General
COVID-19: 60 Countries Get $22bn in Emergency Funding–IMF
By Adedapo Adesanya
The International Monetary Fund (IMF) has disbursed $22 billion in emergency financing to nearly 60 countries to cushion the impact of the coronavirus outbreak on their respective economies.
This was disclosed by the Bretton Wood institution’s Managing Director, Ms Kristalina Georgieva, at the United Nations event on Financing for Development in the Era of COVID-19.
She stated: “We are providing emergency financing on unprecedented scale – we have already disbursed $22 billion to nearly 60 countries and continue to receive and process new requests. Never before have we supported so many countries at the same time and at such speed.”
Ms Georgieva said the lender was exploring ways to deploy Special Drawing Rights (SDRs) to support low-income and small economies, stating that the Fund, together with the World Bank, was also supporting the G20 debt service suspension initiative that could make about $12 billion available to eligible low-income countries.
“We are at the service of our members to fight the crisis and underpin sustainable and inclusive global recovery. After the global financial crisis, our shareholders had the wisdom to quadruple the Fund’s lending capacity to $1 trillion and we are ready to use this capacity to the fullest, working together with all of you,” she stated.
According to her, countries with weaker fundamentals, especially in terms of high debt levels, with dependence on hard-hit sectors, or affected by conflict, are suffering and market access remains difficult, or impossible.
“From commodity exporters in sub-Saharan Africa to the tourism-dependent small island economies in the Caribbean and elsewhere, 2020 is expected to result in their worst GDP growth outcome in decades and a large decline in per capita income,” she added.
She noted that 170 countries – almost 90 percent of the world, would have been badly hit by the crisis at the end of this year, noting that recent data indicates that global output could even shrink by more than the 3.0 percent this year that the IMF had initially projected.
She, however, said IMF was expecting partial recovery in 2021 and welcomed the decisive actions taken by policy makers around the world to stabilize the economy.
“Crucially, central banks responded swiftly and forcefully to the dramatic shock of this crisis as, in February and March, volatility spiked, liquidity deteriorated significantly, and massive asset market dislocations materialised.
“By cutting interest rates, purchasing over $4 trillion of assets and announcing plans for more, and introducing foreign currency swap lines, major central banks helped abate strains in financial markets, and ease global financial conditions,” Ms Georgieva noted.
Despite this, she said financial conditions remain dependent on uncertain economic and health developments, warning that countries are now facing bankruptcies, which could affect banks, particularly those with weaker buffers.
“To counter the impact of the crisis and support recovery, we advocate continued fiscal support, especially for workers and small and medium-sized enterprises. Globally, fiscal actions so far amount to about $9 trillion and significant further efforts will be needed in the months ahead,” she stated.
General
NUPRC Workers Suspend Strike After Negotiations
By Aduragbemi Omiyale
The industrial action embarked on by some members of the trade unions at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been called off.
The Head of Media and Corporate Communications of the agency, Mr Eniola Akinkuotu, in a statement on Tuesday, said the one-day strike was suspended after negotiations between the aggrieved workers and the management.
The decision of the organisation’s employees to refuse to work paralysed activities yesterday, but after the action was called off, work has fully resumed.
The two in-house unions involved in the talks were the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
In today’s statement, NUPRC admitted that the strike affected only administrative work, but did not impact regulatory activities in oil and gas facilities, urging members of the public to disregard false reports on crude oil production disruptions as well as misleading publications stating that the disagreement centred on foreign training.
The NUPRC has promised to improve the operating environment of its workforce and prioritise staff development in line with the Petroleum Industry Act.
General
Customs Stops PMS Discharge from MT NY Maria Over Clearance Breach
By Adedapo Adesanya
The Nigeria Customs Service (NCS) Tin Can Island Port Command has disclosed that it halted the discharge of Premium Motor Spirit (PMS), also known as petrol, from a vessel, MT NY Maria, after discovering that the ship had commenced operations without obtaining the requisite Customs clearance and while still under official Customs seal.
The command said the enforcement action was carried out in accordance with the provisions of the Nigeria Customs Service Act, 2023, stressing that the vessel was found discharging petroleum products at the MRS Terminal, also known as Dantata Jetty, Tin Can Island Port, without completing mandatory Customs procedures.
In a statement signed by its spokesperson, Chief Superintendent of Customs Oscar Ivara, the service explained that officers of the Boarding and Rummaging Unit initially boarded the vessel on May 23, shortly after its arrival from the Dangote Refinery, to conduct routine documentation and compliance checks.
According to the statement, customs officers discovered that the vessel did not possess complete documentation, particularly the mandatory Last Port Clearance required from its port of origin.
“In line with established procedures, officers granted the vessel’s agent a two-day period to provide the outstanding document while the vessel was lawfully sealed and placed under Customs control pending compliance,” the statement said.
The command noted that despite the directive, intelligence reports later revealed that the vessel had commenced discharge operations on May 27 without securing Customs clearance and while still under official seal.
“Officers who mobilised to the terminal encountered resistance from security personnel stationed at the facility before eventually gaining access to the premises,” the statement added.
Customs said the ship master was immediately directed to stop the discharge operation and report to the Enforcement Unit to provide official statements regarding the incident.
“The vessel was subsequently resealed in accordance with extant procedures,” the Command stated.
The service also dismissed reports suggesting that the ship master was arrested, clarifying that he was only invited to make statements as part of an ongoing investigation.
“The ship master was not arrested as alleged in some quarters. He was invited to provide official statements in connection with the ongoing investigation into the incident,” the statement explained.
Providing the legal basis for its actions, the Command said Sections 30 to 35 of the Nigeria Customs Service Act, 2023 empower Customs officers to conduct inspections, verify documentation, examine cargoes and enforce compliance within Customs Control Zones.
“The discharge of PMS by MT NY Maria without requisite clearance and while under Customs seal constituted a direct violation of Sections 46 to 58 of the Act relating to reporting obligations, goods declaration, presentation of goods, unloading procedures, and release of goods under Customs control,” the statement said.
The command further stressed that the Act grants Customs officers powers to board, inspect, detain and enforce compliance measures on vessels and cargoes operating within Customs-controlled areas.
Reaffirming its commitment to regulatory enforcement, the Service said it would continue to safeguard the nation’s economic interests through strict compliance monitoring at the country’s ports.
“The service will continue to discharge its statutory responsibilities professionally, transparently, and without fear or favour in safeguarding Nigeria’s economic and national security interests,” the statement concluded.
General
Romance Scam: Man Forfeitures N17.1m to FG
By Modupe Gbadeyanka
The sum of N17.1 million domiciled in Access Bank, believed to be proceeds of a romance scam allegedly by one Mr Ifeanyi Alele David has been forfeited to the federal government.
Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, ordered the final forfeiture of the fund on Monday, June 1, 2026, after no interested person or entity could explain why it should not be permanently forfeited to the Federal Government of Nigeria.
The order followed a motion on notice filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) through its counsel, Ms C.C.Okezie.
The court had, on February 26, 2026, granted an interim forfeiture order of the fund and directed the commission to publish the order in a national newspaper.
While moving the application for the final forfeiture, Ms Okezie informed the court that the agency complied with the publication order by publishing the interim forfeiture notice in The Punch newspaper on April 10, 2026.
The legal practitioner also stated that no individual or entity came forward within the stipulated period to contest the forfeiture, further stating that the application was supported by an affidavit deposed to by an EFCC operative, Samson Aguma, who detailed the findings of the Commission’s investigation.
According to the affidavit, the EFCC received a petition from the Federal Bureau of Investigation (FBI), Mr David, who is under investigation, was involved in a romance scam scheme connected to the tragic death of a United States of America citizen.
According to him, on September 15, 2021, a romance fraud victim committed suicide in a hotel room in Denver, Colorado, USA.
Following the discovery of her body, law enforcement officers recovered her mobile device and observed multiple messages from an individual identified as Garry Micheal through the Google Hangouts application.
Investigations further revealed that the suspect repeatedly solicited funds from the victim under various false pretences, including requests for money to secure his release from prison and facilitate his return to the United States.
The affidavit disclosed that on the day the victim took her own life, the suspect allegedly demanded an additional sum of $60,000 from her, despite her expressing severe financial distress and indicating that she had exhausted her resources.
Further investigations by the FBI allegedly established that the victim sent approximately $154,500 between August 30 and September 13, 2021, through various channels connected to the fraudulent scheme.
Aguma stated that forensic analysis traced email accounts, internet protocol (IP) addresses, telephone records, and an Apple iCloud account linked to the romance fraud activities to David in Nigeria.
He further disclosed that the sum of N17,100,595.40 found in Mr David’s Access Bank account was reasonably suspected to be proceeds of unlawful activities and formed part of the funds derived from the fraudulent scheme.
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