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Economy

EFCC Unveils Guidelines for Sale of Forfeited Luxury Apartments, Others in Lagos, Abuja

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By Modupe Gbadeyanka

Nigerians interested in purchasing any of the forfeited properties to be auctioned by the Economic and Financial Crimes Commission (EFCC) have been given some steps to actualise this.

In a statement on Wednesday, the commission said the forfeited luxury apartments are located in Lagos, Abuja, and others, with bids accepted till 12:00 noon on Monday, January 9, 2023.

The auction is open to members of the public with the exception of individuals/corporate entities who have been / or are being prosecuted by the EFCC, Directors of such companies, and employees of the EFCC.

A competitive bidding process is being adopted for the disposal of the properties. The bid forms, which can be downloaded from the EFCC website, must be submitted alongside 10 per cent of the bid amount in Certified Bank Drafts payable to EFCC.

If the sum exceeds N10 million, multiple Certified Bank Drafts must be provided; drafts of unsuccessful bidders will be returned once the bidding process is concluded.

A successful bidder will be required to pay the 90% outstanding balance of the bid price within 15 working days of the bid submission deadline, failing which the 10% deposit becomes non-refundable, and the properties can be offered to other buyers. Payments shall be made to EFCC through the Remita platform.

Individuals occupying any of the properties listed may be given the Right of First Refusal provided they have a valid tenancy agreement, have paid rent up to date and must complete an Expression of Interest (EOI) Form, which can be downloaded from the EFCC website.

Bids for properties must be sealed and submitted in the designated box at the following address: Economic and Financial Crimes Commission, Plot 301/302 Institutions and Research District, Jabi, Abuja.

All bidders and their representatives are welcome to be present at the bid opening, which will take place at the Convocation Ground, the National Open University of Nigeria, opposite Economic and Financial Crimes Headquarters, Jabi, Abuja, from Monday, January 9, 2023, to Friday, January 13, 2023.

The highest bid for each property will emerge as the winner, subject to the highest bid being equal to or above the reserve price.

In the event of a tied bid at the bid opening or where none of the bids matches or exceeds the reserve price, bidders will be required to submit fresh bids at the opening. The outcome of the fresh bid submissions will be announced at the bid opening.

Business Post gathered that the properties for sale include 61 units of luxury apartments, plots of land and apartments across the country. They are being offered for sale in accordance with the Economic and Financial Crimes Commission (Establishment) Act, 2004, the Public Procurement Act, 2007 and the Proceeds of Crime (Recovery and Management) Act, 2022.

They are 24 units of a luxurious block of flats at Banana Island, Lagos; 21 units of luxury terrace and block of flats at Thornburn, Yaba, Lagos; 16 units of 4 bedrooms Terrace Duplex at Heritage Court Estate, Port Harcourt;

Others are apartments and plots of land in Lagos State; apartments and plots of land within Abuja Metropolis; plots of land and apartment in Anambra, Ebonyi and Gombe States; apartments and plots of land in Kaduna, Delta and Edo States; Hotel, plaza and apartments in Kwara State and apartments and plots of land in Cross River, Osun and Oyo States.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

How Colocation Provider Services Enhance the Crypto Mining Process

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When it comes to scaling up Bitcoin operations, every miner hits a wall sooner or later. Whether it’s rising energy bills, cooling issues, or limited rack space, home setups just don’t cut it at scale. That’s where colocation Bitcoin solutions step in, offering industrial-grade infrastructure without the headache of building a data center from scratch. For many crypto miners, this has become a game-changer.

Cryptocurrency Mining Explained

At its core, cryptocurrency mining is the process of validating transactions and adding them to the blockchain ledger. Miners compete to solve complex mathematical puzzles using powerful hardware, like ASICs (Application-Specific Integrated Circuits). Once a solution is found, it’s broadcast across the network, and the miner gets rewarded in crypto.

But this isn’t something you can pull off with a basic laptop. Running a profitable mining operation demands serious horsepower and reliable uptime, especially when you’re dealing with blockchain technology and its nonstop, decentralized nature.

How Colocation Facilities are Used in Crypto Mining

Colocation facilities are specialized data centers where miners can house their mining rigs. Instead of hosting hardware in a garage or warehouse, miners rent space in these facilities that already offer high-end cooling, power redundancy, and lightning-fast connectivity. This is ideal for running blockchain workload management tasks that require stable environments.

More importantly, colocation sites are often located in regions with access to cheaper electricity, significantly lowering the energy consumption in mining, a major factor for profitability. And for those managing Bitcoin nodes, colocation facilities provide the uptime and security needed to ensure uninterrupted participation in the network.

Colocation Benefits for Miners – Why are They Becoming Popular?

The list of colocation benefits for miners keeps growing. One of the biggest is reduced overhead. There’s no need to worry about cooling systems, fire suppression, or backup generators — the colocation provider services take care of it all. This lets miners focus purely on maximizing hash rates and ROI.

Then there’s mining hardware management. These facilities often have on-site technicians who can perform reboots, monitor temps, or even swap out malfunctioning units. This kind of hands-on support is critical when running dozens (or hundreds) of rigs.

We also can’t overlook data center security. Physical and cyber security in colocation centers is top-notch, from biometric access controls to round-the-clock surveillance. For anyone holding significant mining assets, that peace of mind is worth its weight in Bitcoin.

In the fast-moving world of crypto, infrastructure can make or break your mining game. Colocation isn’t just for enterprise giants anymore — it’s becoming the go-to solution for solo miners and small firms looking to scale without blowing their budget. With better uptime, lower costs, expert support, and hardened security, colocation facilities are proving essential in today’s mining landscape.

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Economy

NIPOST, KLM Royal Dutch Airlines Seal Logistics Deal

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By Adedapo Adesanya

The Nigerian Postal Service (NIPOST) and the KLM Royal Dutch Airlines have signed a direct international mail partnership to boost delivery and ease bottlenecks around Nigerian logistics.

The Postmaster General of NIPOST, Mrs Tola Odeyemi, confirmed this agreement between both parties, describing its as a milestone in many years.

According to Mrs Odeyemi, NIPOST operated without any direct partnerships with international airlines, relying heavily on multiple third-party handlers, resulting in delays, higher costs, and uncertainty around the delivery of packages.

“With this new partnership, KLM will now handle our outbound international mail directly, with no middlemen involved,” she wrote in the announcement on X, formerly, known as Twitter, noting that the deal will bring faster and more reliable delivery, reduced risk of loss or damage, lower handling charges, and access to over 200 countries through KLM’s global network.

KLM Royal Dutch Airlines is the national carrier of the Netherlands and offers services – passenger and cargoes – to 164 destinations worldwide and boasts about 116 aircrafts as of 2025.

“This breakthrough is possible because we have begun clearing longstanding debts owed to international carriers. We are actively working to rebuild global trust, and this partnership is only the first of many doors that will reopen,” she added.

She also noted that NIPOST is currently in strategic discussions with Ethiopian Airlines to serve African and Eastern routes, further strengthening the country’s regional and continental logistics framework.

“Our goal is clear and unwavering: to connect Nigeria regionally and globally, efficiently, securely, and affordably,” she noted.

The NIPOST chief also noted that the development serves as a major win for Nigerian businesses especially Small and Medium Enterprises (SMEs).

According to her, some of the benefits cover those who export goods, or sell products online, as it introduces quicker, more affordable international shipping, greater peace of mind with improved reliability, and new potential to reach and grow in global markets.

“I remain grateful to the incredible teams working diligently behind the scenes, and to every Nigerian who continues to believe in our mission. We are not just delivering mail, we are delivering solutions and moving Nigeria forward,” she added.

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Economy

NGX Prevents Investors from Trading Golden Guinea Breweries Shares

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By Dipo Olowookere

For now, investors will no longer be able buy or sell shares and securities of Golden Guinea Breweries Plc on the floor of the Nigerian Exchange (NGX) Limited.

This is because the stock exchange has suspended the beer maker due to its failure to file its financial statements for the 2024 fiscal year despite.

Companies listed on the local bourse are required as stipulated in the listing rules to submit their financial results within a certain period and when this is breached, the necessary sanctions are meted out on them.

As for Golden Guinea Breweries, it violated Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which necessitated the NGX to wield its big stick on the firm.

Trading in the equities of Golden Guinea Breweries was suspended last Tuesday via a notice to the investing community.

Investors will only be able to trade the company’s stocks and other securities when the financial statements are released for the perusal of the investing public.

“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states that, If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

“Trading in the shares of Golden Guinea Breweries Plc has been suspended from the facilities of Nigerian Exchange Limited effective Tuesday, May 6, 2025, for not filing its Unaudited Financial Statements for the period ended December 31, 2024.

“In accordance with the default filing rules set forth above, the suspension of trading in the shares of the company shall be lifted upon the submission of the relevant financial statements,” the notice read.

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