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EFCC Recovers N32.7 Billion, $447,000 in Humanitarian Ministry Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of N32.7 billion and $447,000 during its investigation into alleged financial misappropriation in the Ministry of Humanitarian Affairs and Poverty Alleviation. The EFCC initiated the probe into the suspended Minister of Humanitarian Affairs, Betta Edu, over the alleged transfer of N650 million to a […]

Zenith Bank Celebrates Record-Breaking Performance in 2023

Zenith Bank Plc has unveiled its audited financial results for the year ended December 31, 2023, showcasing an exceptional triple-digit growth of 125% in gross earnings, soaring from NGN945.6 billion in 2022 to NGN2.132 trillion in 2023. The results, presented to the Nigerian Exchange (NGX), further reveal a staggering Year-on-Year (YoY) surge of 180% in […]

Binance and Executives to Face Money Laundering Charges, Court Rules

Justice Emeka Nwite of the Federal High Court in Abuja on Monday ordered the arraignment of Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, over alleged money laundering offences. The order came after the judge ruled that the court documents served on the second defendant, Gambaryan, were proper. Justice Nwite […]

CBN Announces Sale of Forex to BDCs at N1,101/$1

The Central Bank of Nigeria has issued a circular to Bureau De Change (BDC) operators, informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. The directive, announced on the CBN X platform on Monday, 8th April 2024, requires each BDC to sell the dollars to eligible customers at a […]

New App Allows Nigerians to Monitor Government Ministers Performance

A Delivery Tracker App, designed to allow citizens to monitor the performance and key deliverables of all ministries, was activated on Monday. Hadiza Bala Usman, the special adviser to the president on policy coordination and head of the Central Delivery Coordination Unit (CDCU), launched the app at Transcorp Hilton, Abuja. She stated that the app’s […]

Emefiele Denies 26-count Charges Before Ikeja Court

Former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, and his co-defendant, Henry Isioma-Omoile, on Monday pleaded not guilty to a 26-count charge brought against them by the Economic and Financial Crimes Commission (EFCC). They were arraigned before Justice Rahman Oshodi of the Ikeja Special Offences Court. Defence counsel, Mr. A. Labi-Lawal, in […]

Third Mainland Bridge Reopens to Commuters’ Relief

Residents of Lagos breathed a sigh of relief yesterday as the Third Mainland Bridge reopened to vehicular traffic. Remaining works, including solar light installations and CCTV installations, will continue, according to Works Minister Dave Umahi. Umahi emphasized that these ongoing works should not impede traffic flow. He announced that the brick deck work is expected […]

Alleged Money Laundering Charges Leveled Against Bobrisky

The Economic and Financial Crimes Commission (EFCC) has instituted a six-count charge against Idris Olanrewaju Okuneye, widely known as Bobrisky. The charges were filed on Thursday, April 4, and Bobrisky is scheduled for arraignment on Friday, April 5, before Justice Abimbola Awogboro at the Federal High Court in Lagos. The initial four counts pertain to […]

CBN Sets New Minimum Capital Requirements for Banks

The Central Bank of Nigeria (CBN) has introduced revised minimum capital requirements for banks, setting the minimum capital base for commercial banks with international authorization at ₦500 billion. In a circular addressed to all commercial, merchant, and non-interest banks, as well as promoters of proposed banks, the Director of the Financial Policy and Regulation Department, […]

Chinese National Sentenced to Death for Murdering Nigerian Girlfriend in Kano

A Kano High Court, located on Miller Road, has sentenced Frank Geng-Quangrong, a Chinese national residing in Railway Quarters, Kano, to death by hanging for the murder of his Nigerian girlfriend in 2022. Frank was found guilty on a charge of culpable homicide, following an incident on September 16, 2022, at Janbulo Quarters in Kano. […]

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