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Olukoyede: EFCC’ll Never Allow Relooting of Recovered Assets

John Shiklam in Kaduna

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has vowed that the Commission would never allowed the re-looting of recovered assets.

Olukoyede stated this yesterday during a visit to the main campus of the newly established Federal University of Applied Sciences, Kachia, Kaduna State.

The institution initially known as Nok University was a established in 2021 as a private institution by Anthony Hassan, a retired Director of Finance and Accounts at the Federal Ministry of Health.

An Abuja federal high court, presided over by Justice Joyce Abdulmalik, had in June 2024, issued a final order of forfeiture of the university to the federal government, after it was established that Hassan used illicit public funds to establish it.

Hassan was also found guilty of using proceeds of corruption to establish a water factory, hotel, and an event centre.

Olukoyede said good governance was a possibility in Nigeria, adding that Nigerians must enjoy the proceed of accountability.

“This is a testimony that good governance is a possibility in Nigeria. President Bola Ahmed Tinubu has given us a marching order to go and ensure delivery of good governance and he has provided the leadership directly and indirectly, by actions and by words.”

“Never in the history of this country are we going to allow recovered assets to be relooted again. So, this is a testimony of accountability, it is a testimony of transparency, it is a testimony of judicious use of recovered asset,” he said. The EFCC boss stated further that, “Nigerians deserve to enjoy the proceeds of accountability and that is why we decided to give this (institution) back to the people.”

“After recovery, we feel the people of the immediate community must be the first beneficiaries. So, it is important for us to appreciate the leadership of Mr. President because this has not been happening before.”

John Shiklam in Kaduna Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has vowed that the Commission would never allowed the re-looting of recovered assets. Olukoyede stated this yesterday during

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Nigeria Finalises Evacuation of Citizens from Israel, Iran as Crisis Escalates

Michael Olugbode in Abuja

The Nigerian government has finalised arrangements for the emergency evacuation of stranded Nigerians in Israel and Iran as crisis between the two nations has escalated with incessant bombings.

The arrangements by the Nigerian government was communicated yesterday in a statement by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa.

The statement read: “The Ministry of Foreign Affairs wishes to inform that following the escalation of the crisis between the State of Israel and Islamic Republic of Iran, the Federal Government is finalising arrangements for the emergency evacuation of stranded Nigerians in both countries.

“All affected Nigerian citizens are therefore strongly advised to abide by necessary security protocols and contact the nearest Nigerian Embassy or Mission for registration and further instructions.

“The ministry commends the efforts put in place by our Missions in Tel Aviv, Israel and Tehran, Iran for their dedication and commitment to reaching out to the Nigerian community in these difficult times.

“We wish to assure the general public that the Federal Government of Nigeria remains committed to the safety and welfare of all its citizens, both at home and abroad, and is working in close coordination with relevant international partners and local authorities to ensure the timely and secure evacuation of Nigerians in affected areas.

“In the same vein, the Government of Nigeria reiterates its call for the immediate cessation of hostilities and urges all parties involved to embrace dialogue, respect international humanitarian law and prioritise the protection of civilians.”

“Nigeria stands firm in its support for the peaceful resolution of conflicts and reaffirms its longstanding commitment to regional and global peace and stability.”

The government promised to provide further updates from time to time through official channels as operations progress.

Michael Olugbode in Abuja The Nigerian government has finalised arrangements for the emergency evacuation of stranded Nigerians in Israel and Iran as crisis between the two nations has escalated with incessant

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Finance Minister to Attend PEARL Awards 30th Anniversary Summit

Raheem Akingbolu

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has been confirmed as the Special Guest of Honour at the PEARL Awards 30th Anniversary Corporate Summit, scheduled to hold next week Tuesday, in Lagos.

According to a statement signed by the PEARL Awards Project Manager, Mr. Olisemeka Obi, the summit will feature Dr. Biodun Adedipe, a renowned economist and management consultant, as the Lead Speaker. Adedope is expected to deliver key insights on the theme: “Built to Last: Roadmap for Corporate Nigeria.”

Also expected at the event are: Hon. James Faleke, Chairman, House of Representatives Committee on Finance, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group, and Mr. Emomotimi John Agama, Director General, Securities and Exchange Commission (SEC).

The statement also quoted the Awards President and CEO, Mr. Tayo Orekoya, emphasising that the summit’s faculty has been carefully curated to provide participants with practical and time-tested strategies for building enduring, legacy-driven businesses.

“We have just a few organizations in Nigeria that have lasted up to 100 years, and even at that, most were founded by foreigners,” Mr. Orekoya noted. “This summit is aimed at identifying the right pathway to organizational longevity and sustainability in the Nigerian corporate landscape.”

The panel of distinguished panelists will include: Dr. (Mrs.) Toyin Sanni, CEO/MD, Emerging Africa Group, Dr. (Mrs.) Owen Diana Omogiafo, President/CEO, Transcorp International, Mr. Haruna Jalo-Waziri, MD/CEO, Central Securities Clearing System Plc (CSCS) as well as Mr. Bayo Olugbemi, MD/CEO, First Registrars & Investor Services Ltd.

The summit will bring together top CEOs, corporate executives, and key stakeholders in the Nigerian economy, providing a robust platform for knowledge sharing, strategic dialogue, and peer networking.

One of the highlights of the event will be the public presentation and launch of the second edition of “Winning Strategies of Nigeria’s Corporate Giants,” a publication showcasing the success stories of leading Nigerian business founders and corporate trailblazers.

This Corporate Summit serves as a prelude to the 2025 PEARL Awards Nite, which will hold on 30th November 2025. Endorsed by the Securities and Exchange Commission (SEC) since 2003, the PEARL Awards remains Nigeria’s most credible and respected platform for recognizing corporate excellence and performance.

Raheem Akingbolu The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has been confirmed as the Special Guest of Honour at the PEARL Awards 30th

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Borno CP Pledges Security Ahead of TV Station’s Town Hall Meeting

In fostering peace and civic engagement in conflict-affected Borno State, the state’s Commissioner of Police, Nasiru Abdulmajid, has assured a television station, News Central Television, of the command’s full support for its upcoming town hall meeting in the state.

The assurance was given during a courtesy visit on Tuesday by a delegation led by News Central’s Managing Director and Editor-in-Chief, Mr. Kayode Akintemi, to the Borno State Police Headquarters.

The meeting underscored the growing recognition of the media’s role as a critical partner in public safety and social cohesion.

“This partnership with News Central is timely and necessary. We remain committed to supporting initiatives that bring people together to discuss peace, security and development. The town hall is a welcome platform for dialogue, and we will do everything within our capacity to ensure it takes place in a safe and secure environment,” he said.

The visit comes ahead of the meeting scheduled for June 19, 2025. The event is expected to convene a broad cross-section of stakeholders, including government officials, security agencies, civil society actors and residents.

The aim is to address regional challenges and chart paths towards sustainable peace.

Akintemi lauded the police command for its professionalism and openness to collaboration, noting that mutual trust between the media and security forces is vital to navigating the region’s complex realities.

“We believe responsible journalism has a powerful role to play in supporting security and development. Our partnership with the police is not only about safety during the town hall; it is about building long-term channels of communication and trust between institutions and the public,” he said.

Discussions during the meeting also explored strategies for improved crisis communication, enhanced public awareness campaigns and community engagement tools.

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Mbah: Says Enugu Among Safest States

Governor of Enugu State, Dr. Peter Mbah, has said Enugu remains among safest states in the country, irrespective of propaganda by peddlers of falsehood.

Mbah, however, said that although his government had put proactive measures in place and invested in capacity to solve every single crime and bring the perpetrators to book, it would not rest on its ores and laurels in the security sector.

This was even as the Police in Isi-Uzo made arrests over the recent attack on Eha-Amufu farm settlements that left some persons dead.

Mbah spoke when he received in audience the Assistant Inspector General of Police in charge of Zone 13, AIG Abayomi Oladipo, at the Lion Building, Enugu, on Wednesday.

Mbah said he was aware that his administration could not achieve the ambition to grow the state’s economy from $4.4bn to $30bn and position it as the premier destination for investment, business, tourism and living without security, hence his decision to invest huge resources and political will in fighting the scourge of insecurity from the outset.

He maintained that with the enormity of security infrastructure such as the Command and Control Centre, establishment of Distress Response Squad special police unit with over 150 security vehicles, installation of AI-enabled cameras across the state for surveillance, and other resources put in place, Enugu had acquired the capacity to not only prevent crimes, but also to solve them when they occur.

“Enugu is the most secure city in the country, unarguably, save for people, who like to magnify things, and who believe that the security we enjoy in Enugu is disturbing them.

“So, they like to sometimes conjecture things to somehow entertain their views or opinions. What they do is to post or peddle falsehood on social media by going back to things that happened years ago to make them appear as if they are just happening. Also, things that happened elsewhere, they make it appear as if they are happening in Enugu.

“I have seen some images and videos recently of things that never happened here, but made to look as it they happened here in Enugu State.

“Therefore, if we discount those false narratives, those fake narratives that we hear from social media, Enugu as I mentioned, unarguably is the safest city in this country.

“But we are not going to rest on our oars. We have to see that our security agents are alive to their responsibilities, to their duties.

“We do not have any tolerance for insecurity, for crime in Enugu State. We are going to continue to work with the security agencies to ensure that we sustain this security we are enjoying in the state today.

Speaking earlier, AIG Oladipo, who said he had received security briefing from the Commissioner of Police, Enugu State Police Command, CP Mamman Giwa, and his Anambra State counterpart, CP Ikioye Orutugu, and rolled out modalities for synergy in fighting crime, commended Governor Mbah for the notable improvement in security of lives and property in the state.

“I can tell you that what we have put in place is really working for us. I want to thank you for the support and your cooperation with the police and other security agencies of the state,” he stated.

It is recalled that while there were various levels of warning against trips to 27 states by the UK’s Foreign, Commonwealth and Development Office, FCDO, in its 13th June 2025 travel advisory, which was still valid as of 18th June, Enugu State was among the few states without any travel warnings whatsoever against them.

Meanwhile, the Police in Isi-Uzo have arrested two alleged collaborators and informants, Matthew Ebeh, and a woman, who allegedly provided guide for the attack and also sold information on security movement to the militant herders.

It was gathered that Ebeh, 26, allegedly led the suspected herders into the community. He, however, ran out of luck when one of the locals escaped, leading to his arrest.

Governor of Enugu State, Dr. Peter Mbah, has said Enugu remains among safest states in the country, irrespective of propaganda by peddlers of falsehood. Mbah, however, said that although his

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2027: Defectors Are Government’s Tools to Demoralise Opposition, Says Adebayo

The candidate of the Social Democratic Party (SDP) in the 2023 presidential election, Prince Adewole Adebayo, has declared that the politicians who are defecting from the opposition parties to the ruling All Progressives Congress (APC) are government tools to dampen the spirit of the opposition parties ahead of the 2027 elections.

He noted that many of them did not join the opposition by choice, stressing that those who joined by choice can never defect to the ruling party without tangible progress on ground.

He said: “The so-called defections are sometimes coming out of the closet of people claiming to be in opposition because they have been compulsorily retired into opposition, not by choice. When you choose to be in opposition by choice, you have access to the ruling party but you just don’t agree with them, and the reasons for that are well articulated, which has to do with the interest of the Nigerian people. There is zero risk of you defecting unless those fundamental disagreements or problems have now been eliminated.

“Everybody in Nigeria will know that poverty is no longer there, that insecurity is no longer there and corruption and poor ethics that have dominated our politics have now changed. Anything other than that, you will find out that people who miss the bus of the ruling party tend to wait at the bus stop of opposition until the next bus comes and then they hop along. There is nothing new.

“Many of the defectors are being primed and kept in waiting for the dramatisation of resurgence by the ruling party. They just keep them somewhere so that when the time comes, they will use them to demoralise the opposition.”

Adebayo said since 1991 when he first joined the SDP, he has not seen any reason to join any other party because the SDP is well positioned to solve Nigeria’s problems.

The candidate of the Social Democratic Party (SDP) in the 2023 presidential election, Prince Adewole Adebayo, has declared that the politicians who are defecting from the opposition parties to the

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June 19, 2025
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In Renewed Commitment to Nigeria’s Energy Sector, Shell Confirms Investment in Bonga North Deep-water Project

Ndubuisi Francis in Abuja

In a renewed commitment to Nigeria’s energy sector, Shell Petroleum Development Company (SPDC) Nigeria Limited has confirmed its capital investment in the Bonga North deep-water project and associated infrastructure—part of a broader $5 billion commitment, and the company’s first major project of its kind in Nigeria in over a decade.

The confirmation followed a high-powered delegation from the company, led by the Managing Director and Country Chair, Mr. OsagieOkunbor which paid a visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun in his office in Abuja, Wednesday.

In a statement, the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga disclosed that members of the delegation included the incoming Chairman of Shell Nigeria Exploration and Production Company (SNEPCO) and Executive Vice President for Nigeria, Mr. Marno De-Jong.

The visit served to formally introduce De-Jong and reaffirm Shell’s strategic commitment to Nigeria, following recent economic reforms under the administration of President Bola Ahmed Tinubu.

“Shell confirmed its capital investment in the Bonga North deep-water project and associated infrastructure—part of a broader $5 billion commitment—marking the company’s first major project of its kind in Nigeria in over a decade.

“The delegation also highlighted Shell’s recent acquisition of TotalEnergies’ stake in OML 118, a transaction valued at $500 million, which further strengthens its long-term position in Nigeria’s oil and gas sector.

“The leadership attributed its renewed momentum to improved policy coherence, greater regulatory certainty, and the government’s efforts to address legacy challenges related to local content implementation,” the statement said.

In his remarks, the minister welcomed Shell’s renewed commitment to Nigeria’s energy sector, expressing optimism about the company’s investments in the country

Edun, applauded Shell’s continued contributions to Nigeria’s economic development.

He reaffirmed the President Bola Tinubu administration’s commitment to sustaining macro-economic reforms, attracting long-term capital, and ensuring a transparent and investor-friendly environment for domestic and global partners.

Ndubuisi Francis in Abuja In a renewed commitment to Nigeria’s energy sector, Shell Petroleum Development Company (SPDC) Nigeria Limited has confirmed its capital investment in the Bonga North deep-water project

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TCN: FG Owes Us N457bn in Shortfall, Legacy Debts

•Sets up c’ttee to drive performance improvement

Emmanuel Addeh in Abuja

The Transmission Company of Nigeria (TCN) yesterday disclosed that it is currently owed N457 billion in electricity tariff shortfall and legacy debts by the federal government.

Speaking in Nasarawa state at a three-day media workshop for members of the Power Correspondents Association of Nigeria (PCAN) led by ObasEsiedesa, the Executive Director, Transmission Service Provider (TSP) of the company, OluwagbengaAjiboye, said that the amount comprises N217 billion in legacy debt.

He added that the TCN has already opened up discussions with the Ministry of Finance Incorporated (MOFI) for the debts to be repaid to free funds for transmission projects expansion.

“The market owes us about N457 billion as of March, being the market shortfall and legacy debts. We have traced N217 billion to legacy debts, and we are in discussion with MOFI to pay us something out of it,” Ajiboye said.

Nigeria’s electricity sector has been grappling with a deepening debt crisis that totals up to N4 trillion which threatens its stability and performance. At the heart of the issue is a complex chain of unpaid obligations in terms of subsidy backlog by the government.

Ajiboye further stated that the federal government is yet to sell off its five National Integrated Power Projects (NIPPs) because of the low prices the bidders are offering. This is coming after the government in 2023 announced its decision to sell the plants.

They include: The 434 megawatts gas-fired Geregu II power plant located in Kogi; 451MW Omotosho II plant in Ondo; 750MW Olorunshogo II plant in Ogun State; 563MW Odukpani power plant in Calabar, Cross River State, and the 451MW Benin-Ihovbor plant in Edo State.

At the programme themed: “Understanding the Critical Role of TCN in Nigerian Electricity Supply Industry (NESI),” Ajiboye stated that the TCN has about 8,701mw it can conveniently wheel currently, noting that investment in the sector remains critical for reliable power supply.

He added: “We have all known that all the Generation Companies (Gencos) have been privatised except the power stations under NIPP. The government has been going up and down, forward and backwards, either to privatise or sell or not to sell.

“The government is willing to sell, but the money being offered is not sufficient to cover the outlay of the investment.”

According to him, ageing infrastructure in the industry is accountable for the unavailable capacity across the distribution and generation sub-sectors, but added that the TCN is investing heavily in the sector.

Besides, he stated that the interaction with PCAN was necessary so as to fill any information gap between the media and the TCN, stressing that both parties remain partners in progress.

Meanwhile, the TCN has officially inaugurated its Performance Improvement Plan/Power Sector Recovery Operation (PIP/PSRO) Committee, effective from June 17, 2025.

The programme is an Order and a critical component designed by the Nigerian Electricity Regulatory Commission (NERC) to enhance the operational efficiency and financial sustainability of the power sector, in which TCN is a significant player, a statement by the General Manager, Public Affairs, NdidiMba, said.

According to the statement, it aims to identify and mitigate operational bottlenecks within the transmission network, enhance the reliability of electricity transmission, and reduce system losses. This can be achieved through improved maintenance practices, infrastructure upgrades, and better operational protocols.

During the inauguration, the Managing Director/CEO of TCN, SuleAbdulaziz disclosed that the NERC Order requires the establishment of a Committee comprising relevant stakeholders to oversee the implementation of the projects under the programme.

He emphasised that their mandate aligns with the NERC Order and the PSRO-AF Operation Manual, underscoring TCN’s commitment to sector recovery and performance improvement.

He therefore charged the committee members to collaborate with relevant stakeholders and coordinate activities to ensure the timely and efficient implementation, monitoring, and reporting of all projects under the PIP/PSRO.

In his remarks, the Executive Director, Ajiboye, reiterated to the Committee that the implementation of the PIP was to establish clear targets and performance indicators, thereby creating accountability among stakeholders, which will enable better governance and oversight.

The Chairman of the Committee, who also serves as the General Manager, Transmission Services at TCN, AliSharafai, assured the management of their commitment to ensuring that TCN adheres to national and international standards.

He also pledged that the company will adhere to regulatory requirements in resolving transmission challenges, thereby achieving a reliable and well-managed transmission system to encourage both local and foreign investments.

•Sets up c’ttee to drive performance improvement Emmanuel Addeh in Abuja The Transmission Company of Nigeria (TCN) yesterday disclosed that it is currently owed N457 billion in electricity tariff shortfall

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FG, States, LGs, Others Share N1.659tn May Federation Revenue

Ndubuisi Francis in Abuja

The Federation Account Allocation Committee (FAAC) on Wednesday shared a total sum of N1.659 trillion, as May 2025 Federation Account Revenue to the federal, state and local governments.

The N1.659 trillion distributable revenue was from a gross revenue of N2.942 trillion which was available for the month of May, with total deduction for cost of collection standing at N111.908 billion while total transfers, interventions and refunds stood at N1.171 trillion.

The Director (Press and Public Relations) Department of the Office of the Accountant General of the Federation (OAGF), BawaMokwa made the disclosure, citing a communique issued at the end of the monthly FAAC meeting in Abuja.

The N1.659 trillion total distributable revenue comprised statutory revenue of N863.895 billion, Value Added Tax (VAT) revenue of N691.714 billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.

From the N1.659 trillion total distributable revenue, the federal government received N538.004 billion, state governments received N577.841 billion while the local governments got N419.968 billion.

The sum of N124.076 billion as 13 per cent mineral revenue was shared to the benefiting states as derivation revenue.

According to the communiqué, gross statutory revenue of N2.094 trillion was received for the month of May 2025. This was higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 billion.

A gross revenue of N742.820 billion was generated from VAT in May, representing N100.555 billion increase over the N642.265 billion garnered in the preceding month.

On the N863.895 billion distributable statutory revenue, the communiqué stated that the federal government received N393.518 billion, the state governments received N199.598 billion and the local governments got N153.881 billion.

The sum of N116.898 billion, being 13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

Out of the N691.714 billion distributable VAT revenue, the federal government received N103.757 billion, the state governments received N345.857 billion while the local governments received N242.100 billion.

During the month, N4.150 billion was received by the federal government from the N27.667 billion Electronic Money Transfer Levy (EMTL) compared to the state governments that got N13.833 billion and the local governments that shared N9.683 billion.

Also, from the N76.614 billion Exchange Difference revenue, the federal government got N36.579 billion, the states received N18.553 billion while local governments received N14.304 billion.

The sum of N7.178 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

In May, Companies Income Tax (CIT), VAT and Import Duty increased and Excise Duty marginally increased, CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) revenues dropped.

Ndubuisi Francis in Abuja The Federation Account Allocation Committee (FAAC) on Wednesday shared a total sum of N1.659 trillion, as May 2025 Federation Account Revenue to the federal, state and

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Tuggar: US Visa Ban on West African Countries Unfortunate

Michael Olugbodein Abuja

The recent reported planned visa ban of West African States including Nigeria, by the United States (US) Government has been described as unfortunate by Nigeria’s Minister of Foreign Affairs, Amb. Yusuf Tuggar

Tuggar, said this yesterday, while giving an opening speech at the 54th Ordinary Session of the Mediation and Security Council of the Economic Community of West African States (ECOWAS) at the Ministerial Level in Abuja.

The Minister who is also the Chair of the Economic Community of West African States Mediation and Security Council, while decrying the apparent inclusion of all ECOWAS member states in a new wave of United States visa restrictions, described the policy as a significant barrier to trade, diplomacy, and regional prosperity, stressing that the sub-region has lots to offer and should not be discarded just like that.

Tuggar, stated that what the US and other superpowers needed to do right now was to seek to make deals with the sub-region.

He added: “It would therefore be remiss of me if I did not mention the apparent recent decision by the Government of the United States to include all ECOWAS countries in its visa restrictions (Togo was on an earlier list).

“This would be most unfortunate if it comes to pass, because we are a region of opportunities ready to do deals.

“We possess critical minerals and even rare earths such as Samarium from the Monazite found in my home State of Bauchi. We would like to do deals with the US, but visa restrictions are Non-Tariff Barriers to deals.

“We in this part of the world are students of the Art of the Deal and have been part of the international trading system even before the modern state system.

“ECOWAS countries and the US have a rare opportunity to create a partnership based on principles of need.”

He added: “We are also a strategic alternative to more distant and politically divergent energy producers. So, we will do deals for our prosperity; the only question is with whom? “Who takes up the opportunities in our region by allowing government officials and technocrats, business executives and entrepreneurs to travel freely back and forth to close the deals?”

He stressed the importance of ensuring peace in the region, stating that: “In these challenging times, our ability to come together to consult, collaborate and take decisive action remains vital to advancing peace, security and good governance across our region.”

Furthermore, he revealed that the meeting would deliberate on a number of key issues that directly address the stability, cohesion, and resilience of our region.

He said: “The meeting is also expected to deliberate on the trends and developments in the transition process in the Republic of Guinea, as well as updates on the preparations for Presidential and Parliamentary elections in two other member states at the last quarter of the year.

“The meeting will consider other current challenges, including developments in maritime security, terrorism and transnational organised crime.”

President of the ECOWAS Commission, Dr. AlieuTouray, in his remarks said the regional body was making progress in strengthening regional peace and security.

He also listed some of the efforts made by the region in this regard to include the ECOWAS Standby Force Logistics Concept and the ECOWAS Logistics Depot Policies; the Supplementary Act relating to the West African Police Information System (WAPIS) Regional Platform.

He also said updates on the establishment of National Early Warning and Response centres, responses to the humanitarian situation in the region, as well as the implementation of measures against money laundering and financing of terrorism in the region would be shared at the meeting.

Michael Olugbodein Abuja The recent reported planned visa ban of West African States including Nigeria, by the United States (US) Government has been described as unfortunate by Nigeria’s Minister of