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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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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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