Author: Vardiafrica

The Economic and Financial Crimes Commission (EFCC) has frozen over 300 accounts linked to illicit foreign exchange (FX) trading. Speaking in Abuja on Tuesday, Ola Olukoyede, EFCC’s chairman, said the agency secured a court order to freeze the accounts. “We got an order to freeze those accounts imagine what would have happened if we didn’t seize those accounts,” he said. “There are people in this country doing worse than Binance,” he said. Olukoyede said over $15 billion passed through one of the platforms in the last year, which was not regulated by financial regulators. The development comes a day after…

Yahaya Bello, former governor of Kogi, says his failure to appear before a federal high court in Abuja is due to fear of arrest by the Economic and Financial Crimes Commission (EFCC). The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion. Although the arraignment was initially scheduled for April 18, Bello was absent from court on the day. At the resumed court session on Tuesday, Adeola Adedipe, a member of Bello’s legal team, said his client would have appeared in court but was worried…

Dangote Petroleum Refinery has again reduced the prices of diesel and aviation fuel to ₦940, and ₦980 per litre, respectively. This comes after its widely celebrated price reduction to ₦1,000 barely two weeks ago. The price change of ₦940 applies to customers buying five million litres and above from the refinery, while the price of ₦970 is for customers buying one million litres and above. The Head of Communication, Mr Anthony Chiejina, who announced the development in a statement, explained that the new price aligns with the company’s commitment to cushion the effect of economic hardship in Nigeria. “I can…

A Dana Air aircraft with 83 passengers and registration number 5N BKI flying from Abuja to Lagos, was on Tuesday, reported to have suffered a runway excursion at the Lagos Murtala Mohammed airport. A runway excursion occurs when an aircraft veers off the runway in use during the take-off or landing run. Confirming the incident, Dana Air in a statement, said although the passengers were safely disembarked with no injuries, it had reported the incident to the Nigerian Safety Investigation Board (NSIB) and the Nigeria Civil Aviation Authority (NCAA). It added that the aircraft had been grounded by the maintenance…

The Nigerian government has claimed that terrorists ravaging the country have been finding it hard to kill because AK-47 firearms and other weapons have become too costly for them to afford. This assertion was made by Nuhu Ribadu, the National Security Adviser, who maintained that there was a dramatic decline in terrorism-related deaths and the availability of AK-47 firearms in the country lately. Ribadu made the statement while emphasising developments in Nigeria’s fight against terrorism at the High-Level African Counter-Terrorism Meeting in Abuja on Monday. He further stated that the price of the AK-47 has risen from less than N1…

The Bayelsa State Civil Service Commission has approved a two-day weekly farming period for workers, reducing the number of workdays to three. It directed that the remaining two working days should be used for farming to promote food security in the state. This is according to a circular signed by the Bayelsa State Head of Service Biobelemoye Charles-Onyeama. However, the development that followed Governor Douye Diri’s approval only affects civil servants from Grade level 14 and below. Teachers, medical personnel, and other staff on essential services are excluded from the directive The move is expected to become effective from the…

The federal government has ordered the sale of four of the 11 licenced electricity distribution companies (DisCos) in the country under the management of commercial banks and the Asset Management Corporation of Nigeria (AMCON), as it begins the process of unbundling the firms to increase efficiency and fix the worrying state of power in the country. The Minister of Power, Mr Adebayo Adelabu, made this disclosure while playing host to the Senate Committee on Power, led by its Chairman, Mr Eyinnaya Abaribe, in Abuja on Monday. Mr Adelabu stated that the privatisation of the firms would not be reversed, but…

The Economic and Financial Crimes Commission (EFCC) has served a copy of the charge sheet of alleged fraud to the tune of N84bn against the immediate past governor of Kogi State Yahaya Bello on his lawyer, Abdulwahab Mohamed. This follows a Tuesday order by Justice Emeka Nwite of the Federal High Court in Abuja after Bello’s absence in court. He was absent from court for his arraignment on a 19-count charge of alleged money laundering to the tune of ₦84bn. The judge relied on section 384 (4 and 5) of the Administrative and Criminal Justice Act 2015, directing the counsel…

Justice Emeka Nwite of the Federal High Court in Abuja has ordered the Economic and Financial Crimes Commission (EFCC) to serve a copy of the charge against the immediate past governor of Kogi State, Yahaya Bello, on his lawyer, Abdulwahab Mohamed. This follows the absence of Bello in court for his arraignment on Tuesday. He was absent from court for his arraignment on a 19-count charge of alleged money laundering to the tune of ₦84bn. The judge relied on section 384 (4 and 5) of the Administrative and Criminal Justice Act 2015, directing the counsel to the immediate past governor,…

President Bola Tinubu will on Tuesday, April 23, 2024 depart Abuja for the Kingdom of the Netherlands on an official visit. The President will also attend the World Economic Forum (WEF) meeting scheduled for April 28-29 in Riyadh, Saudi Arabia. Presidential spokesman, Ajuri Ngelale, in a statement on Monday, said, “On the invitation of the Prime Minister of the Kingdom of the Netherlands, Mark Rutte, President Tinubu will engage in high-level discussions with the Prime Minister, as well as hold separate meetings with His Royal Majesty, King Willem-Alexander and Queen Maxima of the Kingdom. “The Queen is the United Nations…