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.

By Adedapo Adesanya

The presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has pledged to increase Nigeria’s electricity generation and distribution by at least 10,000 megawatts within four years if elected president in the 2027 general elections.

Mr Obi made the commitment on Saturday in Abuja while accepting his nomination as the party’s presidential flagbearer, as part of his pledge to transform the economy, tackle insecurity, create jobs, and end widespread hunger through targeted investments in key sectors.

The former Anambra State Governor said his administration would be driven by transparency, productivity and national unity, stressing that Nigeria’s current challenges required urgent and decisive leadership.

Mr Obi noted that the country continues to face significant socio-economic challenges, including insecurity, poverty, unemployment, hunger, and limited access to healthcare and education.

He, however, expressed confidence that Nigeria could overcome its challenges through efficient resource management and visionary leadership.

He highlighted that a core focus of his manifesto was to overhaul the power sector, which he described as central to economic growth and industrial development.

“Nigeria today is the nation with the highest number of citizens lacking access to electricity globally,” he said.

He noted that Nigeria generates and distributes about 4,000 megawatts of electricity for a population of over 200 million people, describing the figure as inadequate.

Comparing Nigeria with countries such as South Africa and Egypt, which generate over 40,000 megawatts in spite of smaller populations, Mr Obi said the gap reflected a major structural challenge.

“Over the next four years, I commit to ensuring a minimum of 10,000 megawatt increase in power generation and distribution,” he said.

On security, Mr Obi pledged to deploy intelligence-driven and technology-based approaches to tackle insecurity, while addressing root causes such as poverty, unemployment and social exclusion.

He also promised to strengthen the healthcare system, including increasing health insurance coverage from about 10 per cent to over 20 per cent within four years.

According to him, his administration would raise healthcare spending to at least 10 per cent of GDP and ensure that every one of Nigeria’s 8,809 political wards has a functional primary healthcare centre.

On education, Mr Obi pledged increased investment in schools, teacher training, technology and vocational skills development, saying human capital is the foundation of national transformation.

He expressed concern over rising food insecurity, noting that over 35 million Nigerians are projected to face acute hunger in spite of the country’s agricultural potential.

“We have absolutely no justification for being among the world’s hungriest nations,” he said, adding that his government would prioritise agricultural productivity to shift Nigeria from consumption to production.

Mr Obi also promised targeted support for micro, small and medium enterprises through tax incentives, access to affordable credit and job-creation policies aimed at empowering young Nigerians.

Mr Obi, who was the 2023 presidential candidate of the Labour Party, joined the NDC from the African Democratic Congress (ADC) earlier this month.

By Dipo Olowookere

The ex-depot prices of two major petroleum products, Premium Motor Spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel, have been slashed by Dangote Petroleum Refinery and Petrochemicals.

The company announced the reduction in prices of the products in a statement on Saturday evening.

The Lagos-based private refinery said its latest action was to reinforce its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.

The cut in the prices of petrol and diesel by Dangote refinery comes as the global crude oil prices continue to moderate, amid expectations that the United States of America and Iran will agree on a ceasefire very soon and reopen the Strait of Hormuz.

This narrow vessel passage accounts for 20 per cent of the world’s crude oil consumption. It has been closed for more than two months because of the Middle East crisis.

On February 28, 2026, America and Israel launched airstrikes in Iran, killing its Supreme Leader and other top government officials.

Iran fought back by attacking US bases in the Middle East, including in Saudi Arabia, Qatar, the United Arab Emirates and others. It also shut down the Strait of Hormuz, causing the price of oil to almost hit $120 per barrel.

The crisis faraway in the Middle East, rather than becoming a blessing to Nigeria, put citizens under untold hardship, as the price of petroleum products, especially PMS, jumped from around N800 per litre to almost N1,500 per litre.

On Friday, the price of Brent crude was about $94 per barrel, while the West Texas Intermediate (WTI) crude was about $89 per barrel.

Ostensibly in response to this, the Dangote refinery has reduced the ex-depot price of petrol to N1,250 per litre from N1,275 per litre, while the price of diesel has been cut to N1,700 per litre from N1,800 per litre.

Since commencing operations, the 650,000 barrels per day refinery has increasingly supplied the domestic market with refined products aimed at eliminating the country’s dependence on imported fuels.

The company claimed it decided to slash the price to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations.