Author: Staff Editor

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has led a major breakthrough in the Commission’s ongoing investigation into the alleged criminal aspects of transactions involving Nestoil Limited and a consortium of its lenders. At a meeting convened and chaired by the EFCC Chairman, a structured repayment plan was agreed upon between Nestoil Limited and the consortium of lenders as part of efforts to recover the outstanding indebtedness. The agreement has already yielded significant results, with US$60 million recovered from Nestoil Limited and paid to the consortium of lenders during the course of the investigation.…

Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday, August 18, 2026, convicted and sentenced two persons to six months’ imprisonment each for offences bordering on the unlawful trading of naira notes. The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on one-count charges each. The charge against Mutairu Omowunmi Tawa reads: “That you, Mutairu Omowunmi, female, on or about the 25th of July, 2026, at Salamagic Event Centre, Onikan, Lagos, within the jurisdiction of this Honourable Court, did sell and…

President Bola Ahmed Tinubu on Tuesday, August 18, 2026, met with the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Minister of Housing and Urban Development, Muttaqha Rabe Darma, at the State House, Abuja. The meeting focused on the management and disposal of houses and other properties seized by the EFCC across the country. The discussions centred on ensuring that the management and disposal of the seized properties are conducted in accordance with the principles of transparency, accountability and due process. The meeting is part of ongoing efforts by the Federal Government to strengthen…

The National Insurance Commission (NAICOM) has cancelled the certificate of registration of Universal Insurance Plc and appointed a receiver/provisional liquidator to commence the process of winding up the affairs of the insurance company. The cancellation, which took effect on August 14, 2026, followed the company’s failure to meet the prescribed Minimum Capital Requirement (MCR) applicable to its category of licence within the stipulated compliance period. In a notice dated August 13, 2026, and addressed to the Chairman of the Board of Directors of Universal Insurance Plc, NAICOM said the cancellation was effected pursuant to the powers conferred on the Commission…

Nigeria’s headline inflation rate dropped from 15.91 per cent in June to 15.43 per cent in July 2026, according to newly released data by the National Bureau of Statistics (NBS). In its Consumer Price Index (CPI) report released on Monday, the NBS noted that the July 2026 headline inflation rate “showed a decrease of 0.48 per cent compared to the June 2026 headline inflation rate.” “On a month-on-month basis, the headline inflation rate in July 2026 was 1.57 per cent, which was 0.09 percentage points lower than the rate recorded in June 2026 (1.66 per cent),” the bureau said. “This…

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation into a suspect, Haruna Yusuf, and multiple undeclared foreign currencies comprising $73,000 (Seventy-Three Thousand United States Dollars), £15,957 (Fifteen Thousand, Nine Hundred and Fifty-Seven Pounds Sterling), and 827,800 Saudi Riyals, intercepted by the Nigeria Customs Service (NCS) at the Mallam Aminu Kano International Airport (MAKIA). The investigation commenced following the handover of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command, Deputy Comptroller U. U. Adamu, at the Customs Area Command in Kano. The intercepted currencies, which exceeded…

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has charged youths across the country to follow the path of integrity for a secure future. He gave the charge in Port Harcourt, Rivers State, on Tuesday, August 11, 2026, while addressing youths and teenagers at a conference organised by the Organization of African Instituted Churches (OAIC), Rivers State Chapter. The conference, held at the Port Harcourt Ecumenical Centre, focused on addressing social vices. Speaking through Deputy Superintendent of the EFCC (DSE), James Adayilo Hosea, on the topic, “Internet Fraud: Dangers, Consequences and Godly Alternative,” Olukoyede described…

A civil society organisation, Zero Tolerance for Social Immoralities Initiative (ZETSI) Africa, has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, for his efforts and successes in the fight against corruption, economic and financial crimes in the country. The organisation gave the commendation on Wednesday, August 12, 2026, during an advocacy visit to the EFCC corporate headquarters in Abuja, where it presented a certificate of credence to the EFCC Chairman in recognition of his leadership role and achievements in advancing the Commission’s mandate. Speaking during the visit, the Chairman of ZETSI Africa, Ambassador Ibrahim…

The Economic and Financial Crimes Commission (EFCC) has commenced a four-week Basic Investigation and Enforcement Training for 102 newly recruited officers of the Code of Conduct Bureau (CCB). The Executive Chairman of the EFCC, Ola Olukoyede, speaking at the opening ceremony on Monday, August 10, 2026, at the EFCC Academy, Karu, Abuja, said the programme marked a significant milestone in the history of the two institutions. “The programme marks a significant milestone in the history of the two institutions. This is the first time the EFCC is hosting and training newly recruited staff of the Code of Conduct Bureau.” The…

The death of renowned legal scholar and advocate, Professor Alfred Bandele Kasunmu, SAN, has altered the hierarchy of seniority within Nigeria’s legal profession, with Chief Folake Solanke, SAN, emerging as the most senior living Senior Advocate of Nigeria. Kasunmu, who died at the age of 92, was, until his death, the most senior living Senior Advocate of Nigeria and, by virtue of that distinction, the statutory Vice-Chairman of the Body of Senior Advocates of Nigeria (BOSAN). According to a tribute by Chief Kemi Pinheiro, OFR, SAN, LLD, FCIArb., the position now falls to Solanke, herself one of the most distinguished…