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Alleged N20 billion Fraud : EFCC grills Sterling Bank CEO, Abubakar Suleiman

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The Economic and Financial Crimes Commission (EFCC) has interrogated Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, and two other senior executives of the bank over the ‘hidden’ N20 billion reportedly belonging to the Kogi State government.

The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.

In August 2021, the EFCC stated that it had credible intelligence that funds alleged to be proceeds of illicit activities were in an account named Kogi State Salary Account with account number 0073572696 at Sterling Bank Plc.

The money was supposed to be a rescue fund for the state to pay workers’ salaries, but it was allegedly moved to an interest-bearing account as state employees moan in poverty.

The state government, on the other hand, categorically disputed the allegations. The EFCC, on the other hand, claimed that the diverted funds had been recovered and remitted to the Central Bank of Nigeria (CBN), a transaction that the apex bank had apparently acknowledged.
According to the EFCC, the apex bank informed the executive chairman of the EFCC, Abdulrasheed Bawa, that the money had been received in a letter titled DFD/DIR/CON/EXT/01/099 and dated November 9, 2021.

“We refer to your letter of November 5, 2021 on the aforementioned subject with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 and desire to confirm the following information of the receipt of the amount: The commission stated, “Bank: Sterling Bank Plc; Amount: N19, 333, 333.36; Date of receipt: 04 November 2021.”

Newsthumb Newspaper reports that even though the money is in the CBN coffers, the Kogi State government has continued to insist that it neither authorized the opening nor operated the bank account, an assertion confirmed by Sterling Bank.

“Let it be known that the Kogi government has disbursed its bailout loans for the purpose of which it was granted as at October 2019,” said Kogi State commissioner for Information and Communication, Kingsley Fanwo.

“There is, therefore, no hidden bailout funds/loan belonging to Kogi that is capable of being returned to the CBN or frozen by order of court. The EFCC knows this, which is why it withdrew the suit it filed in court on the bailout fund.”

The Kogi State House of Assembly had also summoned the CEO of the bank to appear before it in person for clarification on the N20 billion bailout fund.

However, Sterling Bank had admitted that Kogi State Bailout Account exists in its record and “categorized under the account type ‘Intervention Fund,’” even though it was not opened by the state government or at its instance.

According to insider source, rising from this development, the EFCC invited and interrogated the Sterling Bank boss, Abubakar Suleiman alongside two other officials of the bank for several hours to get the true picture of the circumstances around the said account. Abubakar Suleiman and other officials were released after intense interrogation and they were to return anytime the EFCC needed them on the matter.

It was however gathered that Abubakar Suleiman has allegedly made a useful statement to the commission while investigation is still on.

“The bank’s officials were grilled for several hours by the EFCC on the matter and going by their statements, heads may roll soon,” a source said.

Speaking further, the source divulged, “If the bank says the account was not opened and operated by the Kogi State government, then something is fishy and the bank must answer to it.”

“Who authorized the opening of the fixed deposit account and when? Who are/were/was the signatory to the account? How much had been withdrawn from the account since 2019? And who is keeping the N666.7 million which made up the balance of N20 billion initially said to be deposited into the bailout account? These are some of the questions the EFCC is trying to unravel.”

Recent events have however placed the Abubakar Suleiman led Sterling Bank nulli secondus with scandals. The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.

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Nigeria at 66: “Age of Reform Has Done Its Work; Now Begins Age of Prosperity”, Says Tinubu

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……Era of shared prosperity begins, Tinubu assures

Nigeria has reached a turning point in its economic recovery, President Bola Ahmed Tinubu declared.

He said the period of painful reforms has accomplished its purpose, and the country is now entering what he described as an “age of prosperity”.

Tinubu, in his Independence Day address to Nigerians marking the country’s 66th anniversary this morning, said the central task of his administration would henceforth shift from correcting structural economic distortions to ensuring that the gains of the reforms translate into lower living costs, jobs, increased production and broadly shared prosperity.

“The age of reform has done its work. Now begins the age of prosperity.

“An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life”, the President said.

He said the government’s immediate priority in the new phase would be to bring down the cost of living by reducing the cost of producing and transporting food and other goods consumed by Nigerians.

Tinubu, who likened the state of the economy his administration inherited in 2023 to a cancer patient requiring painful treatment, said the government had completed what he called the “emergency treatment” of the economy and repaired its foundations.

“My fellow Nigerians, we have reached a turning point.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.

“Now, our purpose is simple: shared and widespread prosperity,” he said.

The President said the prosperity being envisaged was not merely about headline economic growth or improved statistics, but about creating conditions under which Nigerians could afford food and transportation, access education and healthcare, secure productive employment and confidently plan their future.

He said his administration would pursue increased agricultural production through mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, greater mechanisation and investment in storage and transportation.

According to him, ongoing investments in roads, railways and ports would also reduce the cost of moving produce and manufactured goods from farms and factories to markets.

“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

Tinubu said job creation, enterprise development and industrial expansion would also be placed at the centre of government policy, with greater emphasis on gas-powered industries, revival of manufacturing centres, digital connectivity and improved access to infrastructure and finance.

The President said the country must convert its huge youthful population into an engine of economic production by equipping young people with skills demanded by employers and creating conditions for Nigerian businesses to expand.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.

Defending the economic reforms undertaken since his assumption of office, Tinubu rejected calls for a reversal of some of the policies, particularly subsidies, arguing that the measures did not create Nigeria’s economic weaknesses but were introduced to confront them.

The President compared previous economic management approaches to administering painkillers to a cancer patient instead of treating the underlying disease.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.

“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next,” he said.

Tinubu acknowledged that the reforms imposed hardship on Nigerians, saying their “side effects were real,” but insisted that Nigerians must distinguish between what he described as the medicine and the disease.

“Our reforms did not create the weaknesses in our economy. They confronted them.

“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come,” he said.

The President said three and a half years after the reforms began, the country’s economic outlook had improved, citing economic growth of more than four per cent this year, contributions from both oil and non-oil sectors, declining oil theft, falling inflation, improved foreign reserves and greater stability in the foreign exchange market.

He also said Nigeria recorded its highest non-oil export revenue in 2025, exceeding $6 billion, adding that increased foreign direct investment and private sector activity reflected improving confidence in the economy.

While acknowledging that millions of Nigerians were still struggling with food, school fees, healthcare, transportation and other basic needs, Tinubu said the government would continue strengthening support for vulnerable households while pursuing policies capable of lifting people permanently out of poverty.

He said the National Social Register was being improved to ensure assistance reached those genuinely in need, while programmes such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, CREDICORP, were designed to broaden access to education and essential assets.

According to him, the government would also work with states and local governments to strengthen primary healthcare, basic education and other public services relied upon by low-income Nigerians.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.

“We will defeat it,” Tinubu declared.

He admitted that reversing decades of poverty, low productivity, inadequate infrastructure and weak institutions would take time, discipline, sustained economic growth and the creation of millions of productive opportunities.

“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way,” he said.

Reflecting on Nigeria’s 66 years of independence, Tinubu paid tribute to generations of Nigerians who had kept faith with the country despite war, military rule, economic crises, insecurity and political upheavals.

He also praised farmers, traders, teachers, entrepreneurs and members of the Armed Forces and security agencies, saying their sacrifices had sustained the country through difficult periods.

The President said Nigeria’s founding fathers fought not merely for a flag, anthem or international recognition, but for Nigerians to have the freedom to determine their destiny and build a country capable of providing opportunity, dignity and a better life.

He urged Nigerians not to retreat from the difficult choices already made, expressing confidence that the sacrifices of recent years would eventually translate into improved living standards.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward,” Tinubu said.

Describing the country’s desired destination as a “Promised Land” of abundance, opportunity and broadly shared prosperity, the President said the foundations for that future had already been laid.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he declared.

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BREAKING: President Tinubu Returns to Nigeria from European Working Visit

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President Bola Tinubu has returned to Nigeria after spending about four weeks in Europe. Government

The presidential aircraft carrying the President landed at the Presidential Wing of the Murtala Muhammed International Airport at about 6:22 p.m. on Tuesday.

Journalists at the airport were restricted from taking visuals of the President’s arrival as the aircraft made its way to the terminal.

Tinubu departed Nigeria on August 30 for London, then travelled to Paris, where he held engagements with French President Emmanuel Macron, including a dinner. Government

His return marks the end of his extended stay abroad; the President is expected to participate in activities marking Nigeria’s 66th Independence Anniversary on October 1st.

 

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Tinubu Unveils $7bn Plan to Drive Ogun Deep Seaport, Special Economic Zone, Says Onanuga

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President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, describing the projects as a major step towards strengthening Nigeria’s maritime economy and attracting foreign investment.

In a statement by his Spokesman, Bayo Onanuga, on Thursday, the President spoke in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics operator, for the development of the projects.

Tinubu assured domestic and foreign investors that the Federal Government would continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.

“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” the President said.

He added that the Federal Government would provide the necessary regulatory and institutional support to ensure that the projects moved seamlessly from agreements to implementation.

According to the President, the agreements are expected to attract an initial investment of more than $7 billion into the Nigerian economy and create over 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.

Tinubu said the projects would also generate non-oil export earnings and contribute to Nigeria’s economic diversification.

“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” he said.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-
metre draft. The facility is expected to help decongest the Lagos port corridor and ease pressure on the Apapa and Tin Can Island ports.

The president said the deeper draft would enable the port to accommodate larger vessels while providing a competitive gateway for trade within Nigeria and across the African Continental Free Trade Area.

He noted that the proposed Ogun State Blue Marine Special Economic Zone would cover about 10,000 hectares and would be integrated with the deep seaport to support manufacturing, processing, exports and logistics.

“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” Tinubu said.

He said the Federal Government would facilitate road, rail and power connectivity to the projects, while strengthening investment security and the maritime domain and removing unnecessary bureaucratic obstacles.

The president also linked the projects to the Lagos-Calabar Coastal Highway, describing the Ogun section of the road as a critical transport connection for the emerging industrial and maritime corridor.

“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability,” he said, adding that the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of the year.

Tinubu said the port and industrial zone would also form part of a wider strategic corridor linking the proposed Nigerian Navy Operating Base and Dockyard with the OK LNG Project.

The President commended Ogun State Governor Dapo Abiodun and his administration for securing the land and structuring the investment framework.

“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors,” he said.
Governor Abiodun led the Ogun State delegation at the signing ceremony, which also included state commissioners and other senior officials.

Senior representatives of DP World, the Nigerian Ports Authority and SkyKapital were also present at the event.

Tinubu urged Ogun State and the investors to maintain the momentum created by the agreements and move quickly towards implementation.

“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” he said.

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