News Jagaban

  The Economic and Financial Crimes Commission has released the Managing Director of Fidelity Bank, Mr. Nnamdi Okonkwo, who was arrested last Wednesday for allegedly helping a former Minister of Petroleum Resources, Diezani Alison-Madueke, to launder $153m.  The EFCC had taken the bank MD before an Ikeja Magistrate’s Court last week where the court ordered that he remained in EFCC custody for a week.   However, a reliable source at the commission told our correspondent that Okonkwo made useful statements on the case and had given detectives all the information they needed, thus he was no longer needed. The source said the bank boss would be charged before a Federal High Court in Lagos next week for alleged money laundering, conspiracy and fraud. The detective, who spoke to our correspondent on the condition of anonymity, said that the $153m emanated from the account of the Nigerian National Petroleum Corporation. We believe the $153m is part of the money missing from th...

My compatriots: It is one year today since our administration came into office. It has been a year of triumph, consolidation, pains and achievements. By age, instinct and experience, my preference is to look forward, to prepare for the challenges that lie ahead and rededicate the administration to the task of fixing Nigeria. But I believe we can also learn from the obstacles we have overcome and the progress we made thus far, to help strengthen the plans that we have in place to put Nigeria back on the path of progress.   We affirm our belief in democracy as the form of government that best assures the active participation and actual benefit of the people. Despite the many years of hardship and disappointment, the people of this nation have proved inherently good, industrious tolerant, patient and generous.  The past years have witnessed huge flows of oil revenues. From 2010 average oil prices were $100 per barrel. But economic and security conditions were deteriorating. We ...

  Over N39tn lost in the country’s economy, crude oil theft, official corruption and electoral campaign funding were responsible for a larger percentage of the loss. The exchange rate of N130 to a dollar was used in the conversion of funds under the Obasanjo-led administration while N150 was adopted for those under the Jonathan-led administration, being the average official rates during the tenures. N3tn – NNPC, NPDC unremitted funds Former Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, now the Emir of Kano, Alhaji Muhammadu Sanusi II, had written former President Goodluck Jonathan, accusing the Nigeria National Petroleum Corporation of failing to account for $49bn revenue, which should have been remitted to the Federation Account. He recently said the corporation could only account for $29bn of the ‘missing’ fund. He said some oil companies paid taxes and royalties in oil, and the NNPC sold this oil on behalf of FIRS. “No reasonable explanation for $20bn (NNPC);...