The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, has arraigned two senior officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250. The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were docked on Tuesday before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja on a 10-count charge bordering on alleged stealing and retention of stolen property. According to the anti-graft agency, an internal audit by the bank uncovered unauthorised debits totalling $306,667.81 and €50,250 — equivalent to N527,406,916.66 — from its Letters of Credit (LC)…
Author: Abdoulaye Kay
President Bola Ahmed Tinubu has directed the immediate release of approved funds for the maintenance of Nigeria’s space assets, reaffirming his administration’s commitment to the National Space Policy and Programme. The directive was issued on Tuesday at the maiden meeting of the National Space Council held at the Presidential Villa, Abuja. The President was represented by Vice-President Kashim Shettima. Tinubu said the move is aimed at strengthening Nigeria’s space programme, improving accountability, and positioning the country to compete in the rapidly expanding global space economy. He also ordered that the cost of implementing the revised 25-year roadmap for the national…
In a move that signals a desperate bid for continuity amid regional chaos, Iran’s Assembly of Experts has reportedly selected Mojtaba Khamenei, the son of the late Ayatollah Ali Khamenei, as the country’s new Supreme Leader. According to Iran International, the 56-year-old was elected during an emergency session on Tuesday, following intense pressure from the Islamic Revolutionary Guard Corps (IRGC) to bypass traditional clerical deliberations. The appointment of Mojtaba, the second-eldest son of the recently assassinated leader, marks a seismic shift in the Islamic Republic’s political identity. For several decades, the regime has presented itself as a principled alternative to…
On Wednesday March 4, 2026, the Nigerian naira maintained a narrow trading range against the US dollar in the early session of the Nigerian Foreign Exchange Market (NFEM), reflecting sustained demand for foreign exchange but also the stabilising effects of current monetary policy. In official window trading, the naira opened at ₦1,379.05 per $1, dipping briefly to ₦1,376.02 before rebounding slightly. By 7:30 a.m. WAT, the rate was around ₦1,377.04 per dollar, underscoring a market in price discovery rather than sharp swings. The Central Bank of Nigeria (CBN) has kept its closing reference rate near ₦1,384.29, representing a modest depreciation…
The United States Embassy in Abuja has cancelled all visa interview appointments scheduled for Wednesday, March 4, 2026, citing concerns about possible protests and public unrest in the Federal Capital Territory. In an official statement published on the Embassy’s website and social media platforms, the mission said the decision was made as a precautionary measure due to a high likelihood of demonstrations in the city. The notice warned that past protests linked to international events have occasionally led to confrontations between demonstrators and security forces. Affected applicants will be contacted with information on how to reschedule their interviews, and the…
Saturday, February 28, 2026, will remain a landmark date in Aiyede Kingdom and across parts of Ondo and Ekiti states — an “Ojo Manigbagbe,” a day not easily forgotten. On that day, businessman and political figure Engr. Michael Abayomi Adeyanju was formally installed as the Otunba Mulero of Aiyede Kingdom in Ekiti State. The ceremony was presided over by the Attah of Aiyede Kingdom, , who led the traditional rites that elevated Adeyanju into the ranks of distinguished Yoruba title holders. As custodian of the kingdom’s heritage, the monarch conducted the installation with solemnity and cultural depth, reinforcing the enduring…
The Central Bank of Nigeria (CBN) has intensified verification of fresh capital raised by banks as the final month of the sector’s recapitalisation programme begins, with funds from about 13 lenders currently undergoing scrutiny ahead of the March 31 deadline. Regulators say the verification process is the last major step before the newly raised equity can be formally approved and added to banks’ capital bases, concluding one of the most ambitious financial sector reforms in recent years. The two-year recapitalisation window announced in 2023 will close at the end of March. Industry data indicates that banks are expected to raise…
Nigeria has long discussed export diversification. From policy documents to economic recovery plans, the ambition to reduce dependence on crude oil and grow non-oil exports has been repeated for decades. Yet, execution gaps persist. The United Kingdom’s Developing Countries Trading Scheme (DCTS), introduced in 2023, offers Nigeria a real and operational opportunity to strengthen non-oil exports into a major OECD market. It provides reduced or zero import duties across thousands of tariff lines for eligible developing countries. In 2025, the UK announced improvements to its Rules of Origin framework, which came into force in 2026, simplifying certain product qualification pathways (UK…
Adamawa state governor, Ahmadu Fintiri, has thrown his weight behind the principle of rotational presidency ahead of the 2027 general elections, declaring that no northerner should join the race. Fintiri, who recently defected from the Peoples Democratic Party to the All Progressives Congress, made the remarks on Tuesday during an appearance on ChannelsTV’s Sunrise Daily. While acknowledging that the constitution permits any qualified Nigerian to contest for political office, the governor argued that, in the interest of fairness and national unity, the presidency should remain in the South for a full eight-year cycle. “There is no business of anybody in…
Adamu Abubakar, son of former Vice President Atiku Abubakar, has resigned as Commissioner for Works and Energy Development in Adamawa State. In a resignation letter dated March 2, 2026, Adamu said his decision followed “deep personal reflection and careful consideration.” “The Honourable Commissioner for Works and Energy Development, Adamawa State, Adamu Atiku Abubakar, has formally resigned from his position after serving two successful terms in office,” the letter stated. He expressed gratitude to Governor Umaru Fintiri for the opportunity to serve. “I remain profoundly grateful for the confidence and trust Your Excellency reposed in me throughout my tenure. Your support…