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);...

  I am yet to see any positive change. About a year ago I voted for a man I believe could do the job. I am just wandering when we shall begin to see the real changes we asked for , or rather, the change we were promised. Though the anti-corruption war is on, victory is still far off, as we are yet to the big fishes in jail. Meanwhile, we have see a lot in terms of price increases everywhere; Electricity bills have increased without power supply Petrol bill has also gone up.  Food prices and transportation cost have all gone up. The average Nigerian is now at least 30% poorer now than we were as at January 1, 2016. That simply means inflation has taken out over 30% of our purchasing power. Where is the change? NORTHERNERS ARE NOW THE HEADS OF KEY AGENCIES: Is Nigeria going the way of NATIONAL CAKE again?  Is this part of the promised CHANGE?     Before I forget they also own about 70% Nigeria oil wealth. Herdsmen invading Vil...

A new militant group in the Niger Delta, the Niger Delta Avengers, has allegedly blown up trunk lines belonging to Nigerian Agip Oil Company and Shell Petroleum Development Company in Bayelsa State. It was learnt that the Avengers blew up Nembe 1, 2, and 3 Brass to Bonny trunk line belonging to the two oil majors. It was learnt that the incident occurred about 2.15am on Saturday in Nembe, Nembe Local Government Area of the state. The NDA has in the last weeks attacked oil installations in the Niger Delta with the Saturday’s attack on the pipeline being the latest.

Yawning gaps have been discovered in the assets declaration form submitted by Senator Andy Uba to the Code of Conduct Bureau (CCB). According to the form presented on  June 3, 2015, and exclusively obtained by SaharaReporters, Uba is the owner of N1billion home located at 49 TY Danjuma Street, Asokoro, Abuja. In the form, Uba claimed that the house was bought on November  15,  2006, through personal savings and a loan from the United Bank of Africa (UBA). In the forms listing his assets as of May 30,  2015, he declared ownership of a six-bedroom duplex at 26, Mamman Nasir Street, Asokoro, Abuja, which he bought for N650million on  May Senator Andy Uba 2006. Money for the purchase of the property, according to Uba, came from the sale of a property and personal income.  The property, he also claimed at the time, yielded N25million in rent yearly. He owns another three-bedroom house at Edo Court, Gaduwa in Abuja. This, he informed the CCB, was purchased fo...