General
Politicians Bringing in Stolen Funds for Elections—EFCC
By Dipo Olowookere
Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has raised an alarm over a sudden rise in the repatriation of looted funds in Nigeria by some politicians ahead of the next month’s elections.
Mr Magu made this disclosure during the general meeting of the Association of Chief Compliance Officers of Banks In Nigeria (ACCOBIN), which held on Thursday, January 31, 2019 in Lagos.
The EFCC chief, who called on financial institutions in the country to desist from laundering illicit funds for corrupt politicians and criminals, said many of them who had stolen the nation’s commonwealth had begun to repatriate the funds to the country for the purpose of influencing the elections through vote buying and compromise of election officers.
He charged members of the group to join hands with the agency to ensure that the coming election was not compromised, adding that the impact could be grievous and devastating.
“We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections,” Mr Magu said
He added that political inducement had now taken other forms and tagged in different names such as “stomach Infrastructure”, “empowerment schemes”, “non-interest yielding loans” and “outright cash handouts”, among others.
Mr Magu, who described members of the group as stakeholders in the fight against corruption, said, “Your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.
“We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in facilitating the flows of these funds into the country.
“It is obvious now that financial institutions serve as intermediaries between law enforcement agencies and the criminals.
“At a simple push of the button, so much is moved to any jurisdiction of their choice.”
He added that no country could combat the flow of illicit funds without the cooperation of financial institutions, adding that “in most cases, it is the financial institutions that provide the means, logistics and strategy for the criminals to thread on.”
He said investigations revealed that foreign properties bought with proceeds of crime were sold, and the proceeds transferred to Nigeria through international banks as legitimate funds that could be used to finance several activities including elections.
He said, “Goods bought with proceeds of crime abroad are sent to Nigeria to support empowerment programmes during election periods.
“The goods are mostly cleared with deficient trade documents processed through the international banks.”
According to him, the condemnable practice also includes moving proceeds of crime that had been taken across the border to neighbouring countries back to Nigeria by depositing such funds in banks with corresponding banking relationship with local banks in Nigeria.
These funds, he said, could be used to finance elections in the country by physical distribution of the funds for political inducement or financing empowerment schemes to solicit votes from citizens.
Mr Magu also said that private bankers for international banks had been found to be facilitating the movement of proceeds of crime, that is physical movement of cash to the country, via charted airlines under the cover that it belonged to the banks.
He, however, said the activities of the criminals could be checkmated by increased transaction monitoring by bank officials, while also reporting suspicious transactions to the relevant agencies without delay.
He urged the group to cooperate with the Commission to ensure that criminals were not given the chance to take over the government and, by extension, the economy of the country.
He re-iterated the fact that the EFCC would prosecute anybody or institution found breaching the provisions of the law.
In his remarks, the Vice President, ACCOBIN, Mr Wumi Adeniyi, expressed his gratitude to Mr Magu for honouring the invitation to the event.
Mr Adeniyi, who is also the Chief Compliance Officer, CCO, Heritage Bank Plc, commended Magu for what he described as his “boldness to fight corruption and economic and financial crimes in the country”.
He also highlighted some of the challenges facing banks’ compliance officers in the country and sought the assistance of the EFCC to tackle them. He said, “We encounter a lot of legal burdens, particularly as it concerns the arrest and detention of compliance officers, among others.”
General
NUPRC Probes Gas Bubbling in Bille Community in Rivers
By Aduragbemi Omiyale
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced an investigation into a gas bubbling incident in Bille community in Rivers State, but preliminary “deductions and field observations indicate that the gas bubbling may be associated with a subsurface phenomenon that could be linked to a variety of triggers.”
In a statement signed by its chief executive, Mrs Oritsemeyiwa Eyesan, on Thursday, the agency said it was worried about the unfortunate incident, assuring residents that efforts are being made to address the issue.
The commission acknowledged the concerns the “unsavoury development has raised in relation to public safety, the environment, and the health of the populace,” stressing that, “The overall well-being of our communities and the protection of the environment remain paramount to the commission, as they are to government.”
It stated that, “Upon notification of the incident, the commission activated a coordinated technical investigation process in line with established regulatory protocols to assess the nature and extent of the gas seepage, identify source(s) and potential cause(s), and propose immediate and long-term mitigation measures.”
“The investigative study is being conducted in collaboration with stakeholders to ensure comprehensive, fact- based outcomes for long-term sustainability,” it added.
“Detailed geotechnical and geological analyses are ongoing to determine the contributing factor(s) and possible remedies for prompt implementation,” the statement further said.
“The commission assures the Bille community of its resolve to ensure that necessary actions required to address the situation are taken in line with applicable regulations, industry standards and global best practices.
“Once again, the commission commiserates with the Bille community as we work assiduously with all stakeholders to unravel the incident, and enjoins members of the community to maintain the commendable level of responsibility whilst adhering to all safety measures and public health advisories issued by the relevant authorities,” the statement disclosed.
General
Akwa Ibom Denies Plan to Sell Ibom Power Company
By Adedapo Adesanya
The Akwa Ibom State Government has dismissed claims that it plans to sell Ibom Power Company, describing the allegation as false and reaffirming its commitment to reviving the state-owned electricity asset through debt repayment and structural reforms.
In a statement issued on March 18, the Commissioner for Information, Mr Aniekan Umanah, said a report by a Uyo-based tabloid alleging plans to dispose of the company was “a wicked fabrication” that should be disregarded.
“At no time has the government approved the sale of Ibom Power Company as scrap or otherwise,” the statement said, adding that such claims exist only in the “imagination of mischief-makers intent on misleading the public.”
Instead, the government said it is focused on stabilising the company’s operations by clearing legacy debts, including a $9 million facility obtained from Afreximbank several years ago.
According to the statement, Governor Umo Eno approved a structured quarterly repayment plan of $560,000 beginning March 15, 2025, aimed at gradually liquidating the loan.
The government described the move as part of broader efforts to “rescue and reposition Ibom Power Company for sustainable operations,” stressing that the approach reflects a commitment to “revival, stability, and long-term value preservation, not liquidation.”
Beyond debt repayment, the state also outlined ongoing electricity sector reforms anchored on a Private Sector Participation (PSP) framework designed to attract investment while retaining public ownership of assets.
Under the initiative, the government said it has established key institutions, including the Akwa Ibom State Electricity Regulatory Commission and Ibom Electricity Holdings Limited, to strengthen oversight and coordinate state-owned electricity assets. Shares of the holding company have also been vested in the Akwa Ibom Investment Corporation.
The concession model being introduced will allow qualified private operators to rehabilitate, finance, and manage electricity infrastructure over a defined period, with strict performance benchmarks and regulatory supervision.
The government said the framework is structured to ensure that “the State will retain ownership and strategic control of all electricity assets,” while transferring operational and commercial risks to private sector participants.
It added that the reform programme is expected to improve reliability, resolve longstanding challenges, and promote a more efficient electricity market without placing additional fiscal pressure on the state.
On recent power outages across parts of Akwa Ibom, the government noted that electricity transmission and distribution currently fall outside its direct control. However, it said efforts are ongoing to engage relevant authorities to address the disruptions and improve supply.
The statement also criticised the publication that carried the initial report, accusing it of spreading misinformation and warning that “government’s measured silence should not be mistaken for weakness,” citing existing laws on libel and defamation.
General
Eid-el-Fitr: Gaya Urges Prayers Against National Challenges
By Modupe Gbadeyanka
Nigerians have been urged to use the occasion of Eid-el-Fitr to intensify prayers against the challenges confronting the nation.
This appeal was made by the independent non-executive director of the Nigeria Sovereign Investment Authority (NSIA), Mr Abdullahi Mahmud Gaya.
Mr Gaya described the current situation in the country as a test of citizens’ spiritual resolve and faith, tasking Muslims to reflect on the deeper significance of Eid-el-Fitr, noting that the festival symbolises sacrifice, obedience to Allah, and compassion for the less privileged.
“Every Muslim finds joy in observing the Ramadan fast, a fundamental obligation in Islam. We should not lose sight of the lessons it teaches: obedience to Allah, sharing our blessings with the needy, and being our brother’s keeper,” he said in a statement issued by his media assistant in Kano.
Speaking on the forthcoming general elections, Mr Gaya advised the electorate to vote for selfless leaders committed to national service and the welfare of Nigerians, describing the polls as a choice between progress and regression, stressing the need for voters to support candidates with verifiable achievements rather than empty promises.
He also urged Nigerians to remain mindful of their civic responsibilities by choosing leaders who demonstrate integrity, sincerity, and dedication.
According to him, the country’s future depends on the electorate exercising their voting rights wisely to elect leaders who understand the responsibilities of public office and approach them with humility, competence, and genuine commitment to service.
Mr Gaya expressed gratitude to Almighty Allah for His mercies and felicitated with the people of Ajingi, Gaya, and Albasu Local Government Areas, as well as Governor Abba Kabir Yusuf and Nigerians at large, on the successful completion of the Ramadan fast.
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