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N62.3b fraud: EFCC freezes 30 accounts of ex-NSITF boss, seizes 37 assets

Former Chairman of the Nigerian Social Insurance Trust Fund, Dr. Ngozi Olojeme.

The Economic and Financial Crimes Commission (EFCC) has frozen 30 accounts and seized 37 assets  allegedly belonging to the former Chairman of the Nigerian Social Insurance Trust Fund, Dr. Ngozi Olojeme.

The agency had earlier linked 38 houses to Olojeme but it has obtained a court order to seize 37.

In one of the houses at No. 25, Kainji Crescent, Off Lake Chad Crescent, Maitama , Abuja, the EFCC detectives were said to have uncovered a state of the art bathroom suspected to have cost about $2m to $4million.

The EFCC is probing about N62.3billion fraud in NSITF with $48,485,127 credited to Olojeme.

The ex-NSITF, who was grilled by the EFCC in January, is still placed on administrative bail with a responsibility to report fortnightly for interaction.

But the EFCC however yesterday said Olojeme was yet to admit that she committed any fraud while in office.

She insisted that she was innocent of all the allegations against her in spite of the fact that her Account Officer, Chuka Eze has spilled the bean.

Findings by our correspondent revealed that the probe of Olojeme has reached a level for her arraignment in court by the anti-graft agency.

A top source, who spoke in confidence during an update session yesterday, said: “We have frozen 30 accounts traced to Olojeme in some banks. But our detectives discovered that she is the kind of person who does not keep huge money in these accounts. In some of these accounts, there were funds ranging from N20million to N30million, which were insignificant compared to slush funds traced to her.

“Investigation confirmed that the cash looted in NSITF was evacuated under the guise of  award of contracts. The contract sum will be paid to a company and her Account Officer will pick the raw cash and go to  Bureaus De Change(BDCs).

“The Account Officer, who has made startling revelations was actually what our detectives termed ‘clearing and forwarding’ for her.

“When we confronted her with our findings, she refused to admit committing any infractions while in office. She refused to admit having been confident that all the slush funds were withdrawn in cash.

“So far, she is ready to go through the rigours of trial. We are already seeking legal advice on whether or not she should be arraigned with other management staff of NSITF or be tried separately.

“Already, the EFCC has arraigned a former Managing Director of Nigeria Social Insurance Trust Fund (NSITF), Umar Munir Abubakar and four others for alleged diversion of N18billion out of the sum in question.

“The others are Deputy General Manager, Finance Henry Ekhasomi Sambo; General Manager, Legal Adebayo Adebowale Aderibigbe; Chief Richard U. Uche and Aderemi Adegboyega.”

Responding to a question, the source added: “We discovered a state of the art bathroom in one of her houses at No. 25, Kainji Crescent, Off Lake Chad Crescent, Maitama , Abuja. The EFCC is suspecting that the bathroom might have cost about $2m to $4million.

“At the appropriate time after final forfeiture of the mansion, Nigerians will have access to the amazing bathroom.”

Meanwhile the EFCC has secured a court order to seize 37 out of 38 houses allegedly traced to Olojeme.

The seizure followed an Interim Forfeiture Order by Justice A. I. Chikere of the Federal High Court, Abuja.

The order said in part: “An order of interim attachment/forfeiture of the asset attachment of the properties set out in the schedule attached herein.

“An Order stopping any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the properties/assets described in the schedule attached herein.

“An Order authorizing the Economic and Financial Crimes Commission to appoint competent persons/firm to manage the assets/properties listed in the schedule herein,  temporarily forfeited to the Federal Government pending the conclusion of investigation and determination of criminal charges against the suspects.

“And for such further or other orders as this honourable court may deem fit in the circumstances of this cases.

“It is hereby ordered as follows: that the order is granted as prayed.  That the order made is to last for 6 months. That no order as to cost.”

The EFCC had in a report gave the details of findings against the ex-NSITF boss.

The report said in part: “That through this process, Dr. Ngozi Olojeme, the then NSITF board chairman, has collected a total sum of $48,485,127 from Mr. Chuka Eze (her account officer at FBN), which cash he collected on her behalf being the dollar equivalent of monies paid to BDCs by NSITF contractors.

“She and others also diverted huge cash allocated for allowances of its staff and compensation to contributors. Detectives actually traced some of the NSITF funds in the personal accounts of Olojeme and the former MD, Umar Abubakar.

“For instance Abubakar and others dishonestly converted to N18billion, being contribution from the Federal Government of Nigeria as take-off grants and Employees Compensation Scheme (ECS) for MDAs.

“The said sum was diverted into personal accounts by an e-payment mandate jointly signed by Umar Munir Abubakar and Henry Ekhasomi Sambo.”

The report added: “It was discovered that the NSITF accounts in First Bank of Nigeria and other banks have witnessed a total turnover of over N62, 358,401,927 between 2012 and 2015 from the Employee Compensation Scheme contributions.

“That out of the N62bn, the Federal Government contributed N13,600,000,000 while the sum of N48,758,401,927.80 was contributed by the private sector. That there were several payments to individuals and companies from the NSITF bank accounts for purported contracts or consultancy services.

“That some individuals and companies that received these payments, in turn, transferred part of the monies directly to the NSITF officials while others transferred huge sums to bureau de change operators who changed them to dollars.”

The assets and their locations 

  • Plot R/151(No. 30A) Kingsway Road, Old GRA, Enugu. Registered at Enugu Land Registry as No. 5 Page 5 in Volume 1659
  • Parcel of land measuring 4833.241 Sq. Metres located at Uberi Bush along Mbiama Road, Yenagoa, Bayelsa State
  • Parcel of land located at Igbanadan Bush, Emeya 2 Town Ogbia LGA in Bayelsa State.
  • Properties located at 196, Melford Okilo Road, Amarata-Epie, Yenagoa, Bayelsa State
  • Properties located at No. 25, Kainji Crescent, Off Lake Chad Crescent, Maitama , Abuja.
  • Property located at Plot No. 933 Cadastral Zone B01, Gudu District, Abuja
  • All that piece/parcel of land with C of O No. DSTR 1227 and the properties therein also known Umuezeafada family land located at KM 9, Asaba-Benin Express Road, Asaba, Delta State.
  • Plot 124 Cadastral Zone A02 Wuse Known as No. 30, Tunis Street, Off Lusaka Street, Wuse Zone 6, Abuja
  • Plot 3115 Cadastral Zone A04 Asokoro, Abuja.
  • Plot 2271 Cadastral Zone E12 Orozo, Abuja.
  • All that piece of land with C of O No. DTSR638 and the properties therein also known as Plot 101, Phase 1, Block 1 Core Area, Asaba Delta State
  • All that piece /parcel of land also known as Plot 1c, 3 and 4 Phase IV, Block 111 Core Area, Asaba, Delta State with C of O No. DTSR 1194.
  • No. 20 DBS Road, Asaba, Delta State
  • House/Flat 86, 11 Crescent, Kado Estate, Abuja
  • All that Piece/parcel of land and properties therein located at Ogbe Onishe Village in Umagwu Quarters, Asaba, Oshimili South LGA of Delta State also known as Luxury Suites and Resort Hotel, located off Nnebisi Road, Asaba
  • Properties located at No. 204 Nnebisi Road, Asaba beside STANBIC IBTC Bank
  • All that piece or parcel of land and properties thereof located at Elibujor Layout, Opp DLA office, Asaba Oshimili South LGA of Delta State. NSITF office located at Asaba Benin Expressway by Nuel Ojay Junction, Asaba.
  • Plot Nos 29 and 31 of  Umonyia Ejedeofor Family Layout Ibusa Road located along Benin-Asaba Expressway, Asaba, Delta State
  • All that piece/parcel of land with C of O No. DSTR 16326 and the properties therein also known as Plots 104 and 105, Block IV, Phase V, Core Area, Asaba, Delta
  • All that piece/parcel of land with C of O, No. DSTR 55853 and the properties therein also known as Plot 34. Phase 111, Block IV, Core Area. Asaba, Delta State
  • Properties located at No. 17, Ebenuwa Street, Off Nnebisi Road, Asaba, Delta State
  • No. 3D Opolo, Old Commissioners Quarters, Yenagoa, Bayelsa State
  • All that piece/parcel of land also known as plots 7,8,11,12,15,16,19, 20,23, and 24 Phase IV, Block 111, Core Area, Asaba, Delta State with C of O No. DSTTR1194
  • All that piece/parcel of land with C of O No. DSTR15303 and the properties therein also known as Plot No. 16 Central Spine Phase IV, Asaba, Oshimili South LGA of Delta State
  • All that piece/parcel of land  with C of O No. DSTR 16325 and the properties therein also known as  Plots 109 and 110, Block IV, Phase V, Core Arae, Asaba Delta State
  • All that piece/parcel of land with C of O No. DSTR 13807 and the properties therein measuring 80.532 hectares in Aboha-Ogwashi-Uku(Layout) at Aniocha LGA. Delta State.
  • All that piece/parcel of land with C of O No. DSTR 15046 and the properties therein also known as Plots 96, 97, and 98 Layout Survey of Block 1, Bridge-Head, Asaba, Oshimili South LGA of Delta State measuring 6.684 hectares
  • All that piece/parcel of land and the properties therein located at No. 42 Lawrence Road Akintola via Okpe Road, Sapele, Delta State measuring 1274.95 Square Meters and registered at Land Registry Asaba as No. 8 at page in Vol at 8
  • All that piece/parcel of land and the properties therein located at Orugbe Bush, Emeyal 11 Town Ogbia LGA, Bayelsa measuring 3, 625.493 Square Metres.
  • All that piece/parcel of land and the properties therein located at No 6 Sir C.A. Aghara Drive off Okpanam Road by NNPC Filling Station, Asaba, Delta State
  • All that piece/parcel of land and the properties therein located at Oduke, Off Uche Nwembu Road, off Asaba-Benin Expressway, Asaba Delta State.
  • All that piece/parcel of land and the properties therein located at No. 3, Ogwa Godspower Avenue, Oshimili LGA, Asaba, Delta State.
  • All that piece/parcel of land and the properties therein located No. 11 Chiweta Street, off Ezenie Avenue, Asaba, Delta State.
  • All that piece/parcel of land and the properties therein located at James Odeta Street, Oshimili South LGA, Asaba, Delta State.
  • All that piece/parcel of land and the properties therein located at No. 8, Thomas Chukwunike Street, Oshimili South LGA, Asaba, Delta State.
  • All that piece/parcel of land and the properties therein located at No. 11 Mokolo Close, Off Summit Road, therein located at No. 8, Thomas Chukwunike Street, Oshimili
  • All that piece/parcel of land and the properties therein located at No. 11, Okadigbo Street, off Nebisi Road, Asaba, Delta State.
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Breaking: Universities adopt 150 as cut-off mark for 2025/2026 admission and sets admission age at 16, Says Alausa

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Vice Chancellors of Universities in the country have adopted 150 as the minimum cut-off mark for 2025/2026 admission.

The decision was reached in a voice vote supervised by the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede, on Tuesday at the ongoing policy meeting on admission in Abuja.

At the meeting, the minimum cut-off point for admission into polytechnics was pegged at 100, while the colleges of education and agriculture adopted 100 as the entry point.

Colleges of nursing adopted 140 as the entry point for admission

The Federal Government has formally set 16 years as the minimum age for admission into Nigeria’s tertiary institutions.

Minister of Education, Dr. Tunji Alausa, announced this on Tuesday during the 2025 Policy Meeting of the Joint Admissions and Matriculation Board held in Abuja.

Alausa, while declaring the meeting open, emphasised that the age benchmark is now official and non-negotiable. He warned that any admission carried out outside the Central Admissions Processing System would be considered illegal.

The minister further stated that heads of institutions found culpable of admission fraud or circumventing CAPS would be prosecuted in accordance with the law.

The annual policy meeting sets guidelines for the conduct of admissions into universities, polytechnics and colleges of education for the coming academic session

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“We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says Tinubu To Brazilian Leader”

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President Bola Tinubu on Saturday assured his Brazilian counterpart, Luiz Inacio Lula Da Silva, that he is working to remove all bottlenecks hindering Nigeria’s agric sector boom, especially bureaucracy, which he said contributes to delays in realising the sector’s potential.

He said this will enable food sovereignty and export for the country in areas such as livestock production.

Tinubu said this in a bilateral meeting held at the Copacabana Forte with the Brazilian president and some members of both countries’ cabinets.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed Saturday night titled ‘We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says President Tinubu To Brazilian Leader.’

“The President informed the Brazilian leader and delegation that Nigeria was already undergoing reforms to reposition the economy for global competitiveness, particularly in agriculture, where it already has a competitive advantage.

“Tinubu stated that all technicalities in agreements between the two countries will be streamlined and fast-tracked in trade, aviation, energy transition, food and agricultural development, mining, and natural resources exploration”, the statement partly read.

He added that Brazil’s research and development services had been exemplary for most countries, with the country rated as one of the highest producers of food and agricultural products.

“On livestock farming, Tinubu highlighted the efforts of his administration to boost investments in poultry, cattle rearing, and fisheries, adding that the blue economy also holds potential for long-term partnerships between Nigeria and Brazil. He argued that Nigeria was ready for a strong partnership and immediate action to stimulate food production.

“The President said the subnationals have a pivotal role in food and animal production in Nigeria by complementing the federal government’s efforts to use agriculture as a significant source of employment and resource mobilisation. Lula assured that all agreements with Nigeria would be regularised, and the MOUs would be updated and signed without delay during President Tinubu’s next visit.

“He noted that the lingering bureaucracy between the two countries must be removed to achieve quick results, adding that Brazil’s research and development institutions will collaborate with Nigeria to enhance livestock farming. The Minister of Agriculture, Senator Abubakar Kyari, revealed that Tinubu had consistently insisted on food security for Nigeria, and the mandate would be actualised through local and global partnerships. He added that Nigeria already had a competitive advantage in fertiliser production that could easily be enhanced, “he said.

The Minister of Livestock Development, Idi Maiha, highlighted three areas of partnership with Brazil, including health and disease management, sanitary services, and research into genetic materials and new breeds.

The governors of Benue State, Hyacinth Alia; Ogun State, Prince Dapo Abiodun; Niger State, Mohammed Umar Bago; Delta State, Sheriff Oborevwori; and Lagos State, Babajide Sanwo-Olu, attended the bilateral meeting.

The Governor of Ogun State, Dapo Abiodun, said that the sub-nationals would support the federal government’s framework to revamp the agricultural sector.

Abiodun noted that both leaders’ decision to include a business forum during President Tinubu’s state visit to the country will inject fresh ideas and resources, enabling quick results in turning around Nigeria’s agricultural sector.

The Minister of Foreign Affairs, Yusuf Tuggar, and the Director General of the National Intelligence Agency, Mohammed Mohammed, also participated in the bilateral meeting.

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BREAKING: Tinubu signs Tax Reform bills into law

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President Bola Ahmed Tinubu has signed the four tax reform bills into law.

President Tinubu signed the law in his office at the State House, Abuja, on Thursday, in the presence of relevant stakeholders from across the arms of government.

The new laws include the Nigerian Tax Law, the Nigerian Tax Administration Law, the National Revenue Service (Establishment) Law and the Joint Revenue Board (Establishment) Law.

Earlier on Thursday, President Tinubu had explained that the laws would be unifying Nigeria’s fragmented tax system, removing redundant overlaps, boosting investor confidence, enhancing transparency, and promoting coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

 

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser-focused on unlocking opportunities for all.”

 

The Nigerian Leader explained that with the new tax reform laws, the Bola Tinubu-led Administration is now laying the foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.

“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he said.

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