70 Percent Of Financial Crimes Connected To Banks – EFCC Exposes The Economic and Financial Crimes Commission, EFCC, has revealed that approximately 70 percent of financial crimes in Nigeria are connected to banks. Chairman of the leading anti-graft agency, Ola Olukoyede, shared this information during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria. The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission. Olukoyede, represented by EFCC’s Director of Internal Audit,…
Author: Ibom Focus
CBN Bows To Pressure, Reduces Customs FX Duty Rate As Naira Stabilises The Central Bank of Nigeria has reduced the exchange rate for computing the country’s customs charges by 5.3 percent following the naira’s stability against the dollar. According to the Nigeria Customs Service’s official trade portal, the tariff rate has been reduced from N1630.159/$ to N1,544.081/$. This represents a 5.3% decrease from the previous rate of N1630.159/$ as of Friday, March 2, 2024. It is also claimed that this will decrease the economic impact of paying a high tariff on items carried into the country. Reacting, Tony Anakebe, an…
JUST IN: BUA Makes U-turn, Speaks On Selling Cement For N3,500 BUA Cement has revealed why it failed in its initial plan to sell the commodity for a fixed price of N3,500 per 50kg bag across the country. The company said that the plan was hindered by market forces. This clarification came following the seven-day deadline issued to the company by two civil society groups, demanding the sale of cement at N3,500 per bag or they would picket the company. The company asserted that it had indeed honored that promise. “We actually sold our cement for three to four months…
BREAKING: NFF Rejects Eguavoen As Super Eagles’ Interim Coach The Nigeria Football Federation (NFF) has described the alleged hiring of former Nigeria international Austin Eguavoen as the Super Eagles’ interim manager following the resignation of Portuguese coach Jose Peseiro over the weekend as ‘a joke taken too far’. Though Eguavoen has been the NFF’s Technical Director since 2020, he was appointed Super Eagles manager on an interim basis for the 2021 Africa Cup of Nations when German coach Gernot Rohr stepped down. He then returned to his post as Technical Director after the Super Eagles went out of AFCON 2021…
Economic Hardship: Obasanjo Finally Speaks, Tells Tinubu What To Do Immediately Former President Olusegun Obasanjo has said that the current administration in Nigeria might consider engaging with the government of Zimbabwe to address the current unprecedented level of inflation in the country. The former military leader and a two-time President, spoke on Monday at a youth leadership symposium as part of activities lined up for his 87th birthday, said Nigeria had Zimbabwe to learn from Obasanjo noted that given Zimbabwe’s recent success in overcoming a similar challenge, it could offer valuable guidance to the west African giants. Obasanjo charged Nigerians…
REVEALED: How Buhari Sold Nigeria’s Future Ibom Focus brings to you How Buhari Sold Nigeria’s Future The Governor of Plateau State, Caleb Mutfwang, on Monday, lamented the economic hardship being faced by Nigerians and blamed the situation on the last administration led by ex-President Muhammadu Buhari. Speaking during the swearing-in of 22 Special Advisers and heads of government agencies at the Government House in Jos, Mutfwang said Buhari left the country’s economy in terrible shape for his successor, President Bola Tinubu. Mutfwang said, “We are at a very difficult juncture in the history of this country and I’m an advocate…
Warehouse Looting: Hungry People Can’t Remove Doors, Windows – Says FG “This is really a bad situation. And it is not something that the Administration will take lightly. All those that are involved must be brought to book. We have to do something. And also, this is a sign that we need to reinforce the security situation around all our warehouses because you just have to keep food. “But the way this thing happened is beyond hunger. This is a criminal act. Somebody who is hungry cannot move out to remove all the roofings that are here. All the doors,…
Umahi Blasts NLC Over Protest, Reveals Next Action Minister of Works David Umahi has described as unpatriotic the national protests by the Nigerian Labour Congress (NLC). His comment, made on Monday while inspecting the Enugu-Port Harcourt Road, is in reaction to the recent protests by the NLC over the precarious economic situation in the country. Soaring inflation, at 29.9 per cent in February, and the consequent cost of living and hunger across the country had led to protests by citizens with the NLC holding a nationwide strike on Tuesday last week. Umahi, however, believes the latest protest is one too…
BREAKING: Nigerian Government Bans POS Operators Information reaching Ibom Focus says that Nigerian Government Bans POS Operators The Inspector-General of Police (IGP), Kayode Egbetokun, has banned operators of Point-of-Sale popularly known as POS machines and other electronic mobile money transaction devices within police stations and other police facilities across the country. The IGP who announced the ban on Monday said that the ban became imperative following public outcry on alleged illegal transactions of POS machine operators with certain police operatives in the country. Egbetokun, in a statement issued by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, said that the…
Dangote Renames Oil Refinery Road After Access Bank CEO, Herbert Wigwe Aliko Dangote, Africa’s richest man and head of the Dangote Group, has announced intentions to commemorate the late banking giant Herbert Wigwe by dedicating a road connecting to the Dangote Refinery after him. Dangote revealed this while paying tribute to Wigwe at a memorial gathering hosted by professionals on Monday. In his heartfelt tribute, the businessman and philanthropist stated, “To immortalize my beloved friend, my brother, and my mentee, I have decided to designate one of the major roads leading to the Dangote Refinery and Petrochemical Complex after him.…