Author: Val Kosi

CBN to Launch FX Code, Emphasising Ethical Conduct in Nigeria’s Foreign Exchange Market

The Central Bank of Nigeria (CBN) announced the imminent launch of the Nigerian Foreign Exchange (FX) Code. This landmark development, slated for January 28th, 2025, will serve as a crucial guide for authorised dealers, promoting ethical conduct and ensuring compliance within the Nigerian Foreign Exchange Market (NFEM). This move is significantly poised to enhance the integrity and transparency of Nigeria’s foreign exchange market

“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN stated in a notice published on its official website. This launch signifies a pivotal moment in the CBN’s ongoing efforts to strengthen the governance and transparency of the FX market.

Recall that the CBN, in a proactive step towards bolstering market integrity, introduced revised guidelines for the NFEM in November 2024. A key pillar of these guidelines mandates that bank boards, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, annually attest to the Nigeria FX Code of Ethics and Conduct. This crucial attestation underscores a firm commitment to upholding market integrity and ensuring strict adherence to all CBN-issued circulars and guidelines.

These revised guidelines, as emphasised by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersede earlier directives, including operational changes announced in June 2023 and prior circulars dating back to 2017. The overarching objective is to deepen the foreign exchange market, building upon the successful consolidation of all official FX market windows.

Under the new framework, authorised dealers are entrusted with the critical responsibility of facilitating FX transactions for both individuals and businesses while ensuring unwavering compliance with all applicable regulations. This encompasses diligent due diligence procedures, transparent pricing mechanisms, and the provision of accessible market access through innovative digital solutions. Furthermore, the guidelines unequivocally state that all legitimate FX transactions must exclusively transpire through authorised dealers. Dealing with unlicensed intermediaries is strictly prohibited.

The revised guidelines also encompass Bureaux de Change (BDC) operators, granting licensed BDCs the authority to purchase FX from authorised dealers to fulfil customer demands, albeit within specific limits established by the CBN. Importantly, all FX transactions undertaken by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the stringent terms of their respective licenses and the overarching principles outlined in the Nigeria FX Code.

This significant development marks a crucial juncture in the evolution of Nigeria’s foreign exchange market. By emphasising ethical conduct and promoting transparency, the CBN aims to foster a more robust and resilient FX market that serves the best interests of the Nigerian economy and its citizens.

January 23, 2025
“Drill, Baby, Drill” Across the Globe: Unexpected Boon for Kenyan Economy?

Recent shifts in US energy policy may unexpectedly turn the tides for the Kenyan economy, long tethered to the whims of global oil markets. While the stated aim of these policies was to bolster domestic energy production within the United States, their impact is rippling across the globe, potentially offering a lifeline to nations like Kenya that are heavily reliant on oil imports.

“Drill, baby, drill,” the rallying cry of a bygone era, has seemingly found new life, leading to a surge in US oil and gas production. This surge has had a direct and immediate impact on global oil prices. Brent crude oil, the international benchmark, has recently fallen below the psychologically significant $80 per barrel mark in London, a development that has sent shockwaves through global markets.

“If it results in lower fuel prices,” explained Kamau Thugge, Governor of the Central Bank of Kenya, “then it’s also possible that that will contribute to lower inflation in the US and also lower global inflation. And that could actually be a positive for us.”

This is significant news for Kenya, a nation that currently imports all of its petroleum needs, amounting to a substantial 5.5 million cubic meters annually. The country remains acutely sensitive to fluctuations in global oil prices, making it highly vulnerable to external shocks.

While inflation in Kenya has recently shown encouraging signs, falling to a 14-year low of 2.7% last year, the central bank remains cautious. The anticipated rise in inflation to around 3.3% by March underscores the ongoing challenges facing the Kenyan economy.

However, the potential benefits of lower oil prices extend beyond mere price stability. For an import-dependent nation like Kenya, decreased fuel costs translate into lower transportation costs, a crucial factor for businesses and consumers alike. This can have a cascading effect, boosting economic activity across various sectors.

Recent shifts in US energy policy may unexpectedly turn the tides for the Kenyan economy, long tethered to the whims of global oil markets. While the stated aim of these policies was to bolster domestic energy production within the United States, their impact is rippling across the globe, potentially offering a lifeline to nations like Kenya that are heavily reliant on oil imports.

“Drill, baby, drill,” the rallying cry of a bygone era, has seemingly found new life, leading to a surge in US oil and gas production. This surge has had a direct and immediate impact on global oil prices. Brent crude oil, the international benchmark, has recently fallen below the psychologically significant $80 per barrel mark in London, a development that has sent shockwaves through global markets.

“If it results in lower fuel prices,” explained Kamau Thugge, Governor of the Central Bank of Kenya, “then it’s also possible that that will contribute to lower inflation in the US and also lower global inflation. And that could actually be a positive for us.”

This is significant news for Kenya, a nation that currently imports all of its petroleum needs, amounting to a substantial 5.5 million cubic meters annually. The country remains acutely sensitive to fluctuations in global oil prices, making it highly vulnerable to external shocks.

While inflation in Kenya has recently shown encouraging signs, falling to a 14-year low of 2.7% last year, the central bank remains cautious. The anticipated rise in inflation to around 3.3% by March underscores the ongoing challenges facing the Kenyan economy.

However, the potential benefits of lower oil prices extend beyond mere price stability. For an import-dependent nation like Kenya, decreased fuel costs translate into lower transportation costs, a crucial factor for businesses and consumers alike. This can have a cascading effect, boosting economic activity across various sectors.

Yet, as Governor Thugge wisely noted, the situation is not without its complexities. The rise in US interest rates, a likely consequence of the Federal Reserve’s efforts to combat inflation, could potentially lead to capital outflows from emerging markets like Kenya. As he pointed out, “That also has an impact on us because of the potential of capital now flowing back to the US as interest rates would remain more elevated than our earlier expectations.”

This presents a delicate balancing act for the Kenyan central bank. While lower oil prices offer a much-needed respite, the potential for capital flight and the accompanying risks to economic stability demand careful monitoring and proactive policy adjustments.

The Kenyan experience serves as a stark reminder that the interconnectedness of the global economy can bring both opportunities and challenges. As the US continues to reshape its energy landscape, the reverberations will undoubtedly be felt far beyond its borders, impacting nations like Kenya in profound ways.

January 23, 2025
Lagos Short-Let Market Explodes: Prices Soar Over 200% in 2024

The Lagos residential real estate market experienced a seismic shift in 2024, with short-let apartment prices exploding by over 200%. This dramatic surge follows a moderate 12.95% increase in 2023, painting a picture of unprecedented growth in the city’s dynamic property landscape.

The BuyLetLive 2024 Nigeria Property Price Index Report, a cornerstone of the Nigerian real estate industry, revealed these staggering figures. “Short-let apartments recorded the most notable growth, with prices surging from 12.95% in 2023 to 46.40% in 2024, reflecting an increase of over 200%,” the report stated.

This explosive growth is a testament to the multifaceted pressures shaping the Lagos property market. Soaring inflation and escalating development costs have forced developers to significantly increase prices to maintain profitability. This, coupled with the city’s burgeoning population and its status as Nigeria’s economic powerhouse, has created a perfect storm of demand.

“Lagos, despite being the smallest state geographically, is home to a staggering 27.4% of Nigeria’s urban population, now estimated at a staggering 16.54 million,” the report highlighted. This rapid urbanization exerts immense pressure on the housing market, fueling competition and driving prices upwards.

The report further underscores the diverse factors influencing this dynamic market. Millennials are driving demand in the rental sector, while baby boomers continue to dominate sales transactions. Infrastructure improvements, such as the revitalization of the Third Mainland Bridge and the development of affordable housing projects, have provided a degree of support.

However, the report also acknowledges the complexities of this evolving landscape. Rising costs and shifting investor priorities have led some to exit the market, introducing new variables into the equation.

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Geographical Breakdown of the Surge

The price hikes were not uniform across the city. Ikoyi, a prime residential area, witnessed the most dramatic increase at 60%. Lekki Phase 1 followed closely, while Surulere saw a more moderate 30% rise. Ikeja experienced a 42% increase, and Magodo saw a significant surge exceeding 50%. Ajah and Yaba also recorded substantial growth, while Victoria Island experienced a notable uptick, albeit below the 60% mark.

Beyond Short-Lets

The surge in short-let prices is just one facet of a broader trend. Rental apartments witnessed a remarkable 47.25% increase, with rental houses closely following at 44.85%. The sales market also experienced significant growth, with house prices climbing by 39.7% and apartment prices by 38.74%. Land prices also saw a notable increase of 27.63%.

The Lagos real estate market is undeniably dynamic and presents both significant opportunities and challenges. While the city’s economic vitality and growing population continue to fuel demand, the impact of inflation, rising costs, and shifting demographics cannot be ignored. Navigating this complex landscape requires a nuanced understanding of market trends and a proactive approach to investment strategies.

January 21, 2025
2025 Budget: Senate Rejects Information Ministry’s Budget, Demands Increased Funding

The Senate Committee on Appropriations has emphatically rejected the Federal Ministry of Information and National Orientation’s 2025 budget proposal, labeling it woefully inadequate.

This decisive action, announced by Committee Chairman Senator Kenneth Eze during the Minister, Mohammed Idris’s budget defense, underscores the critical need for increased government support for public communication and national orientation.

Senator Eze, expressing the committee’s unanimous stance, emphasized the ministry’s pivotal role in driving the President’s transformative agenda. “Last year,” he stated, “we strongly advocated for substantial funding for the information sector, recognizing its immense importance. Unfortunately, our recommendations were largely ignored. Now, the ministry returns with an even lower allocation, which we find utterly unacceptable.”

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He continued, “The government must understand that effectively disseminating information and promoting national values requires adequate resources. We cannot, in good conscience, approve this grossly underfunded proposal. We have therefore returned the budget to the ministry, demanding a significant increase or facing the possibility of zero allocation.”

Minister Idris, while acknowledging the ministry’s mandate to protect and defend Nigeria’s image, highlighted the 2024 initiatives aimed at enhancing public communication and citizen engagement. However, these efforts, crucial in today’s rapidly evolving information landscape, are severely hampered by inadequate funding.

This rejection by the Senate sends a strong message to the government about the critical importance of investing in effective public communication. In an era of increasing information overload and the rise of misinformation, a well-funded and empowered Ministry of Information is not just desirable, it is essential for national development.

January 21, 2025
2025 Budget: Labour Minister Seeks Budget Boost for National Skills Development Initiative

The Minister of Labour and Employment, Muhammad Maigari Dingyadi, has called for an urgent increase in budgetary allocation, stating that the current N46 billion allocation falls short of achieving the ministry’s ambitious employment generation targets for 2025.

In a decisive move to address Nigeria’s mounting unemployment challenges, Dingyadi presented his case before both the House Committee and Senate Committee on Employment, Labour and Productivity, emphasizing the critical need for enhanced funding to revitalize skills development centers nationwide.

“The current allocation simply cannot support our vision for sustainable employment generation,” Dingyadi declared during the 2025 Budget Defence meetings in Abuja. “We’re looking at a comprehensive overhaul of our skills development infrastructure, which requires substantial investment.”

The Minister’s appeal aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which positions job creation as a cornerstone of economic revival. Dingyadi highlighted a crucial distinction in employment strategies, noting that while infrastructure projects create immediate jobs, these positions are predominantly temporary and unskilled.

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“Over 60% of infrastructure-related employment opportunities are unsustainable,” the Minister explained. “Our focus must shift toward creating skilled positions that offer long-term career prospects and contribute to national economic growth.”

Senator Diket Planning, Chairman of the Senate Committee on Employment, Labour, and Productivity, voiced support for the Ministry’s request, acknowledging the need for increased funding to achieve its mandate effectively.

The initiative has gained additional backing from Hon. Adefarati Adegboyega, Chairman of the House Committee on Employment, who emphasized the superiority of sustainable employment programs over temporary relief measures.

“Palliatives offer momentary respite, but skill development creates lasting solutions,” Adegboyega stated. “We must invest in programs that equip our youth with practical skills for the modern job market.”

The Ministry’s proposed budget would facilitate the renovation and modernization of skills development centers across Nigeria, providing essential training and starter packs for graduates to establish self-sustaining businesses.

Industry experts suggest this approach could significantly impact Nigeria’s unemployment rate, currently one of the highest in sub-Saharan Africa. The focus on skills development aligns with global best practices in workforce development and economic growth strategies.

As budget discussions continue, the outcome of this funding request could determine the trajectory of Nigeria’s employment landscape for years to come, particularly affecting the nation’s youth population seeking sustainable career opportunities.

January 21, 2025
Trump Signs Order to Pull US Out of WHO

US President Donald Trump has signed an executive order initiating the withdrawal of the United States from the World Health Organization (WHO).

The order, issued on Monday, marks Trump’s latest controversial move following his return to the presidency.

The executive order cited multiple reasons for the withdrawal, including the WHO’s alleged mishandling of the COVID-19 pandemic, failure to implement necessary reforms, and perceived political influence from member states.

“The US is withdrawing due to the organization’s mishandling of the Covid-19 pandemic that arose out of Wuhan, China, and other global health crises, its failure to adopt urgently needed reforms, and its inability to demonstrate independence from the inappropriate political influence of WHO member states,” the order stated.

The order also criticized the WHO’s funding model, claiming it imposed “unfairly onerous payments” on the US, which are disproportionate compared to contributions from other countries, such as China.

Speaking at the signing ceremony, Trump expressed his dissatisfaction with the organization’s conduct.

“World Health ripped us off; everybody rips off the United States. It’s not going to happen anymore,” he said.

This is the second time Trump has moved to pull the US out of the global health body. In 2020, during his first term, Trump heavily criticized the WHO for its handling of the COVID-19 pandemic, accusing the organization of favoring China. While he initiated the withdrawal process at the time, President Joe Biden reversed the decision upon assuming office.

The US has long been the largest contributor to the WHO, providing nearly one-fifth of its budget in 2023. The withdrawal means the US will officially leave the organization in 12 months.

January 21, 2025
Fire Service Budget Defense Halted Amid Discrepancies, Lawmakers Demand Transparency

The Federal Fire Service (FFS) faced a significant setback Friday when the National Assembly Joint Committee on Interior abruptly halted its budget defense session. Lawmakers committee, co-chaired by Senator Adams Oshiomhole and House of Representatives counterpart Abdullahi Aliyu Ahmed, expressed deep concern over glaring discrepancies in the agency’s 2025 budget proposal and its 2024 performance.

“What you wrote contradicts what you are saying, and we hold you to your written statements,” Oshiomhole declared, highlighting a particularly alarming issue: the inconsistent pricing of firefighting trucks. Identical trucks, procured from the same company, were listed at vastly different prices – ₦1.5 billion in one instance and ₦2.5 billion in another.

While FFS Controller General Jaji Abdulganiyu Idris attributed these discrepancies to variations in tanker sizes, lawmakers remained unconvinced. “This appears to be over-padding or over-invoicing,” Oshiomhole asserted, emphasizing the need for detailed explanations and supporting documentation.

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The committee also raised serious concerns about ongoing projects, criticizing the lack of clear specifications and contractual commitments. The FFS 2025 budget proposal included a staggering ₦603 billion in projected outstanding payments, leaving lawmakers perplexed by the lack of clarity on these commitments.

“We need to appreciate the difference between contract commitments and proposals,” Oshiomhole stressed. “Without proper documentation, this committee cannot approve your budget.”

He emphasized the importance of fiscal responsibility, reminding the agency that “every ₦10 lost by MDAs, when multiplied across all agencies, becomes an alarming figure. We must ensure that the little drawn is properly distributed so that every Nigerian gets a sip, especially the poor.”

Furthermore, the committee questioned the FFS’s ability to accurately report its revenue generation. Idris presented manual receipts as evidence, which the committee swiftly rejected as insufficient. Lawmakers demanded verifiable bank statements and supporting documentation from the Accountant-General’s office.

Frustrated by the numerous discrepancies and the lack of transparency, the committee ultimately halted the budget defense session. “Work on your documents and submit a proper presentation to this committee,” Oshiomhole warned. “Otherwise, there will be zero allocation for the agency.”

This incident underscores the lawmakers’ commitment to fiscal transparency and the efficient use of public funds. It serves as a stark reminder that public trust in government spending hinges on accountability and the responsible use of taxpayer money.

January 21, 2025
Donald Trump Sworn In As 47th US President, Plans Immigration Crackdown

Donald Trump was sworn in for a historic second term as president on Monday, pledging a blitz of immediate orders on immigration and the US culture wars as he caps his extraordinary comeback.

With one hand raised in the air and the other on a Bible given to him by his mother, the 47th US president solemnly took the oath of office beneath the huge Rotunda of the US Capitol.

Republican Trump and outgoing Democratic President Joe Biden had earlier traveled by motorcade together to the Capitol, where the ceremony was being held indoors — and with a much smaller crowd — for the first time in decades due to frigid weather.

Earlier, they and their spouses met for a traditional tea at the White House.

“Welcome home,” Biden said to Trump as he and First Lady Jill Biden greeted their successors at the front door to the presidential residence.

Trump, 78, was a political outsider at his first inauguration in 2017 as the 45th president, but this time around he is surrounded by America’s wealthy and powerful.

The world’s richest man, Elon Musk, Meta boss Mark Zuckerberg, Amazon chief Jeff Bezos, and Google CEO Sundar Pichai all had prime seats in the Capitol alongside Trump’s family and cabinet members.

Musk, who bankrolled Trump’s election campaign to the tune of a quarter of a billion dollars and promotes far-right policies on the X social network, will lead a cost-cutting drive in the new administration.

While Trump refused to attend Biden’s 2021 inauguration after falsely claiming electoral fraud by the Democrat, this time Biden has been keen to restore the sense of tradition.

Biden joined former presidents Barack Obama, George W. Bush, and Bill Clinton at the Capitol. Former first ladies Hillary Clinton and Laura Bush were there but ex-first lady Michelle Obama pointedly stayed away.

– ‘American decline’ –

Unusually for an inauguration where foreign leaders are normally not invited, Argentina’s hard-right president Javier Milei was attending, along with Italy’s far-right Prime Minister Giorgia Meloni.

The bitter cold weather has forced Trump’s inauguration indoors for the first time since Ronald Reagan’s in 1985, missing out on the customary massive crowds along the National Mall.

Behind the pomp and ceremony, the billionaire is kickstarting his nationalist, right-wing agenda with a barrage of around 100 executive orders undoing Biden’s legacy.

Trump will declare a national emergency at the Mexico border, give the US military a key role on the frontier, and end birthright citizenship, as he seeks to clamp down on undocumented migrants, an official from his incoming administration said.

Trump has pledged to start immediate deportations of undocumented migrants.

He will also sign an order for the US government to recognize only two biological sexes and seek to eliminate federal government diversity programs as he takes office.

The announcement of the hardline policies came a day after Trump had promised a “brand new day” and to end “four years of American decline.”

“I will act with historic speed and strength and fix every single crisis facing our country,” Trump told an inauguration eve rally where he danced with the Village People band.

– ‘Ecstatic’ –

Despite promising a new “golden era,” populist Trump also campaigned on often apocalyptic depictions of the country in his victorious election campaign against Democratic Vice President Kamala Harris in November.

At sunrise on Monday, the National Mall, where the inauguration was originally due to be held, was largely empty — save for the Fairchild family, who traveled from Michigan to pay tribute to Trump.

“Ecstatic,” said grandmother Barb, when asked how they were feeling, adding she thought the move indoors was made “to protect our president.”

With minutes left in his presidency, Biden issued extraordinary pre-emptive pardons for his brothers and sister to shield them from “baseless and politically motivated investigations.”

He also pardoned former COVID-19 advisor Anthony Fauci, retired general Mark Milley, and members of a US House committee probing the violent January 6, 2021 US Capitol attack by Trump’s supporters.

Biden said he had also restored the tradition of leaving a letter for his successor — though he said the contents were between him and Trump.

Trump will make history by replacing Biden as the oldest president to be sworn in. He is also just the second president in US history to return to power after being voted out, after Grover Cleveland in 1893.

Another first is Trump’s criminal record, related to paying a porn star hush money during his first presidential run — and a string of far more serious criminal probes that were dropped once he won the election in November.

For the rest of the world, Trump’s return means expecting the unexpected.

From promising sweeping tariffs to making territorial threats to Greenland and Panama and calling US aid for Ukraine into question, Trump looks set to rattle the global order once again.

Russian President Vladimir Putin congratulated Trump ahead of the inauguration and said Monday he was open to talks on the Ukraine conflict, adding he hoped any settlement would ensure “lasting peace”.

January 21, 2025
Defence Headquarters Labels Bandit Leader Bello Turji a ‘Coward,’ Says His Days Are Numbered
Bello Turji
The Defence Headquarters (DHQ) has declared Bello Turji, a notorious bandit leader, a coward whose end is near after troops of Operation Fansan Yamma raided his hideouts, killing his son and several of his fighters during clearance operations in Zamfara State.

In a statement issued by Major-General Edward Buba, the DHQ’s Director of Media Operations, the military highlighted Turji’s desperation as he flees from one location to another, seeking assistance from other bandit commanders.

“On January 17, 2025, a coordinated operation between troops of Operation Fansan Yamma as well as the air component conducted clearance operations along the Shinkafi, Kagara, Fakai, Moriki, Maiwa, and Chindo axis,” Buba stated.

“The operations killed scores of terrorists, including notorious terrorist leader Bello Turji’s son, on Fakai high ground, where the terrorists were hiding. The intensity of troops’ firepower resulted in high terrorist casualties and their logistics hub destroyed.”

The statement also noted that Turji abandoned his son and fighters during the military raid, describing his actions as cowardly.

“The terrorist leader, Bello Turji, in a gross cowardly act, escaped, abandoning his son and combatants. I want to remind him that his days are numbered,” Buba declared.

The operation also led to the rescue of kidnapped hostages held by Turji and the destruction of his camps in multiple locations, including Shinkafi, Kagara, and Chindo.

In a related operation, troops dismantled another terrorist camp led by Idi Mallam along the Zango Kagara Forest, neutralizing three terrorists and arresting three suspected collaborators.

Recovered items included:

Two machine guns

One AK47 rifle with a magazine containing 11 rounds of 7.62 mm ammunition

61 rustled cattle

44 sheep

The DHQ reiterated its commitment to ensuring the safety of citizens nationwide, vowing to sustain the offensive against terrorists.

“Troops are sustaining the onslaught against the terrorist. Overall, troops continue to demonstrate commitment to the safety and protection of all citizens nationwide,” the statement concluded.
January 21, 2025
Otudeko, Onasanya Arraignment Stalled Amidst Service of Process Controversy

The much-anticipated arraignment of prominent Nigerian businessman, Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, took an unexpected turn when their legal teams vehemently protested the lack of proper service of the charges. This procedural hurdle effectively stalled the proceedings, leaving the courtroom in a state of uncertainty.

The Economic and Financial Crimes Commission (EFCC) has leveled a 13-count indictment against Otudeko, Onasanya, and several others, including former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited. These charges stem from allegations of obtaining a substantial N12.3 billion from First Bank through fraudulent means.

The courtroom drama unfolded as defense lawyers, led by renowned legal luminaries Bode Olanipekun (SAN) and Olumide Fusika (SAN), argued that their clients had not been duly served with the charges, a fundamental requirement for a fair legal process.

Fusika, representing Onasanya, expressed deep concern over the media trial his client had endured, emphasizing that such premature publicity could severely prejudice public opinion and undermine his right to a fair hearing.

“My Lord, it is deeply concerning that my client has been subjected to intense media scrutiny without the formal service of charges. This not only compromises his right to a fair trial but also infringes upon his fundamental right to dignity,” Fusika stated, his voice laced with a sense of urgency.

The EFCC, represented by Rotimi Oyedepo (SAN), countered these claims, asserting that multiple attempts had been made to serve the defendants at their last known addresses. While acknowledging the presence of media reports on the impending arraignment, Oyedepo vehemently denied any involvement by the EFCC in disseminating such information. He suggested that journalists may have independently gathered information through other sources.

“My Lord, we categorically deny any involvement in the release of any information to the media regarding this case,” Oyedepo stated, seeking to distance the commission from any perceived attempts to influence public opinion.

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Despite the initial impasse, the court ultimately allowed Fusika to accept service of the charges on behalf of his client. This procedural maneuver paved the way for the court to adjourn the proceedings until February 13th, a date set for the formal arraignment of the defendants.

The EFCC alleges that the defendants engaged in a complex web of fraudulent activities between 2013 and 2014. These alleged offenses include conspiracy to defraud First Bank, obtaining loans under false pretenses, and engaging in sophisticated money laundering schemes.

The charges further allege the use of forged documents to deceive the bank and secure credit facilities for various entities, including V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

This case has captivated public attention, highlighting the gravity of financial crimes and the ongoing efforts of law enforcement agencies to combat such illicit activities. The upcoming arraignment promises to be a pivotal moment in this legal saga, with far-reaching implications for the defendants and the financial landscape of Nigeria.

January 21, 2025