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EFCC Boss, Others Corner 500 FG Houses in Lagos, Abuja

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Influential ministers and aides of for­mer President Goodluck Jonathan were among those who allegedly shared over 500 Federal Government houses located in highbrow areas of Abuja and Lagos as parting gifts from the immediate past administration, according to Sun Newspapers.

Beside the influential ministers and top pres­idential aides, heads of some powerful feder­al agencies like the Economic and Financial Crimes Commission (EFCC) and the armed forces as well as top military officers are also beneficiaries of the last minute largesse of the Jonathan’s administration, as documents sight­ed in the office of the Secretary to the Govern­ment of the Federation (SGF) have revealed.

Curiously, most of the beneficiaries have one common feature; the allocation of the houses to them was not done in their individual names but in the names of front-companies and/or faceless companies.

Another interesting development is that with the decision of President Muhammadu Buhari to probe the Jonathan administration with a view to recovering billions of public funds and assets illegally taken by top officials of the immediate past government, many of the ben­eficiaries of the last minute sharing of public assets have abandoned the properties, most of which are now under lock and key and over­grown with weeds while others have refused to pay for the properties to avoid losing their money in the event that the Buhari government choses to revoke the sales.

A source in the SGF office told Sun that properties whose owners are now scared to take possession of them are scattered all over Asokoro and Maitama areas of Abuja as well as Ikeja GRA, Ikoyi, Victoria Island and Apapa areas of Lagos.

Investigations by Saturday Sun revealed that the abandoned properties are more in Lagos.

They litter Emotan road, Apapa GRA; Liver­pool road, Apapa, Marine road, Apapa; Park lane and Child avenue, both also in Apapa. In Ikoyi, they are located at Oyinkan Abayomi (Former Queen’s Drive) and Bourdillion road where the EFCC boss, Ibrahim Lamorde has his allocation; a mansion and two bungalows on a large expanse of land.

It was also gathered that while some of the former ministers and presidential aides have their allocations in Abuja, top military officers and some heads of government agencies have theirs in Lagos. Further investigations show that the former ministers, presidential aides and Heads of Departments and Agencies were allo­cated Guest Houses and other buildings owned by their MDAs at ridiculous prices.

The source, who is a top official of the SGF office, however, told Saturday Sun that most of the houses were abandoned because “the owners are obviously looking for private sec­tor individuals that can buy them as many of them didn’t really get the allocations to live in the houses, they only want to sell them off and make profit.”

When asked why the allocations were done in the names of companies rather than the names of the actual beneficiaries, the top offi­cial said: “Most of the owners got the houses while still in government and they wouldn’t like to disclose such huge assets in their assets declaration forms with the Code of Conduct Bureau because of the questions on the source of the funds used to pay for such. We’re only the ones who knows who owns what but if you follow the table of allocations, you will only find names of companies as beneficiaries.”

The source, however, exonerated the com­mittee in charge of the houses which is directly in charge of some of the sales of any complici­ty, adding: “Decisions and approvals more of­ten than not, come from the Presidency.”

“The committee also has no control over which name will be used for the purpose of allocation and what such beneficiaries do with the properties afterwards”, the official added.

Beside the sales done by the committee, it was also learnt that some public institutions like the NNPC, PHCN, NPA and CBN handled the sales of some of their properties based on approval from the Presidency. It was said that some of the controversial sales could have been done by the ministries and agencies that have presidential approval to dispose of their own assets.

Another source in the Ministry of Lands and Housing however said that the number of houses allocated was far lower than 500. The source, who is an official of the ministry, dis­closed: “It is true that some requests for allo­cation came towards the end of the last admin­istration but the real allocation was tactically delayed by some officials to avoid running into trouble with the then in-coming Buhari admin­istration.”

Reacting on behalf of the Chairman of Economic and Financial Crimes Commission (EFCC), the commission’s spokesman, Mr. Wilson Uwujaren said he was not at liberty to comment.

Although he did not deny the claims, he in­sisted on sighting the document wherein Lam­orde was named as one of the beneficiaries. He maintained that his reaction would be based on what the document alleged, rather than reacting in a vacuum.

He further insisted that the claims could have emanated from anybody who might be out to smear the image of the EFCC chairman.

“I cannot just react to your claims. At least, it is only fair that I see the document you are relying on. I need to study the contents of the document and then react accordingly. You know too well that anybody can make such a weighty allegation just to smear the image of the chairman of EFCC,” Uwujaren added.

But the presidency in its reaction vowed to investigate the development. Special Adviser to the president on Media and Publicity, Mr Femi Adesina said the Buhari administration “will investigate such deals.”

President Buhari has said he will not extend his corruption probe beyond the administration of former President Goodluck Jonathan.

The President had said during his recent vis­it to the US that he would arrest and prosecute past ministers and other officials who stole Ni­geria’s oil and diverted government’s money into personal accounts.

But the President’s Special Adviser on Me­dia and Publicity, Femi Adesina, said the Pres­ident will limit his anti-corruption war to the immediate past administration.

He said even before he was inaugurated on May 29, the President had categorically stated that he would not extend his corruption probe beyond the Jonathan government.

“If you recall, that was already settled before he got inaugurated as President. He has said he will not waste time digging into the far past,” Adesina said.

“The far past will include Obasanjo and oth­ers. But the President has said he will not waste time to go that far.”

Before leaving office, Jonathan had said any probe by the new government would be seen as a “witch-hunt” if it fails to go beyond his ad­ministration.


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Top Nigerian Startups Secure Funding Boost @ iHatch Demo Day Awards

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Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.

The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.

The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.

The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.

After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:

Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.

Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.

Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.

Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.

Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.

 


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Fidelity Bank to Host Virtual Masterclass on New Tax Law

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Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.

Fidelity Bank to Host Virtual Masterclass on New Tax Law

Fidelity Bank

The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.

Attendees will also learn strategies to stay ahead in an evolving regulatory environment.

The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.

These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.

The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.

“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.

“Information is money and a well-informed business owner is already steps ahead in the race to success.

“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.

Interested participants can register via https://bit.ly/2026TaxLawMasterclass .


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PalmPay MD Seeks Deeper Financial Inclusion @ CeBIH Annual Conference 2025

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L-r: Chika Reginald Nwosu, Managing Director, PalmPay; Tunde Ogundipe, Co-Founder & Chief Executive Officer, E-Doc Online; Emezino Afigbe, Head, Gender Center for Excellence, Enhancing Financial Innovation and Access (EFInA); Ronke Kuye, CeBIH Advisory Council; Dr. Badamasi Lawal, CEO National Social Investment Program; Uche Uzoebo, Chief Executive Officer, Shared Agent Network Expansion Facilities (SANEF); Dominic Wadongo, Chief Risk Officer, SmartCash Payment Service Bank, Nigeria, at the CeBIH Annual Conference recently.
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PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.

Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.

Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.

“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.

The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.

The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.

PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians. PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.


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