General
EFCC, ICPC Recover N277bn, $105m From Financial Crimes in 2024
By Adedapo Adesanya
The agencies saddled with the responsibilities of curbing financial crimes in Nigeria, the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), recovered about N277 billion and $105 million in 2024.
This information was disclosed by Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi (SAN), while speaking recently at an asset recovery summit in Abuja.
Giving a breakdown, the AGF said the EFCC, which investigates and prosecutes financial crimes, recovered N248 billion, $105 million, and 753 duplexes in 2024, while the ICPC, which handles prosecution of corruption and embezzlement, reclaimed N29.685 billion in cash and $966,900 in looted assets in the same year.
Mr Fagbemi said Nigeria has successfully repatriated significant funds from abroad, reinforcing the country’s commitment to financial accountability.
He also said other enforcement bodies have also carried out their functions adequately in the last year. Foe instance, the National Drug Law Enforcement Agency (NDLEA) intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.
“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets.
“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, it is pertinent to state that from 2017 to date, the Federal Ministry of Justice working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), was able to facilitate the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000, and £6,472,610.
“Of these sums, a total of $102.88 million and £2,062,000 (Galactica Assets $52.88 million, Glencore Fined $50 million, Useni/Miner GBP 2,062,000) was recovered from 2024 to date.
“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria,” he said.
Mr Fagbemi said that based on assets’ repatriation agreements in line with international best practices, mechanisms have been put in place to ensure the transparent utilisation and management of repatriated assets on specific identified critical infrastructure projects, noting that the mechanisms include the participation of civil society organisations (CSO) as independent monitors of the repatriated assets; engagement of independent auditors to regularly audit the repatriated assets accounts;
The justice minister said despite the achievements, some challenges persist, adding that, “The complexities of cross-border asset recovery, the need for enhanced international collaboration, and the imperative of ensuring transparency in asset management demand our collective attention and action.”
General
VDR, ECDIS Data Retrieved as NSIB Probes Maersk Vessel Collision at Bonny Anchorage
By Adedapo Adesanya
The Nigerian Safety Investigation Bureau (NSIB) has commenced a forensic investigation into the collision between the container vessel MV Maersk Valparaiso and the oil tanker MT Lady Martina at Bonny Anchorage in Rivers State, following the download of Voyage Data Recorder (VDR) and Electronic Chart Display and Information System (ECDIS) data from the vessel for navigational analysis.
The bureau’s Director of Public Affairs and Family Assistance, Mrs Funke Adebayo Arowojobe, explained that in line with the International Maritime Organisation (IMO) Casualty Investigation Code and international obligations, NSIB had formally notified the Transport Safety Investigation Bureau (TSIB) of Singapore as a substantially interested State.
The incident, which occurred on May 20, 2026, has been classified by the bureau as a Very Serious Marine Casualty (VSMC).
She also said that NSIB activated its marine occurrence response protocols immediately after receiving notification of the incident, noting that the investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.
The bureau disclosed that investigators boarded both vessels and conducted interviews with their masters and key crew members, while operational records and navigational data linked to the incident were secured.
Also, the director stressed that the bureau had commenced collaborative engagement with relevant local and international stakeholders as part of the investigation process, assuring the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and thoroughness, stressing that the objective was to determine the causal and contributory factors of the occurrence and enhance maritime safety.
General
Family Confirms Abduction of Adelabu’s Sister in Ibadan
By Aduragbemi Omiyale
The abduction of the younger sister of the immediate past Minister of Power, Mr Adebayo Adelabu, has been confirmed by the family.
The former Minister’s sibling, Mrs Olaide Busayo Adegoke John-Paul, was kidnapped on Wednesday morning in Ibadan along with her twin sons.
She was picked up by the suspected gunmen in her red Hyundai Sonata on a street in the ancient city, causing apprehension in the area.
In a statement issued by the family today, the 43-year-old woman was forcefully taken when driving her children, identified as Peter and Paul, to school.
The family said the incident was immediately reported to relevant security and law enforcement agencies, which have since commenced investigations and rescue efforts.
It was stated that she recently retired after a career spanning the Central Bank of Nigeria and First Bank Pension Custodian and had relocated to Ibadan with her children while preparing to join her husband in the United States.
The statement said security agencies had swung into action and were working to secure the safe release of the victims and apprehend those responsible for the abduction.
Members of the public have been urged to provide any useful information that could lead to the rescue of the kidnapped victims.
General
Dangote Refinery Has Sufficient Jet Fuel for Global Markets—CEO David Bird
By Adedapo Adesanya
The chief executive of Dangote Refinery, Mr David Bird, has said the 650,000-barrel-per-day plant has a surplus of jet fuel to serve the global markets, amid continued disruptions caused by tensions in the Middle East.
“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Mr Bird said at the S&P Global Energy Middle East Petroleum and Gas Conference in London, as per Reuters.
Jet fuel has been one of the fuels most acutely affected by the Iran war and closure of the Strait of Hormuz, where over 20 per cent of the world’s crude and Liquified Natural Gas (LNG).
The development has led to market opportunities for refiners based outside the Gulf region, such as Dangote, to supply global markets.
Mr Bird said the refinery is currently running flat out at nameplate capacity and is planning what the executive described as a “ruthless replication” project to double capacity.
“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” Mr Bird said.
He added that long-lead items have been purchased and the company is in the process of awarding construction contracts.
The group could then lift refining capacity to 2.1 million barrels per day with another refinery planned in East Africa, helping it to become a significant player in crude and refined products flows, Mr Bird said.
He also said the Dangote Refinery, which commenced operations in 2024, has helped Nigeria’s domestic market, with the country having gone from fuel scarcity to absolute fuel abundance since the $20 billion refinery came online.
Last month, Mr Bird revealed that the refinery was the world’s largest exporter of jet fuel in April, with S&P Global Commodities at Sea data showing that the refinery recorded a surge in aviation fuel exports after the escalation of conflict in the Middle East altered established shipping and supply patterns across key markets.
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