CBN Reveals $6.83 Billion Surplus for the 2024 Financial Year
CBN Reveals $6.83 Billion Surplus for the 2024 Financial Year
Year: 2025
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Police Condemn Assault on Female Driver, Arrest Suspect
The Lagos State Police Command has condemned the viral video circulating on social media, depicting the assault of one Yetunde Amole by a suspected thug near the Oriental Hotel area in Lagos. The Command in a statement posted on social media frowned at the act in the strongest terms, just as they updated the public on the actions already taken. The statement reads; “The incident occurred on April 7, 2025, at about 1400hrs, when the suspect, identified as Friday Onu, was caught attempting to steal Amole’s car battery. Amole, courageously Lagos State Police Command intervened to prevent the theft, resulting in the suspect assaulting her. “Following a prompt response by officers of Maroko Division, Friday Onu was arrested shortly after the incident and detained at the division. Preparations for his arraignment were underway.”
Gov. Adeleke Seeks UK Subnational Investment, Signs MoU on Investment Facilitation
Governor Ademola Adeleke on Tuesday at the House of Commons in London, tasked the United Kingdom government to focus on subnational investment in Nigeria with emphasis on Osun state which he called the heartland of South Western Nigeria. The Governor made the clarion call at an investment working visit hosted by the UK Prime Minister’s Envoy to Nigeria on Trade and Investment, Rt. Hon Florence Eshalomi MP attended by the management team of ESG Management Services UK Ltd. and other private sector representatives. Governor Adeleke said this is the time Nigeria and the UK should further close ranks in bilateral business relations, citing “the uncertainty in the global economy calls for more partnerships between and among members of the Commonwealth of Nations. “Aside from binational collaboration, We advocate a further linkage between the British economy and subnational entities in Nigeria. The openings and prospects are too much to be ignored”, the Governor canvassed. Making a strong case for Osun state as an investment destination, Senator Adeleke noted that “Osun presents a rare opportunity for such an economic partnership. Osun state, with a population of about five million people, is the heartland of Yoruba people. South West comprises six states, but Osun state is at the core. “We have huge potential for investment in mining, agriculture, digital economy, free trade zone, creative economy, and others. We have a well trained labor force and a commendable investment environment. “Osun boasts of being the most peaceful state in the country with a high rating in the ease of doing business. Our investment environment is boosted by a 45-day window for processing of Certificate of Occupancy, elimination of multiple taxation through a unified tax system, and operation of a one-stop shop for investment processes. “Above all, we have a strict system for the protection of investment and investors. An added advantage is our well-developed business community organised under the Osun State Chamber of Commerce and Industry”, said the Governor leading a team of businessmen and technocrats. He said the Osun government has reduced the state infrastructure deficit by over 50 percent, promising that by the 2025 intervention plans, the deficit reduction is targeted to be over 70 percent.
$150m Aluminium, Copper Ingots Plant Berth in Ogun, Set to Employ 500
The current influx of investors to Ogun State has yet to abate, as another recycling plant for the production of aluminium and copper ingots has been established in the state. The Managing Director and Chief Executive Officer of Neveah Ltd, Mr. Ibidapo Lawal stated this on Monday after a meeting with Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta. Lawal noted that the multimillion-dollar recycling plant, when fully operational and at full capacity, would generate over $150 million annually and employ more than 500 people. He said the plant would recycle aluminium scraps from car engines, cans, and other metals into ADC 12 and export them to car manufacturing companies in Asia, Japan, Indonesia, and a host of others. He said: “The plant is situated in Mowe, and it will employ more than 500 people, thereby creating jobs locally and also contributing to the development of Ogun State and Nigeria as a whole. It will account for about 2.53 per cent of the entire non-oil export for Nigeria. “Initially, this project was meant to be situated in the north, but we chose Ogun because of its proximity to ports like Tincan, Apapa, and, of course, Lekki. “Apart from that, you think in terms of capital appreciation. Unlike any other state, you look at the return you are going to get in terms of investment. Ogun is very close to Lagos, and you can see that the price of land and property keeps appreciating.” The Chief Executive Officer maintained that the availability of skilled labor and expatriates, infrastructure like a good road network, as well as an abundance of gas, led to the decision to choose Ogun State for setting up the business. “Another thing is the availability of gas. If we set up our plant in another state, we would probably have to power our plant using diesel, but in Ogun State, gas is available, so it is cheaper for us,” Lawal added. He said his meeting with the governor was to brief him on the progress of work at the site and to seek his support for the successful takeoff of the plant. “The governor was very happy and quite supportive. It is interesting to see a governor who is willing and ready to work with the people, promote investment, and care so much about the people. It was a very productive meeting,” he said.
Victor Moses, Luton Town Part Ways
Luton Town’s Victor Moses has less than three months left on his contract and his future is set to be away from the Championship club. That’s according to Africa Foot, who state the 34-year-old is aiming for new opportunities in the summer window. At the end of last season, Moses was released by Spartak Moscow and was without a club until Luton Town signed him on a free transfer in September 2024. He’s played 18 games so far this season. Luton Town appointed Matt Bloomfield as their new manager in January. Moses has played only once under his orders, against Preston North End in January. The manager has left the former Chelsea man out of the squad since then. Therefore, Moses has decided not to sign a new contract at Luton Town and leave them as a free agent. The player is managed by Roof and a source close to the agency has told Africa Foot that they can’t ignore his current situation at the English club. “He hasn’t played much since the beginning of the year, which is a fact we cannot ignore,” a source said. “But internally, the decision has been made: he’ll leave the club at the end of the season. He wants to end his time here on a high note, so he remains focused and professional until the end. His future will be determined very soon, but one thing is certain: he won’t retire.”
EFCC Arrests 37 Suspected Internet Fraudsters in Port Harcourt
Operatives of the Port Harcourt’s Zonal Directorate of the Economic and Financial Crimes Commission, EFCC have arrested Thirty Seven (37) suspected internet fraudsters. They were arrested in Port Harcourt, Rivers State on Tuesday April 8, 2025 in an operation code named “operation eagle sweep”. They were arrested for alleged internet fraud after the Commission received credible intelligence on their activities in various hideouts within the State. Items recovered from them include different brands and models of exotic vehicles, smart phones, smart wrist watches, international passports, Automated Teller Machine, ATM cards of different banks and laptops containing incriminating materials and documents. The matter will be charged to court upon conclusion of investigations.
Labour Party Submits Supreme Court Judgement on Leadership to INEC
A high-level delegation of the Labour Party (LP), led by Abia State Governor Dr. Alex Otti, on Wednesday visited the headquarters of the Independent National Electoral Commission (INEC) in Abuja to discuss key developments within the party. During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership. He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the LP’s current structure. The delegation was received by INEC’s Acting Chairman, Mr. Sam Olumekun, and other National Commissioners. Both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values. Mr. Olumekun reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.
Alleged N3bn Fraud: How Kogi State LG Funds were Laundered -Witness
The Sixth Prosecution Witness, PW6, Remigius Egu in the trial of Ali Bello, Yakubu Isiaka Adabenege, Abba Adaudu and Iyada Sadat on Tuesday, April 8, 2025, narrated before Justice Obiora Egwuatu of the Federal High Court, sitting in Maitama, Abuja, how funds belonging to various Local Government Areas, LGAs, of Kogi State were allegedly diverted and laundered through private accounts. The Economic and Financial Crimes Commission, EFCC is prosecuting the quartet on 18-count charges, bordering on money laundering and misappropriation of public funds to the tune of over N3 billion. Bello, the first defendant is nephew of the former Kogi State Governor, Yahaya Bello as well as the current Chief of Staff to Kogi State Governor, Usman Ododo. Led in evidence by the prosecution counsel, Rotimi Oyedepo, SAN, the witness, a Compliance Officer with Zenith Bank identified documents marked “Exhibits E and E1” as having originated from Zenith Bank. He also confirmed that a letter dated March 16, 2022, addressed to the EFCC Zonal Commander, pertained to an account belonging to a customer, Adabenege, the second defendant, and contained transaction evidence from the bank. In his breakdown of the transactions, the witness told the court that multiple inflows of large sums of money from several Kogi State LGAs were traced to the account of Korforte Concept Limited on October 4, 2023. These he said were as follows: Ogori Magongo LGA: N14,844,640.57; Ibeji LGA: N18,629,944.51; Adavi LGA: N20,887,557.54; Kogi LGA: N17,929.59; Kabba/Bunu LGA: N18,460,569.12; Ajaokuta LGA: N22,764,334.70; Okene LGA: 20,758,710.37; Yagba West LGA: N18,234,063.61; Ofu LGA: N21,368,633.69. “My Lord, all the inflows were received on October 4, 2023,” he said. Before the inflows, the witness disclosed that the balance in the Korforte Concept Limited account was a mere N7,370 (Seven Thousand, Three Hundred and Seventy Naira) and that on the same day, a transaction of N110 million was made from the account to Adaudu one of the defendants. He further revealed that on October 5, 2018, more funds were funnelled into the same account from additional LGAs that included: Igalamela/Odolu LGA: N19,480,651.20; Olamaboro LGA: N19,089,517.01; Dekina LGA: N23,373,201.67; Ibaji LGA: N15,653,631.39; Omala LGA: N16,876,252.03; Lokoja LGA: N20,591,073.74. He also disclosed that a transfer of N21.9 million to one Musa Omuya was made from the account that same day. Further in his testimony, the witness disclosed that there were more inflows into the account on October 8, 2018, being N17,369,243.52 from Ijumu LGA and N17,471,549.57 from Bassa LGA. On October 10, 2018, he said that transactions from the account showed N10 million, wired to Musa Omuya and N5.1 million and N5 million, respectively, wired to Adaudu. Earlier in the proceedings, the Fifth Prosecution Witness, PW5, Oyinkosola Akerele Shukurat, the Managing Director of Forza Oil and Gas Limited, disclosed that the company, which also engages in foreign exchange transactions, received a payment from a customer, named Abdul Bashir for the purchase of U.S. dollars. She further disclosed that the dollars that were procured were sent to four beneficiaries, three of whom were identified as Fatima Bello, Na’ima Bello, and Zara Bello, for the payment of their school fees at the American International School (AIS), totalling $139,000. When shown Page 14 and 15 of “Exhibit D” series, the witness identified a payment of $49,600, with $44,700 sent to AIS on behalf of Fatima Bello. On Page 23 of the same exhibit, she confirmed another $44,700 payment for Fatima Bello. The final transaction, according to her, was $44,700 for Na’ima Bello. She was cross-examined by defence counsel A.M. Aliyu, SAN and Nureini Jimoh, SAN. Justice Egwuatu adjourned the matter till May 5, 19, 20, and 21, 2025, for continuation of trial.