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Banking fraud: Activist backs EFCC Chairman on Banker’s Asset Declaration Policy
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…Says, Bank workers promote fraud in the sector
A human rights activist, Comrade Adeniyi Alimi Sulaiman, has thrown his weight behind the decision of the new Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa, that the Bank officials in the country should declare their assets, saying it is right decision at the right time.
Specifically, he disclosed that the new Chairman of the EFCC had
started on a good note following the new policy, stressing that the
bank officials were aidding and abetting the fraudulent activities
ravaging the banking sector in the country which made their teeming customers to lose their hard earned resources to fraudsters.
Comrade Sulaiman who is Executive Chairman, Centre for Human Rights and Social Justice (CHRSJ), stated that Bawa had planned to uproot the major financial fraud in the banking industry and that was why their Unions were crying wolf when there was none.
It would be recalled recently that, the new Anti-graft Chairman, Mr.
Abdulrasheed Bawa, had penultimate Tuesday, announced that the
Commission would from June 1st, 2021, be demanding the Asset
Declaration forms of the Bankers.
Backing the EFCC Chairman, the pro-democracy activist, maintained that the bank officials from Tellers, Marketers and other senior officials were perpetrating fraud in the industry.
According to him, Mr. Abdulrasheed Bawa, the new EFCC Chairman, had touched the wounds of the Bankers for requesting for their Assets Declaration form June, 2021 and they were not comfortable with the new policy because some of their hands have soiled with fraud in the sector.
Recalling that the Centre (CHRSJ) had earlier drag the three nation’s commercial banks before the apex Bank, the Central Bank of Nigeria (CBN) and anti- graft body, the Economy and Financial Crimes Commission (EFCC) over perceived banking fraud against their customers.
The affected commercial banks were Guaranty Trust Bank(GTB), First City Monument Bank (FCMB) and United Bank for African (UBA),alleging that the banks’ officials were aiding and abetting the recent banking fraud in the banks where money of their customers were transferred illegally to another account and also allowing the fraudsters to open an account with their Banks without necessary requisite, adding that they were colliding with the approved O’PAY agents through which the customers’ money were fraudulently removed.
The rights group insisted to strive to ensure the end of this banking
monster in the land by establishing a Banking-Customers Relation Unit(BCRU),disclosing that the rights group would use the Unit to stop the
ongoing banking fraud of Nigeria masses of their meager resources in the various banks.
The group cited the defrauding of one Nigerian, Miss Alimi Ganiyat
Temitope of 41 Seriki Street, Lagos, who is a customer of Guaranty Trust Bank( GTB ) Plc with Savings Account Number:-(0430971306) and little girl was defrauding of her sum of Two Hundred and Fifty Thousand Naira (N250,000k) between July 17th,2020 to August 5th,2020 through POS/WEB PURCHASE TRANSACTION-Opay*Flutterwave Ikeja NG.
According to the group, it was surprising that the Guaranty Trust Bank Plc (GTB) refused to help the helpless little girl to recover her
money back when she reported to the bank of what happened to her money in their bank account which made the customer to suspect that their officials had the knowledge of the fraudulent transfer of her money to another account, thinking that she would not have audacity to ask for her money back.
Giving another experience of a customer with Oko-Oba branch of
FCMB, Mr. Ibikunle Adebayo (+234 8103966336) of Account Number:-(6027724010), where sum of One Hundred and Sixty-Nine Thousand naira (N169,000) were deducted from Ibikunle’s Account without his knowledge but with knowledge of the FCMB Bank official.
They respectively used Osifoh Peter with UBA Account
Number:-(2052933837) and OPAY Account of Rufai Saidu with Account Number:-(9031811238), to withdraw the sum of One Hundred and Sixty-Nine Thousand naira from Ibikunle’s Account on Wednesday 11th of November,2020.
And another FCMB Customer of No.9, Abaku Ijoja Junction, Aiyetoro, Osogbo, Osun State, Mrs. Adeyemi Abiodun Waliyat with Account Number:-(5525660011) of Classic Saving Two(2), Osogbo Branch, were fraudulently withdrawn the Sum of #111,800k from her account by one Shola, which used #100,300k to play Bet Naija on three different times and also used #10,500k to buy airtime on another three different Phone Numbers as follows:-(+234 9131329923, +234 8149800768 & +234 7026258494).
It further added that the sum of Five Hundred Thousand naira (N500, 000) were illegally moved out of an account belonging to Mr. Smart-Alli Amusa with GTB Account number: – (0121132515) and Access Bank Account
number:-(0031171790), belonging to Alani Bolarinwa Olaniyan was also experienced illegal deduction of funds.![]()
He reiterated that many bank customers have been the victims of such bank fraud in Nigeria, reiterating that the human rights organization would not hesitate to launch “#EndBanking fraud” nationwide protest.
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Update :FG Unveils Additional 10 Steps to Reduce Impact of Rising Fuel Prices
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The Federal Government has announced ten new measures to reduce the pain Nigerians feel from high fuel prices. It insists, however, that none of them brings back the old fuel subsidy for everyone.
The measures were presented by the Federal Ministry of Finance at a press briefing on Thursday, 8 October 2026, titled “Fuel Prices and the Subsidy Question.” The government admitted its earlier steps fell short. According to the presentation, “These measures do not fully relieve the pressure households feel today, so the government is going further.”
The government described the new package as “Help that is targeted, temporary and affordable.” In plain terms, the help is meant for those who need it most, will not last forever, and is designed so that the country can pay for it.
Cheaper petrol and more cash support
The first measure is a discount on petrol sold at NNPC filling stations. The discount will last for the next 30 days, and public transporters, such as commercial bus and taxi operators, will get priority. The government hopes this will help keep transport fares from rising further.
The government also plans to increase cash transfers to vulnerable households. Small businesses will get cheaper loans, known as subsidised credit, to help them cope with higher running costs.
Steps to keep pump prices steady
To protect Nigerians from sudden jumps in world oil prices, the government will sell crude oil in advance to local refineries. This is expected as oil production rises and crude previously committed to other purposes becomes available. The presentation says this will shield “pump prices from global swings.” ShopAfrican Art
The government will also introduce what it calls price modulation. Under this plan, a negotiated limit of ₦1,350 per litre will apply to the ex-gantry price (the price at the depot) or the landing cost (the cost of bringing the fuel into the country). The limit will be reviewed every month, so it can change as conditions change.
A National Strategic Fuel Reserve will also be set up. Fuel from the reserve will be released “under published rules when disruption or hoarding threatens supply.” This means the government can step in when fuel becomes scarce or when marketers hold back products to push up prices.
Lowering the cost of transport and doing business
The government says part of what Nigerians pay for transport comes from illegal charges on the roads. It will work with state governments under the 2025 tax laws to rein in road taxes that push up fares.
It will also speed up the rollout of compressed natural gas (CNG) as a cheaper alternative to petrol, again working with the states. Transporters who benefit from cheaper fuel are expected to “pass savings on in lower fares” to passengers.
Other steps target the cost of goods and services more broadly. The government will cut regulatory costs, described as red tape, that “feed into the price of goods and services.” It will also ease traffic in cities to save fuel, and it will use NIPOST address codes to reduce the cost of moving goods from one place to another.
One measure has not yet been decided. The government is considering an excess profit tax on operators it says exploit consumers. If it goes ahead, the money raised will fund transport support and vouchers for low-income earners.
No return to blanket subsidy
The ministry ended the presentation with a clear message, “None of these measures restores a blanket subsidy.” The government is therefore not returning to the old system, where fuel was sold cheaply to everyone. It says its new approach will reach “the people who need help without putting the wider economy at risk.”
The announcement comes as many households as possible, and businesses struggle with the high cost of transport, food, and other goods linked to fuel prices. How much relief Nigerians feel will depend on how quickly and effectively these measures are carried out, and whether transporters and marketers pass the benefits on to consumers.
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Nigeria Emerges as Africa’s Biggest Climber in Investment Risk Ranking on Back of Tinubu’s Economic Reforms
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Nigeria has emerged as the biggest climber in Africa’s latest investment risk ranking, rising four places to eighth position as economic reforms implemented by President Bola Tinubu improved the country’s relative attractiveness to investors, a new report by Bloomberg has stated.
Nigeria overtook Rwanda, Tanzania, Kenya and Namibia in the 2026 Bloomberg Economics Investment Risk-O-Meter, which assesses the relative investability of 19 African economies.
Bloomberg, in the report released on Monday, said Nigeria’s improvement was driven by stronger performance in three of the five indicators used in the assessment: economic strength, fiscal strength and external vulnerability.
“Nigeria was the biggest climber in a ranking of Africa’s most investable markets, propelled by President Bola Tinubu’s economic reforms, according to the findings of the latest edition of An Investor’s Guide to Africa.
“The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge: economic strength, fiscal strength and external vulnerability,” Bloomberg reported.
The development puts Nigeria among the biggest gainers on the continent, despite ongoing concerns about the country’s high public debt, cost of living, inflation, infrastructure deficit and foreign exchange pressures.
Mauritius emerged as the most investable African market in the latest ranking, while Botswana fell two places. South Africa, which topped the ranking in the previous edition, also dropped one place following a weaker economic growth outlook.
Nigeria’s improved position comes more than three years after Tinubu assumed office and embarked on a series of major economic reforms aimed at restructuring the country’s fiscal and monetary environment.
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Among the most significant measures were the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs.
The Federal Government has repeatedly defended the reforms as necessary to address distortions that had weighed on public finances, discouraged investment and placed pressure on foreign exchange reserves.
However, the policies have also increased economic hardship for households and businesses, particularly through higher transport, food and energy costs. Despite the adjustment pains, Nigeria’s economy has continued to expand during the period under review.
Real Gross Domestic Product growth rose from 2.54 per cent in the third quarter of 2023 to 3.46 per cent in the fourth quarter of that year.
The economy subsequently grew by an average of 3.19 per cent in 2024 before accelerating to 3.85 per cent in 2025, its strongest annual performance within the period covered by the assessment.
Growth stood at 3.89 per cent in the first quarter of 2026, bringing the average quarterly growth between the third quarter of 2023 and the first quarter of 2026 to about 3.46 per cent.
The stronger growth performance has come alongside efforts by the government to increase revenue, reduce fiscal leakages and attract investment into critical sectors of the economy.
Nigeria’s improved position in the Bloomberg ranking, however, comes against the backdrop of a substantial increase in public debt.
Data from the Debt Management Office showed that Nigeria’s total public debt stood at N87.38tn as of June 30, 2023, shortly after Tinubu took office. By December 31, 2025, the figure had risen to N159.28tn. This represents an increase of N71.90tn, or about 82.3 per cent, in two and a half years.
The increase was driven by new borrowing, foreign exchange adjustments and the securitisation of certain legacy obligations, according to the DMO.
The development is significant for a country that has struggled for years to attract sufficient foreign capital because of concerns over exchange-rate instability, policy uncertainty, weak infrastructure, insecurity and limited fiscal space.
The reforms under the Tinubu administration have sought to address some of these constraints by allowing market forces a greater role in determining fuel prices, foreign exchange rates and electricity tariffs.
The foreign exchange reforms, in particular, were designed to reduce multiple exchange rates and improve transparency in the currency market, while the removal of the petrol subsidy was intended to reduce the government’s fiscal burden.
The electricity tariff reforms were also aimed at improving the financial viability of the power sector and encouraging investment by allowing electricity prices for some customer categories to better reflect supply costs.
Nigeria’s rise in the Bloomberg ranking therefore marks an improvement in its relative position among African investment destinations, even as investors continue to monitor the sustainability of its reforms, debt burden and economic growth.
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Update : Tinubu Expected Back in Abuja Today After Six-Day Stay in Lagos
President Bola Ahmed Tinubu is expected back in Abuja this evening after concluding a six-day stay in Lagos, the Presidency announced on Monday.
The President will depart Lagos for the Federal Capital Territory after a visit during which he participated in activities marking Nigeria’s 66th Independence Day anniversary and held other engagements. SahelSecurity Report
Tinubu arrived in Lagos on Tuesday, September 29, following his annual holiday in London and Paris.
While in Lagos, the President addressed Nigerians on October 1 to mark the country’s 66th Independence Day anniversary.
Later that day, he attended the national premiere of MKO, a documentary chronicling the life, political struggle, and legacy of the late Chief Moshood Kashimawo Olawale Abiola, as well as the historic June 12 pro-democracy struggle.
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The premiere was held at the Wole Soyinka Centre for Culture and Creative Arts in Lagos.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the President’s return to Abuja in a State House statement issued on Monday.
“President Bola Ahmed Tinubu will depart Lagos for Abuja this evening after his six-day visit to the former seat of government,” Onanuga said.
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