News
EFCC Warns Banks against Aiding Money Laundering
Farida Waziri, chairman of the Economic and Financial Crimes Commission (EFCC) has challenged Nigerian banks to live up to their responsibility by giving the anti-graft agency genuine information on money laundering activities going on in the sector.
She said it is in the interest of the banks to cooperate with the Commission in this regard, stressing that the EFCC is now poised to beam its searchlight on the banking sector to safeguard the nation’s economy.
Waziri gave this charge last week when a high-powered delegation of the Chartered Institute of Bankers of Nigeria (CIBN) led by its President, Erastus Akingbola, paid her a courtesy visit in her office in Abuja.
While receiving the delegation, she noted that the visit was timely as the banking sector was crucial in the country’s economy and the realization of president Umaru Yar’Adua’s seven point agenda, as well as the vision 20- 2020.
She said that it was quite unfortunate that corruption, especially money laundering was sometimes facilitated by the banks. “We should partner with you because each time there is an occurrence of money laundering, there is always insider connection,” she said.
She said that though banks comply with the Nigeria Financial Intelligence Unit (NFIU) directives to report all financial transactions, the reports in most cases are incomplete adding that “the banks give you what they want rather than what you want.” She urged the banks to put their houses in order and avoid being used as tools in the hands of those who are determined to ruin the country through money laundering.
Waziri congratulated Akingbola who is also the group chief executive of Intercontinental Bank Plc, over his recent election as the president of CIBN, and challenged him to bring to bear on the banking sector, his wealth of experience and integrity.
In his response, Akingbola promised to give all necessary assistance to the Commission in the fight against financial crimes. In his opinion, the banking institution can only get better if the war against money laundering and other financial crimes is going to be successful. “We are committed to enthroning good ethics in the banking sector and we are determined to get rid of bad eggs in our midst,” he assured.
The CIBN boss revealed that in line with their policy of zero tolerance for corruption, the institute has set up a disciplinary committee which is ready to help the Commission in its quest to end financial crimes.
He lauded EFCC’s efforts so far in the fight against financial crimes and money laundering in Nigeria.
News
Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
News
FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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