislative body into deeper turmoil. Obasa, who was removed as Speaker by 36 lawmakers on January 13, 2025, arrived with security personnel and entered the Speaker’s Office around 9 a.m., shocking political stakeholders and the public. This move casts doubt on the efficacy of interventions by prominent All Progressives Congress (APC) figures, including former governors Bisi Akande and Olusegun Osoba, who had attempted to resolve the leadership crisis following Obasa’s removal and Mojisola Meranda’s…

BREAKING: We’re going to review electricity tariff for Band B, C customers – FG

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The Federal Government has announced plans to review electricity tariffs for Band B and C customers as part of efforts to improve the power sector and encourage investment. Minister of Power, Adebayo Adelabu, made this revelation during the public presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan on Thursday in Abuja. Adelabu clarified that the review does not necessarily mean an increase in tariffs but rather an assessment to enhance last year’s progress and ensure the sector’s growth. He stated that the government aims to invest…

EFCC warns Nigerians against fake TikTok accounts

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'EFCC Recovered Over N200bn, Convict 3,000 In One Year'

The Economic and Financial Crimes Commission has alerted the public about fraudulent activities involving fake TikTok accounts impersonating the agency. In a statement on Thursday, EFCC spokesperson, Dele Oyewale, explained that the commission does not operate a TikTok account. He revealed that fraudsters organised a live session on the platform using the commission’s logo to mislead and defraud unsuspecting individuals. According to him, the scammers reportedly used six fake accounts with misleading names, including “EFCC of Nigeria,” “EFCC Lagos,” “EFCC Delta,” “EFCC of Benin,” “EFCC of Jos,” and “EFCC Saga.”…

Mass Distribution: Kwara Equips Pupils with Educational and Sports Resources

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Governor AbdulRahman AbdulRazaq of Kwara State launched a major initiative on Thursday, distributing substantial educational and sports resources to primary and junior secondary schools. The distribution included 73,365 textbooks across core subjects, 12,780 primary library sets, specialized education materials, furniture for early childhood development, 3,931 sports kits, agricultural tools, and 78 tablets. The governor emphasized that this program reflects his administration’s strong commitment to basic education, aiming to significantly reduce the number of out-of-school children. Represented by the Commissioner for Education and Human Capital Development, Sa’adatu Kawu, he highlighted that…