Ola Olukoyede, the executive chairman of the Economic and Financial Crimes Commission (EFCC), has urged local government chairmen nationwide to prioritise accountability in managing council resources.

Olukoyede spoke on Wednesday at the Gombe state LG summit.

He said LG chairpersons do not enjoy immunity from investigation and prosecution for fraud, warning that the anti-graft agency will not hesitate to take action against them. 

“Local government chairmen do not have immunity, and we are not going to wait until you finish your tenure to come after you,” the EFCC chairman said.

“The impact of these resources are not felt by the people living in these areas. Councils, instead of becoming catalysts of growth, have become caricatures existing only in name.”

Olukoyede said LG chairpersons should establish a compliance unit to assist them in monitoring the use of resources and the delivery of projects.

He said EFCC has established a fraud risk assessment and control (FRAC) department to monitor how the increased funds from the federation account are being used.

“EFCC will be paying you visits occasionally to monitor how you are using the funds. We will come in the evening. Sometimes you may even be seeing us in your dreams,” he said.

Microsoft has announced a $1 million initiative to train one million Nigerians in artificial intelligence (AI) over the next two years.

Ola Williams, country manager for Microsoft Nigeria and Ghana, announced on Wednesday during the Microsoft AI Tour in Lagos.

“I am so delighted to announce that as Microsoft in Nigeria, we will be investing one million dollars in the next two years to empower one million Nigerians with AI tools,” Williams said.

She said the initiative aims to equip Nigerians with AI skills to help them build solutions, establish businesses, and compete globally.

 

“This is a significant investment in our drive to ensure that everyone has access to the right skills required not just to use AI but to build solutions on AI, build businesses on AI that will be a sustainable means of livelihood for Nigerians and give Nigerian youths the opportunity to compete globally with their counterparts,” she added.

The announcement comes on the heels of a partnership between the federal government and Google to advance AI and digital innovation in the country.

The presidency described the partnership as a major step toward strengthening Nigeria’s digital economy and expressed commitment to ensuring technological transformation translates into real benefits for businesses and citizens.

The Lagos state house of assembly has denied reports of the defection of 27 members of the All Progressives Congress (APC) to the Labour Party (LP).

A statement issued on Wednesday by Ogundipe Olukayode, chairman of the house committee on information, strategy and security, said the APC remains “united and focused”.

He said reports of the “mass defection” from the ruling APC is “riddled with inaccuracies and outright falsehoods”.

“The Lagos state house of assembly wishes to categorically debunk the malicious and unfounded publication alleging that twenty-seven members of the assembly are planning to defect from the ruling party to the opposition Labour Party (LP). This publication is entirely false, misleading, and a deliberate attempt to misinform the public,” the statement reads.

“We find this report not only offensive but also riddled with inaccuracies and outright falsehoods that serves no purpose other than to sow discord and confusion within the assembly and among the good people of Lagos state.

“The recent developments in the house, including the removal of the erstwhile speaker, Hon. Mudashiru Obasa, and the election of Rt. Hon. Mojisola Lasbat Meranda as the new Speaker, are purely internal matters. These actions were carried out in accordance with the constitution of the federal republic of Nigeria as amended.”

The statement said the recent struggle over the leadership of the house does not suggest any intention by members to leave the party.

“We emphasize, without any ambiguity, that no member of the assembly is contemplating defection,” the statement added.

“We were elected under the leadership of the ruling party, The ruling party remains united and focused on delivering its mandate to the people of Lagos state. The falsehood being spread originates from agents of destabilization who seek to create unnecessary tension and division within the assembly.”

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has banned 60,000-litre fuel tankers from operating on Nigerian roads.

Speaking to journalists on Wednesday in Abuja, Ogbugo Ukoha, NMDPRA executive director of distribution systems, storage, and retailing infrastructure, said the ban, which would take effect from March 1, would mitigate truck-in-transit incidents.

He said the decision was made in response to the increasing number of road accidents involving heavy-duty petroleum tankers.

On January 18, a petrol tanker explosion at Dikko junction in Gurara LGA of Niger state reportedly killed at least 50 people.

The accident also left several others with varying degrees of injuries.

Speaking at the news conference, Ukoha said the first technical stakeholders’ committee met on Wednesday and set timelines for implementing 10 resolutions to reduce truck-related incidents and fatalities.

The executive director said key agencies participated in the deliberations, including the Department of State Services (DSS), Federal Fire Service, Federal Road Safety Corps (FRSC), the National Association of Road Transport Owners (NARTO), and the National Union of Petroleum and Natural Gas Workers (NUPENG).

Additionally, he said the Standards Organisation of Nigeria (SON), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also took part.

Ukoha said stakeholders agreed that from March 1, 2025, no truck exceeding an axle load of 60,000 litres of hydrocarbon would be allowed to load at any depot.

”The important thing about this is that, for the first time, consensus was built amongst all stakeholders, and we’re continuing to encourage that we will work together cohesively to deliver a safe transportation of petroleum products across the country,” he added.

‘CLAIMS OF POOR QUALITY PETROL IN CIRCULATION UNSCIENTIFIC’

On Saturday, the Nigerian National Petroleum Company (NNPC) Limited denied allegations in a viral video suggesting that the PMS sold by MRS Oil lasts 13 minutes longer than that of NNPC.

Ukoha said allegations of poor quality petrol in circulation are bogus, misleading, and unscientific, stressing that all imported and locally refined petroleum products must meet strict regulatory standards before entering the market.

”The regulator would usually be more circumspect and not respond to every comment that is made in the public,” he said.

”But it’s important that people who dabble within the social media space are reminded that it is actually disrespectful, if you imagine that Nigerians are gullible.

”Innocent Nigerians are discerning enough to know that energies need to be directed positively. People who make unscientific claims, bogus data expertise are really not helping the situation.

”As a regulator, we’re working very hard in compliance with the presidential and statutory mandates we have to support the local refineries, to build capacity to the point that Nigerians will have sufficient products, and not just quality, but pricing is also done in a transparent, competitive and fair way.

”That’s the priority we have as the regulator, and that is what we concern ourselves with every day.”

Ukoha said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) would continue complying with the Petroleum Industry Act (PIA), 2021, as well as the specifications set by the Standards Organisation of Nigeria (SON).

”The standard organisation specification includes parameters such as the research obtain number, the sulfur content, the density, the color, the oxygenate level, and many other parameters that you find within that,” he noted.

”Before any product is distributed in Nigeria, the regulator ensures that from the load port of the product, whether from a domestic refinery or imported from outside the country, and as well as at the discharge port, accredited laboratories must test every product and duly issue certificates of quality to say that the product that is in the vessel meets those specifications.

”It’s only on that basis that products are then discharged and distributed across the country.”

Ukoha explained that hydrocarbons are naturally impure compounds, which is why specifications provide a range of acceptable values, and test results must fall within set limits to be deemed compliant.

The executive director said sulphur content must be moderated to prevent corrosion and environmental pollution.

He also noted that engine performance depends on the research octane number (RON), which is optimised by oxygenate levels for better engine functionality.

”The only color in the current specification that is colorless is the ATK,” he said.

“From the sighting of the product, it is for you to tell that this is PMS because it complies with the color, separate from an AGO.

”Just imagine if you were to put the wrong product without the color into the wrong vehicle or the wrong engine.

“So these are the back end processes the regulator concerns itself and what we prioritise.

“You must meet those specifications; otherwise, we will not let those products be distributed.”

‘DAILY PETROL CONSUMPTION DECLINED TO 50M LITRES AFTER SUBSIDY REMOVAL’

Ukoha said no oil marketing company with refinery ownership has imported petrol in 2025.

The NMDPRA official said between January and February, local refineries contributed less than 50 percent of the country’s daily petrol needs.

He said if the shortfall is not bridged, the country could face a scarcity, emphasising the regulator’s commitment to ensuring sufficient petroleum product supply nationwide.

”All of us have experienced a yuletide free from any scarcity. Let me reconfirm that from year to year, we saw an increase in the demand of PMS by 2021, 2022 up to 2023 and just before the current administration came in, the daily PMS supply sufficiency was always in excess of 60 million, averaging about 66 million a day for PMS,” he explained.

”Following the president’s withdrawal of subsidy, the announcement on May 29, 2023, we immediately saw a steep decline on consumption and between then and as we speak, we’ve continued to do plus or minus 50 million that’s considerable reduction in volumes.”

He noted that domestic refineries contribute less than 50 percent to the daily average of 50 million litres, with the shortfall being sourced through imports, in line with the Petroleum Industry Act.

The federal government is seeking $79.51 billion and N231 million in compensation from Binance Holdings Limited over alleged economic losses linked to its operations in Nigeria.

According to Nairametrics, the federal government claimed that Binance deliberately operated in secrecy despite having a significant economic presence in Nigeria.

The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11.

The federal government alleged that the company violated several financial and tax regulations, including the Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the Central Bank of Nigeria’s Regulatory Framework for Mobile Money Services, and the Significant Economic Presence (SEP) Order, which applies to foreign companies earning at least N25 million annually from digital services in Nigeria.

In an affidavit deposed to by Jimada Yusuf, a member of the special investigation team in the office of the national security adviser (ONSA), Binance is said to have been operating in Nigeria for over six years without registration.

Yusuf stated that Binance executives Tigran Gambaryan and Nadeem Anjarwalla, admitted this fact during a 2024 meeting with the Securities and Exchange Commission (SEC).

He further claimed that in a letter dated February 20, 2024, Binance acknowledged having 386,256 active Nigerian users, a trading volume of $21.6 billion, and a net revenue of $35.4 million for the 2023 calendar year.

The FIRS, represented by its lead counsel Kanu Agabi, a senior advocate of Nigeria (SAN), argued that Binance is liable to pay corporate income tax in Nigeria and must file income tax returns for 2022 and 2023.

The agency is seeking a court order compelling Binance to pay $2,001,000,000 in outstanding income taxes for the two years and imposing a 10 percent penalty per year on unpaid taxes.

The FIRS also wants Binance to pay an annual interest rate of 26.75 percent, based on the CBN’s lending rate, from January 1, 2023, and January 1, 2024, respectively, until full payment is made.

Additionally, the FIRS is requesting that Binance be held responsible for economic losses amounting to $79.51 billion and N231 million.

At the latest court proceedings, Inyang Ekwo, the presiding judge, granted a motion for substituted service on Binance, allowing legal documents to be served through alternative means.

The case has been adjourned to March 3, marking another significant step in Nigeria’s intensified regulatory scrutiny of cryptocurrency platforms and their financial dealings within the country.

The Chief of Defence Staff, CDS, Gen. Christopher Musa on Wednesday said the military met all the requirements and passed through all the processes in respect of the recent visa application to the Canadian High Commission.

Musa made this known in Abuja when he received the Armed Forces of Nigeria Contingent who won medals at the just concluded Invictus Games in Vancouver, Canada.

He said that most people who made comments against Nigeria’s participation in the sporting event spoke from the point of ignorance.

“On the issue of the denial of the visa, we must not travel abroad. Nigeria is good enough for all of us.

“We had an agreement, we were invited, a programme was sent, we followed our requirements and the process.

“Everybody knows members of the Armed Forces will never take shortcuts. The Minister of Foreign Affairs, the NSA and everybody is aware of this journey and we followed the process.

“But for reasons best known to them, the team captain did not go, the medical doctor was not there, the physiotherapist did not go.

“All those that were important for the team were not given visas. The question is why?

“Well, I’m happy that the Federal Government is also looking that aspect,’’ he said.

The Nigerian Senate reacting to the alleged funding of terrorism in Nigeria by the United States Agency for International Development USAID, Wednesday summoned Security Intelligence Chiefs for investigation and veracity of the allegation by Perry Scott of the United States parliament.

The resolution followed an Order of Urgent National Security through Order 41 by Senator representing Borno South Senatorial District, Mohammed Ali Ndume.

Ndume urged the Senate to consider the revelation as too weighty to gloss over, given the devastation that terrorists have done to the country, particularly the Boko Haram fighters, stressing that the investigation would put paid to speculations on how the non-state actors have been surviving over the years.

The heads of security intelligence agencies summoned by the Senate are, National Intelligence Agency, NIA, Directorate of Intelligence Agency, DIA, Department of State Services, DSS, and the National Security Adviser, NIA.

Senate President, Godswill in sustaining the resolution remarked that security issues should not be discussed in the market, noting that the head of security intelligence will offer the Senate better perspective in a close door meeting with them.

A prominent political critic in Kano, Abdulmajid Danbilki Commander, has accused President Bola Ahmed Tinubu of neglecting the North, claiming his policies have worsened economic hardship in the region.

In a viral TikTok video, Danbilki, who is a popular figure in the APC and staunch supporter of former president, Muhammadu Buhari, slammed Tinubu’s administration for its handling of the economy, particularly the soaring cost of living.

He pointed out that staple food prices have skyrocketed, noting that a bag of rice, which cost N26,000 under former President Muhammadu Buhari, now sells for N96,000.

Danbilki urged Tinubu to urgently tackle these economic challenges before the 2027 elections, warning that the worsening conditions could erode public trust.

He also criticized Northern politicians in Tinubu’s government, accusing them of prioritizing personal interests over regional development.

According to him, despite their significant presence in the administration, they have failed to advocate for policies that benefit the North.

Reminding them that power is temporary, he called on these officials to push for meaningful progress before their tenure ends.

Controversial singer Habeeb Okikiola, popularly known as Portable, has arrived at the Ogun State Police Command.

The spokesperson for the command, Omolola Odutola, confirmed this in a statement on Wednesday.

PUNCH Online earlier reported that the singer surrendered himself at the Lagos State Criminal Investigation Department, Yaba, on Wednesday.

The Lagos State Police Public Relations Officer, Benjamin Hundeyin, stated in a text message to our correspondent that the Ogun command had been contacted to take custody of the singer.

“Portable just turned himself in at the SCID, Yaba. We have contacted the Ogun State Police Command to come and pick him up,” Hundeyin stated.
Confirming his arrival, Odutola noted that the singer reached the command at 1:23 pm.

She said, “The Ogun State Police Command wishes to inform the public that Habeeb Okikiola, also known as Portable, arrived at the State Criminal Investigation Department, Eleweran, Abeokuta, at exactly 13:23 hours today, February 19, 2025.

“His presence at the SCID is connected to an ongoing investigation. The command assures the public that due process will be followed in handling this matter, and updates will be provided as necessary.”

She urged the public to remain calm and avoid spreading unverified information.

“We urge members of the public to remain calm and refrain from spreading unverified information. The Ogun State Police Command remains committed to upholding justice and maintaining public order,” Odutola stated.

Portable came under scrutiny after allegedly assaulting three officials from the Ogun State Ministry of Physical Planning and Urban Development, Ota Zonal Office: TPL Onabanjo Abidemi, TPL Raymond Lateef, and TPL Ridwan Oyero Akinlesi. The officials were conducting an enforcement exercise at Oke-Osa, Tigbo Ilu, Ota, Ogun State, when the alleged incident occurred.

Following the assault, nine of his accomplices were arrested and arraigned before a Magistrates’ Court in Isabo on five counts, including felony, assault, and conduct likely to cause a breach of peace. The suspects, accused of using cutlasses and guns, pleaded not guilty.

After Portable failed to honour police invitations, the Ogun State Police Command declared him wanted.

Speaking in multiple videos on Tuesday, Portable described himself as a
“madman undergoing treatment” at the Federal Neuropsychiatric Hospital, Aro, Abeokuta.

He also appealed to Nigerians and the Ogun State Government for leniency after being declared wanted by the state police command.

The ousted Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has denied reports linking him to some firearms allegedly uncovered at his office.

Online reports on Tuesday alleged that 47 pump-action guns were discovered by officials of the Department of State Services during a visit to the assembly on Monday.

Some versions of the reports claimed the weapons were found in Obasa’s office, while others suggested they were in the former Chief Security Officer’s office.

In a statement released by his aide and signed by Obasa on Wednesday, the former Speaker described the report as a “concoction.”

The statement was titled Re: “DSS Uncovers Arms Cache In Obasa’s Office Day After Lagos Assembly Drama.”

He said, “The ill-conceived story, apart from being a complete concoction, clearly exposes its author and paymasters as maliciously of low intelligent quotient, only out to malign my hard-earned reputation spanning decades of political leadership and legislative hard work.

“The discovery, according to the story’s specious account, led to immediate notification of ‘the State Security Service, who in turn sent in their men to take inventory of the arms and also take them into custody while an investigation is scheduled on the development.

“From the foregoing, it is obviously discerning that my traducers are furtively attempting to call a dog a bad name just to hang it.”

He said it was of public knowledge that he travelled abroad around the end month of December and returned in January, by which time he had been removed, “a matter that is currently before the court of law for adjudication.”

“Immediately their sinister act was carried out while the House was on recess, my office (the Speaker’s Office), and the Assembly Chamber were forcefully broken into, and thoroughly ransacked by their assigned officers.

“I consider their purported sudden discovery of ‘cache of arms ammunition in the Speaker’s Office as nothing but an afterthought, having sensed the futility of their illegal actions,” Obasa added.

A source in the DSS had on Tuesday told PUNCH Online that the report that the agency uncovered weapons at the assembly was false.