Latest News
FEATURES
Baltasar Engonga, the former Director-General of Equatorial Guinea’s National Financial Investigation Agency, has been remanded in custody at Malabo’s Black Beach Prison.
Engonga’s arrest came shortly after reports surfaced accusing him of recording over 400 explicit videos involving the spouses of influential figures in the country.
This revelation emerged amid an ongoing fraud investigation into the 54-year-old economist, prompting officials from ANIF to conduct an unannounced search of his residence and office.
During the search, authorities reportedly uncovered numerous CDs containing footage of these encounters, The PUNCH reports.
The leaked videos have ignited widespread public outrage and intense media scrutiny.
In response, President Obiang Nguema Mbasogo dismissed Engonga from his position.
According to Decree No. 118/2024, issued on November 4, the dismissal cited “irregularities committed in the exercise of his functions, as well as inappropriate family and social conduct incompatible with public service duties.”
On Friday, a video circulated widely on social media showing Engonga appearing in court, restrained with handcuffs on both his hands and feet.
French blog Afrikmatin confirmed that Engonga, officially relieved of his duties on November 6, 2024, was subsequently chained and transferred to Malabo Central Prison. He is facing charges related to corruption and embezzlement.
Furthermore, UGStandard, an online news outlet, reported that the sex tapes began to spread on social networks while Engonga was already detained at Black Beach Prison on accusations of misappropriating public funds, as corroborated by state broadcaster TVGE.
In a fact-check published on Wednesday, Dubawa verified Engonga’s detention on corruption charges, affirming that he is currently being held in Black Beach Prison.
The proposed tax reforms by President Bola Ahmed Tinubu have continued to spark significant controversy, with northern state governors and National Assembly members taking new steps to block the president’s initiatives.
According to sources, the latest pushback within the National Assembly is being led by governors from the seven states in the North-West and six from the North-East, with two additional governors from the North-Central region joining their ranks.
However, not all northern governors are opposed to the reforms. Reports indicate that four governors from the region are in support of Tinubu’s proposals. Of these, three belong to the ruling All Progressives Congress (APC) and one is affiliated with the opposition Peoples Democratic Party (PDP).
Pressure is mounting on two presiding officers from the North-West in the National Assembly to align with the dissenting northern governors. Sources have revealed to Saturday Sun that influential traditional rulers and religious leaders have been engaged to persuade the officers to obstruct the bills’ progress. It remains uncertain whether these officers will yield to such pressures.
Meanwhile, a group of northern lawmakers, led by former Senate Leader Mohammed Ali Ndume, has been actively rallying against the tax bills in both legislative chambers.
Ndume, in multiple public statements, has dismissed the bills as “dead on arrival” and criticized them as detrimental to the northern region.
“The proposed tax increases would further burden Nigerians,” Ndume argued. “The middle class is already on the brink of disappearing. If people cannot sustain their livelihoods, additional taxes are not feasible. First, we need to improve living conditions so that citizens have disposable income before considering increased taxation. It’s common sense—you cannot ask for a blood donation from someone who’s already anemic.”
While many senators have refrained from publicly voicing their opposition, insiders suggest that efforts to subvert the bills are ongoing behind the scenes.
Despite the growing resistance, President Tinubu has made it clear that he does not intend to withdraw the proposed tax reforms.
However, he has expressed willingness to incorporate legislative feedback and amend the bills where necessary.
The reform package, which has drawn widespread scrutiny, includes key legislative pieces aimed at overhauling tax administration.
These include the Nigeria Tax Bill to reduce redundant taxes, the Nigeria Tax Administration Bill to standardize processes nationwide, the Nigeria Revenue Service (Establishment) Bill proposing a rebranding of the Federal Inland Revenue Service (FIRS), and the Joint Revenue Board Establishment Bill designed to create a unified tax management body.
Satguru Maharaj Ji, the founder of One Love Family has sent a stern warning to Primate Elijah Ayodele of INRI Evangelical Spiritual Church.
He warned Ayodele to refrain from prophecies of doom against President Bola Tinubu and Nigeria.
According to DailyPost, Maharaj Ji equally warned Ayodele against predicting the downfall of Nigeria. Maharaj Ji said Ayodele’s doom and disaster prophecies will not materialise.
He urged Ayodele to learn from Primate Olabayo and TB Joshua and others whose negative predictions caught up with them.
While reacting to Ayodele’s statement that Tinubu’s government has no solution to Nigeria’s economic problems, Maharaj Ji wondered how a man of God will be prophesying or doom all the time.
Recall that Ayodele, in a statement, described Nigeria’s economic state as hypertensive, saying Nigerians will continue to experience hardship till there’s an economic reset, which he said the current government may not be able to carry out.
Mahara Ji, in his reaction said men of God in the Bible and Holy Quran are known to follow the God of peace, unity, love and happiness.
He said: “Even when such negative things are revealed to them about their nation or individuals, against such occurrences and anything to the contrary is deviant and ungodly because when Light comes, darkness disappear. They ought to stand at sight as Divine intervention.
“Through this and similar prophecies, Primate Ayodele tends to make people believe that he is a politician in cassock.
“From the presentation and analysis of the prophecy in question, it is clear that it is a personal, politically motivated opinion by a man of god, being used by marine forces to destabilize the people and government and the people from the path of greatness, a neo-colonialist ploy to incite the people to war and therefore this is treason.
“If his prophecies in the past as an agent of colonialism have failed to come true, he should look back and return to the divine path of religious rectitude.”
According to him, if such negative prophesies lead to the collapse of the country, even the prophet of doom will be affected in one way or the other.
Ghanaian Gospel singer and preacher, Cecilia Marfo has spoken about Christianity, and how she approaches certain topics when giving sermons.
In an interview with Fiifi Prat, Marfo, who has recently devoted herself more fully to preaching, reflected on her spiritual journey and the significant number of souls she believes she has helped bring closer to God.
Celebrating her impact, Marfo described herself as a skilled preacher, expressing confidence in her style and effectiveness. However, she clarified that she intentionally steers clear of certain subjects, particularly criticizing others’ clothing choices or preaching against behaviors like pr0stitution and womanizing.
According to her, focusing on these topics lacks purpose, calling it “pure stupidity” to center sermons around judging people's attire or personal choices.
Two suspects, Haruna Ahmadu and Kabiru Iliyasu have been convicted in separate jail terms for operating Bureau de change, BDC, businesses without an appropriate license.
The duo were convicted and sentenced by Justice Fadimatu Aminu of the Federal High Court, Damaturu.
The defendants were first arraigned on Tuesday, March 12, 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a one-count separate charge.
The lone charge against Haruna reads: "That you, Ahmadu Haruna, between the month of June 2023 and 2024 in Damaturu, Yobe State, within the jurisdiction of this Honourable Court, did carry on other financial businesses, to wit, bureau de change business without a license issued by the Central Bank of Nigeria contrary to Sections 57 and 59(5) of the Bank and other Financial Institutions Act, 2020."
The defendants pleaded "not guilty" to the charges raised against them by the EFCC when they were read to them.
As the trial progressed, Iliyasu changed his plea and pleaded guilty to the one-count charge prepared against him. Ahmadu did not plead guilty until his trial was concluded.
While counsel to the prosecution, Mukhtar Ali Ahmad, thereafter, prayed to the court to convict him accordingly iliyasu owing to his change of plea.
Justice Aminu, thereafter, in a separate judgment, convicted and sentenced the convicts thus: four years imprisonment for Iliyasu with an option of fine of N500,000( Five Hundred Thousand Naira) and two years imprisonment with for Ahmadu with an option of N100,000(One Hundred Thousand Naira).
The convicts bagged their imprisonment when they were arrested for operating bureau de change businesses without requisite licenses. They were charged to court and convicted.
An economist and the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has projected that petrol prices in Nigeria could reach N1,200 per litre in the near future.
In his November 2024 economic outlook, Rewane also predicted that Brent crude could trade at $70 per barrel by December and that inflation might rise to 34%. He forecasted a potential appreciation of the Naira to N1,550/$ by January 2025.
According to ThisDay, Rewane shared these insights during the November edition of the Lagos Business School’s Breakfast Session titled ‘Democracy on Trial! Trump – Going Back to the Future.’
He highlighted that there is no economic rationale for the Naira to trade at less than 30% of its fair value within the next 12 months.
“According to the Economist Intelligence Unit, crude oil prices next year will average $74 per barrel, which could push petrol prices to N1,200 per litre,” he stated.
He added that global oil prices and logistics distribution costs will play a significant role in determining petrol prices, noting that higher petrol prices could help curb smuggling while official fuel exports to neighboring countries might boost foreign exchange revenue.
Rewane cautioned that while the Dangote Refinery has been viewed as a game-changer for Nigeria’s oil sector, it is not the ‘silver bullet’ many had hoped for.
“The refinery’s pricing strategy is dictated by global crude prices and operational costs,” he explained.
While it would ensure supply and availability, it would not necessarily stabilize prices, as the refinery operates on a cost-plus margin model.
“Smuggling will continue as long as Nigeria’s petrol prices remain lower than those of neighboring countries,” he noted.
Rewane also pointed out that the recent increase in petrol prices from N600 to N1,030 per litre has led to a 25% reduction in vehicular movement. This observation was based on a vehicular count report conducted on Adeola Odeku, a major thoroughfare in Victoria Island, Lagos.
He emphasized that the Naira is currently undervalued by 35.18%, with its fair value pegged at N1,090.24 to the Dollar, compared to the current NAFEM rate of N1,682 and the parallel market rate of N1,742 per Dollar.
“We anticipate that the Naira will strengthen by January 2025, contingent on reforms in the exchange rate determination mechanism,” Rewane said.
He stressed that “there is no justification for the Naira to trade at less than 30% of its fair value for an extended period. We expect the currency to regain some of its value by early next year.”
Rewane underscored that the exchange rate is a significant driver of inflation in Nigeria. A partial recovery of the Naira would help reduce inflation and curb excessive money supply in the economy.
He projected that the Monetary Policy Committee (MPC) might maintain its current stance to allow existing policies to take effect, but upcoming inflation data for October, set for release on November 15, could influence this decision.
Rewane further noted that fluctuations in crude oil production could impact Nigeria’s trade balance and exchange rate.
Historically, stable exchange rates align with periods of positive trade balances and high crude oil production, while trade deficits and currency depreciation are linked to low production or declining oil prices.
He concluded that Nigeria’s best-case scenario would involve the Central Bank of Nigeria (CBN) keeping interest rates high until 2025, a surge in capital flows, regular rDAS auctions, and an increase in oil production to 1.55 million barrels per day.
Rewane also highlighted that corporate entities are facing significant foreign exchange losses, which have collectively reached N2 trillion for 10 prominent companies, impacting their earnings.
He pointed out that fixed assets acquired at historic rates have now fully depreciated, increasing operational inefficiencies and driving up maintenance and replacement costs.
“Companies with foreign currency-denominated debt are also experiencing increased servicing costs,” he concluded.
The Governor of Bayelsa State, Douye Diri, has lamented that his state has been without power for the last three months, a situation attributed to the destruction of the power infrastructure of the Transmission Company of Nigeria (TCN) by vandals.
Diri made this announcement during the 2024 All Nigerian Editors Conference, which took place at the DSP Alamieyeseigha Memorial Banquet Hall in Yenagoa, the capital of the State, on Friday.
He pointed out that since the vandalism occurred, the state has been plunged into darkness for the duration of the three months.
He revealed that his government has been in close collaboration with TCN to bring back electricity to the state, and mentioned that as part of his ASSURED Agenda, there are plans to establish the state’s own power generation through gas turbines.
“I just want to let you know maybe you are in hotels where you have power. Bayelsa has been without power for the past three months. The hotels have light, so you may not know that the people of this state have been living without power for the past three months.
“The reason was that electrical installations of the Transmission Company of Nigeria were vandalized by criminals. After that vandalization, the state has remained in darkness till today. The other one that happened in the North was also a similar thing to this one, but we heard power has been restored in the North.
“But in our state here, for three months and still counting, there is no electricity and we are working hand in gloves with the Transmission Company of Nigeria. As you are all aware, energy was is under the exclusive list, particularly transmission. It is only with the coming of Mr. President that he liberalized it and signed into the law that now allows state governments to generate and distribute energy.
“For us as a state, we are very rich in gas, even more than oil. Now we are working with the TCN to restore the National Grid but we will not stop it there. We have now moved beyond that to see how we can have our own independent power supply through the gas turbines,” the governor told the editors.
The Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), among other academic unions, will meet the federal government’s reconstituted committee next week on the renegotiation of the 2009 agreement with university-based unions.
Naija News reports that ASUU’s National President, Emmanuel Osodeke, made this known in an interview with Punch in Abuja.
However, Osodeke did not specify the meeting date but stated that the committee would meet in the coming week to deliberate on issues.
In early October, the Federal Government announced the reconstitution of a committee to renegotiate the 2009 agreements between the government and various university-based unions.
The committee received a time frame of three months.
Recall that the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha, has affirmed that the Federal Government is taking proactive measures to prevent another strike by the Academic Staff Union of Universities (ASUU).
She noted that President Bola Ahmed Tinubu‘s administration is working diligently to address the underlying issues and implement reforms that will strengthen Nigeria’s economy in the long term, despite the immediate challenges these reforms may present.
Speaking during her 17th annual free medical outreach in Isuochi, Abia State, Onyejeocha reassured the public that the concerns raised by ASUU would soon be resolved.
ASUU recently issued a 14-day ultimatum to the government, demanding the settlement of four months’ salary arrears from the 2020 strike, the migration of its members from the Integrated Personnel and Payroll System (IPPS) to the University Transparency and Accountability System (UTAS), and the payment of outstanding earned allowances, among other issues.
Onyejeocha expressed optimism that ongoing discussions with ASUU would lead to a positive resolution soon
Certain reports claiming the federal government has directed civil servants to move their salary accounts away from Guaranty Trust Bank (GTB) has been debunked.
The denial follows a viral WhatsApp message that reads: “Please let’s all take note, seems GTB now has serious problems and may be shut down any moment from now. Anyone that has money in the bank should do the needful.”
However, the spokesperson for GTB, Cornelius Onuoha, on Friday debunked the message.
He said those behind the messages are the same set of people seeking to blackmail the bank since it declared a N1 trillion profit.
The report is “absolutely false”.
“It is a totally false story. The federal government has also commented about it. These same set of people are looking for ways to blackmail the bank since it declared a N1 trillion profit,” Onouha told The Cable.
Naija News recalls following the decision of the federal government to discontinue the use of the Integrated Personnel and Payroll Information System (IPPIS) to pay salaries to staff of Federal Tertiary Institutions (FTIs), the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, also denied any order from the government requiring workers o change their salary accounts.
Mokwa, in a statement on November 4, clarified that the OAGF has not issued any instruction to workers to switch their salary accounts.
He told workers not to make any panic-driven decisions as their welfare remains the top priority of the government.
He explained that any decision to change salary accounts is entirely personal for each worker, with no mandate from the IPPIS office.
“The OAGF explained that whenever there is an application for change of salary account, such is always a personal decision of the worker concerned. The IPPIS Office has not issued any general directive to this effect as there was no reason to do so,” Mokwa said.
“The OAGF tasked financial institutions to implement necessary strategies to boost customers’ confidence and guarantee efficient fulfillment of their obligations to persons whose salaries are domiciled in such financial institutions and Nigerians in general.
“The OAGF noted that there are agencies that are statutorily mandated to determine the health as well as viability of financial institutions and expressed optimism that those agencies are up to their tasks,” Mokwa said.
Former Vice President of Nigeria, Yemi Osinbajo has urged President Bola Tinubu to alleviate the economic hardship of Nigerians.
Osinbajo expressed worry over the increasing food insecurity in the country.
He adviced the president to focus on improving the welfare of Nigerians, particularly as the country faces significant economic hardships.
The erstwhile Vice President shared his concerns while speaking at the 2024 Women in Management, Business, and Public Service (WIMBIZ) conference.
He highlighted the pressing need for targeted social welfare programs, accessible healthcare, and policies that address the rising costs of essentials such as food, transportation, and housing
He said, “The cost of living is overwhelming Nigerians’ hope for survival.
“Children are suffering from the impact of rising food prices, and we must address this crisis.
“We need stronger social safety nets to ensure that the basic needs of our people are met.”
Osinbajo also spoke candidly about the country’s literacy challenges, particularly in the northern region, where over 67% of women are illiterate.
He stressed the vital importance of education for national development, warning that “a country where half the population is socially and economically disempowered due to illiteracy will find development difficult, if not impossible.”
To overcome these barriers, Osinbajo emphasized the necessity of large-scale social interventions that not only tackle literacy but also promote economic empowerment and reduce inequality.
“We must invest in education and provide opportunities for economic independence for our people, especially women. This is a critical part of creating a fairer and more prosperous Nigeria,” he added.
More...
Kazeem Adebola Abdur-Rahmon, a graduate of Olabisi Onabanjo University (OOU) has celebrated after graduating with firstclass.
He graduated with a CGPA of 4.88 out of 5.0.
Following the feat, he got a cash reward of ₦500k from the Ogun State government.
Sharing his achievement on Twitter, he wrote:
“Received my prize today as promised by the Governor of Ogun State, @DapoAbiodunCON, for being the Best Graduating Student, Faculty of Engineering (2022/2023) session. Thank you, Ogun State Government ❤️.”
The post quickly gained traction online, drawing numerous reactions from users who congratulated him and shared their admiration in the comments section.
SEE POST:
Popular Nigerian businessman and socialite, Cubana Chief Priest, has encouraged his followers to appear rich until they make it.
According to him, it is okay to live the fake live until the real life comes into manifestation.
In a post charged via his Instagram page, Cubana Chief Priest urged his followers to package until the success they desire happens or the opportunity they seek comes forth.
“Make Sure You Appear Rich, That’s The Fastest Access To Open Doors,” he wrote.
“Na Fake Life Go Bring You Real Life. If You No Add Packaging For Your Life You Go Suffer Tire,” Cubana Chief Priest added.
Meanwhile, controversial Nigerian singer, Habeeb Okikiola, better known as Portable, has claimed that he has more hit songs than Grammy award-winning singer, Burna Boy.
Portable insisted that his statement is not about boasting, as he does not make empty boasts.
Naija News reports the ‘Zazu’ singer made the submission in a video making the rounds on social media.
“I have more hit songs than Burna Boy. I’m not making empty boasts. I have hit songs like ‘Tony Montana’. Uncle Burna, I have more hits than you,” he stated.
A newly elected Chairman of Ogbaru LGA in Anambra State, Franklin Nwadialo, has been arrested in Texas, United States (US), for allegedly running a $3.3 million romance scam.
The US department of justice said in a statement that Nwadialo is facing a 14-count charge and risks a 20-year sentence if found guilty.
The federal bureau of investigation (FBI) reportedly arrested the 40-year-old LGA chairman on arrival in Texas.
He would be transferred to the Western District of Washington for arraignment.
Nwadialo said, “According to the indictment, Nwadialo used various versions of the name ‘Giovanni’ when he met his victims online on websites such as Match, Zoosk, and Christian Café.
“Nwadialo used false images for his profile and typically told the victims that he was in the military and deployed overseas so he could not meet the victims in person.
“Using these personas, Nwadialo invented many reasons he needed the victims to send him money.
“In one such case in 2020, he indicated he had been fined by the military for revealing his location to the victim. He asked the victim to help him pay the $150,000 fine. In all, that victim was defrauded of at least $2.4 million.”
The US department of justice cited another instance where the accused contacted a second victim in 2019 to help move funds from US accounts to accounts controlled by him and his co-schemers.
“In this instance, Nwadialo represented that he needed the help moving money in connection with his father’s death. The victim transferred at least $330,000 to the accounts controlled by the defendant,” the department stated.
“A third victim was defrauded by Nwadialo when he told her that he was investing money for her.
“He claimed that a check she received from another victim was proceeds from her investments, and he had her “reinvest” the money in a specific cryptocurrency account that he controlled. The victim transferred at least $270,000 at Nwadialo’s direction.
“Finally, in August 2020, Nwadialo defrauded another victim who he met on an online dating site and caused this victim to transfer at least $310,000 by claiming he needed financial assistance, including help paying for his father’s funeral or his son’s school tuition.
“The 14 counts of wire fraud relate to the communications with Nwadialo and the wiring of funds from victims to the defendant and his co-schemers.”
The case is being prosecuted by Sok Jiang, an assistant United States attorney.
The Economic and Financial Crimes Commission (EFCC) has arrested two Chinese nationals and two Nigerians for attempting to export solid minerals without the necessary permits.
The anti-graft agency in a statement by the Head of Media and Publicity, Dele Oyewale, said the Chinese nationals who are siblings are identified as Wang Jiang and Wang Richard, while the Nigerians are Donatus Agupusi and Michael Benneth Agu.
Oyewale said Wang Jiang was apprehended at the Akanu Ibiam International Airport in Enugu after suspicious stones, believed to be solid minerals, were found in his luggage during the hold baggage screening.
The other suspects, Donatus Agupusi and Michael Benneth Agu, were arrested at the Enugu Zonal Directorate of the EFCC.
According to the statement, the arrest of the suspects followed an intelligence received by the Commission through the Federal Airport Authority of Nigeria (FAAN) on November 3, 2024
The statement added, “Jiang who was intercepted at the hold baggage screening point, where unidentified suspicious stones believed to be solid minerals wrapped in three different pieces were discovered in his luggage.
“Preliminary investigations into the matter revealed that Agupusi, owner of Great Wall Construction Limited, is the employer of the remaining suspects. Investigation also revealed that Jiang was attempting to travel out of the country with the solid minerals in order to carry out some tests on them in China.
“Investigations further revealed that none of the four suspects had a permit to export the solid minerals to China.
“The suspects will be charged to court as soon as investigations are concluded.”