News
Fraud: Oando, Others Cough out N328.9Bn, EFCC Seals SPAR

Economic and Financial Crimes Commission (EFCC) said it has recovered a total of N328.9 billion from nine major oil marketers after quizzing their chief executives.
This is coming as the agency also sealed the multi-billion naira Enugu Mall occupied by SPAR, a multinational retail outlet
On the oil marketers, Wilson Uwujaren, spokesman of the commission named NNPC Retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc.
He said the recovery was made by the Kano office of the commission between July 2016 and July 2017.
According to him, the recovery followed a petition against the management of the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC).
He said the petition alleged that N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.
“The EFCC, in a swift reaction, referred the petition to a special task force which swung into action by conducting discrete investigation.
“Findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government of Nigeria to the tune of N91.5 billion between 2010 and 2016.
“Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.
“A probe of which further led to the discovery of N258.9 billion.”
Uwujaren explained that the total amount of debt stood at N349.8 billion following the latter discovery.
He further said that upon conclusion of the preliminary investigation, officials of NNPC/PPMC and all the managing directors of the companies concerned were invited to the Kano zonal office of the commission.
There, he added, their statements were recorded following which the recovery process began.
“So far, a sum of N328.9 billion has been recovered from the major oil marketers. The outstanding debt now stands at N20.7 billion,” he said.
Also the EFCC on Wednesday sealed the multi-billion naira Enugu Mall occupied by SPAR, a multinational retail outlet, two days to official opening.
EFCC officers stormed the building in the early hours of the day and dispersed all the workers.
Chris Oluka, of the Public Affairs of EFCC, confirmed the incident, saying that the managers of the building flouted the directive of EFCC on the construction of the building.
Oluka said that the officers from Abuja raided the mall and dispersed workers who were recently recruited preparatory to official opening of business on Friday.
“Yes, our men went there to disperse them because they flouted our instructions.
“We had sealed the premises and wrote ‘under EFCC investigation’, but they covered the write-up with paint,” he said.
It would be recalled that the commission had earlier in the year sealed the mall, located beside the Enugu State House of Assembly, by writing the inscription ‘Under EFCC Investigation’.
However, construction work continued at the site.
Johnson Babalola, the Zonal Head of Operations in EFCC, South East, had during an earlier interaction with newsmen, said it was not against any known law for the owners to go ahead with construction work.
Babalola said that since the property was not yet under permanent forfeiture to the government, “construction work can still go on while investigations continue”.
On the new development, Oluka, however, said that allowing the business to operate in the building could jeopardise investigations.
“I do not have much to say about this because the officers that dispersed the workers this morning came from Abuja,” Oluka said.
On the invitation of the manager of the mall to the zonal office of the commission after the workers were dispersed, Oluka said it should not be misconstrued as an arrest.
“They were invited to come and explain why they did what we told them not to do,” Oluka said.
Some workers at the mall, however, expressed displeasure over the incident, describing it as anti-labour.
Some of the newly recruited workers, who spoke on condition of anonymity, said they were worried because EFCC officials swooped on the mall just two days to the official opening.
One of the workers said, “We are surprised this can happen at a time the government is preaching job creation.
“Over 250 of us were employed by this company and we are not certain what will happen next.
“We are appealing to the authorities concerned to look into it urgently and save us from continued hardship.”
Efforts to reach the managers failed as they were all at the EFCC office for interrogation as at the time of this report.
Shareholders At War With Oando Over ConocoPhillips Assets
Meanwhile, shareholders of Oando Group are currently at daggers drawn with the energy integrated company over ConocoPhillips’ assets it bought with a whopping of $1.5billion five years ago.
There was no official reaction by the company over the embattled shareholders as at press time.
A report by Africa Energy Intelligence on Tuesday said financiers that lent money to the company to acquire the asset are displeased over how it is currently being run.
Some of these financiers include Gabriele Volpi, the founder of Intel and Orleans Invest, and Alhaji Dahiru Mangal, who is active in oil exploration, transport and distribution in Niger and Nigeria.
It was learnt that the company’s boss, Adewale Tinubu, has been muscling weight to boost Oando share price, but his effort is limited by servicing the debt created by the ConocoPhillips purchase, which is said to be handicapping its operations and worsened by continued lull in crude oil price.
African Intelligence report also said Oando fortune is also affected by the factthat a huge number of American firms’ assets are in gas, a resource harder to make profitable in Nigeria.
News
NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has allayed fears that the new tax reform framework could be weaponised by the Federal Government to target political opponents or individuals based on affiliation.

Dr. Zacch Adedeji
Adedeji, responding to concerns over potential selective enforcement or politically motivated tax scrutiny, insisted the reforms prioritise national interest, transparency, due process, and institutional accountability.
Addressing speculations on suppressing opposition voices ahead of elections, he said: “I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship and not of politicians.”
The NRS boss explained that it would have been politically expedient to shelve the reforms during an election cycle, but President Bola Tinubu opted to strengthen the country’s fiscal foundation and economic governance.
He outlined that the agenda targets structural tax system weaknesses, enhances fairness, and fosters a simplified, predictable compliance environment to boost voluntary participation over coercion.
Adedeji attributed public scepticism to Nigeria’s history of perceived institutional misuse, but stressed the new framework minimises administrative discretion through rule-based processes, automation, accountability, and governance safeguards insulated from political influence.
According to him, the reforms emphasise taxpayer trust, linking taxes to visible public service improvements while expanding growth opportunities and sustainable public finances.
He reaffirmed the focus on economic stability, credible institutions, phased implementation, investment support, vulnerable group protection, and freedom from partisan interference.
News
Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

An Ikeja Special Offences and Domestic Violence Court on Monday sentenced Olawale Faleti, a former Lagos State Education director, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.

Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).
In his judgment, Oshodi said the offence was deliberate and sustained, noting that Faleti carried out repeated withdrawals despite knowing he had no authorisation to access the funds.
The judge added that the convict failed to show genuine remorse or fully accept responsibility for his actions.
“Financial institutions are the lifeblood of our economy and public confidence in them must be preserved,” Oshodi said, adding that “Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”
While acknowledging Faleti as a first-time offender, the court said a custodial sentence was unavoidable.
The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution efforts as a mitigating factor.
Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.
The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary offenders’ registry.
After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full recovery of the funds.
Earlier, Mr Ahmed Dambuwa, EFCC counsel, told the court that Faleti dishonestly converted ₦48.9 million belonging to the bank by exploiting unauthorised access to an Access Bank credit card.
He said the card permitted withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.
One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all property of Access Bank Plc.
The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.
News
974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge

974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge – No fewer than 974 Nigerians are currently facing imminent deportation from Canada, according to official data from the Canada Border Services Agency (CBSA).

The affected individuals fall under the country’s “removal-in-progress” category, signifying that deportation proceedings have commenced but remain inconclusive, pending final arrangements such as travel documents. Between January and October 2025 alone, Canadian authorities deported 366 Nigerians, marking a significant uptick from previous years.
Of these, approximately 83 per cent comprised failed refugee claimants, while criminality accounted for about four per cent of cases. Nigeria emerged as the only African country in Canada’s top 10 nationalities for deportations in 2025, securing ninth position, while ranking fifth among those awaiting removal.
This contrasts sharply with 2023 and 2024, when Nigeria was absent from the top 10 deportation list, though figures reflect an eight per cent rise over the 2019 total of 339 removals.
Canada’s aggressive enforcement drive has seen nearly 400 foreign nationals removed weekly, culminating in 18,048 deportations during the 2024-2025 fiscal year at a cost of about $78 million.
The initiative draws support from an additional $30.5 million for removals and $1.3 billion for border enforcement, aimed at bolstering immigration controls amid pressures on housing, employment, and security.
Canada remains a prime destination for Nigerians outside the United Kingdom and United States, with over 71,000 acquiring citizenship between 2005 and 2024, alongside thousands arriving annually as students, workers, and permanent residents.
Under Canadian law, those issued enforceable removal orders must depart voluntarily or face enforced exit. The CBSA’s nationwide inventory lists 29,542 individuals in removal-in-progress as of late 2025, dominated by failed refugee claims at 15,605 cases. Nigeria’s 974 cases place it behind India (6,515), Mexico (4,650), USA (1,704), and China (1,430).
Immigration lawyers caution that passage of Bill C-12 could escalate deportations by imposing permanent bans on certain refugee claims and curbing late filings.
Authorities attribute the push to restoring system integrity, with non-compliance by refugee claimants driving most inadmissibility findings.
News1 day agoCourt Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank
E-Financial1 day agoRemita Powers over ₦100 Trillion in Payments as Nigeria’s Digital Economy Expands
News2 days ago974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge
General News2 days agoHouse of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims
E-Financial1 day agoWhy 2026 Must Be the Year Nigeria’s Economy Works for All
E-Financial1 day agoFlutterwave Acquires Nigeria’s Mono in $25m-$40m All-Stock Deal
General News1 day agoNigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap
E-Financial1 day ago2026: SEC to Review Rules to Incentivise SME Listings











