The National Assembly has given the green light to a proposed amendment to the Finance Act, introducing a hefty 70% tax on banks’ substantial foreign exchange profits in 2023. This bold move seeks to tap into the windfall gains made by banks as a result of the exchange rate unification policy, which has been a…
The Minister of State for Petroleum Resources, Heineken Lokpobiri, recently convened a high-level meeting to address ongoing issues surrounding the Dangote Refinery. The meeting, which took place in Abuja, brought together top executives from Dangote Group, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian…
The $20 billion Dangote Refinery, once heralded as the beacon of Nigeria’s energy future, is embroiled in controversy. Nigerian citizens eagerly anticipated the relief that both the Dangote and Port Harcourt refineries operating at full capacity would bring. This dream, however, appears to be on hold as the Dangote refinery faces unexpected challenges. The Dangote…
The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) arraigned Rufus John Isip, a self-proclaimed forex broker, before Justice C. S. Onah of the Federal High Court in Uyo, Akwa Ibom State, on Friday, July 19, 2024. Isip, alongside his company, ITM-IT Resources Limited, faced an eight-count charge involving fraudulent conversion, money…
The members of the Nigerian House of Representatives have unanimously voted to reduce their salaries by half for a period of six months. This decision, taken as a gesture of solidarity with the Nigerian populace, aims to address the pressing economic challenges and food insecurity faced by the nation. The lawmakers, who currently earn a…
President Bola Ahmed Tinubu has announced plans to provide 36 CNG-fueled buses to labour unions to alleviate the financial burden on workers due to the high cost of living. Each bus has a seating capacity of 100, and will be distributed to the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC). This gesture…
President Bola Ahmed Tinubu has written to the National Assembly requesting a N6.2 trillion increase in the 2024 Appropriation Act. The request was made in a letter read aloud by Senate President Godswill Akpabio during the Wednesday session in the upper legislative chamber. This adjustment raises the 2024 budget to N34.9 trillion, up from the…
The Economic and Financial Crimes Commission (EFCC) has successfully secured convictions for four individuals involved in internet fraud. Justice Hauwa’u Bello of the Federal High Court, sitting in Kaduna, delivered the verdicts against Daspan Eric Domshak (a.k.a Batshon Abe), David Awu Tanko (a.k.a Sara Khongs), Emmanuel Caesar Yakubu (a.k.a Jessica Simeon), and Tobi Segun Kazeem….
The Economic and Financial Crimes Commission (EFCC) has successfully secured the conviction of Ikechukwu Obiekwe and Ugo Chukwudi for their involvement in a significant fraud case amounting to N39,528,530. Justice Victoria Nwoye of the Anambra State High Court, sitting in Onitsha, delivered the verdict, sentencing both individuals to prison terms. The Enugu Zonal Directorate of…
Justice A. Bello of the Kaduna State High Court has convicted and sentenced Saadu Salisu, Omoruyi Osavbie (a.k.a Antonio Hendo Henderson), and Daniel Japheth (a.k.a Cain Steven) to various jail terms for internet fraud. The trio was prosecuted by the Kaduna Zonal Command of the Economic and Financial Crimes Commission (EFCC) on separate one-count charges….
