Connect with us

News

Diezani in Fresh Trouble, Forfeits N4.8Bn Houses to FG

Published

on

Mrs. Diezani Alison-Madueke, former Minister of Petroleum Resources
Kindly share this post

Detectives have been deployed in Port Harcourt, the Rivers State capital, in the ongoing probe of Mrs. Diezani Alison-Madueke, former Minister of Petroleum Resources.

The Nation reported that of interest are five choice houses believed to be Mrs. Alison-Madueke’s.

It is all part of the last leg of the investigation of the ex-minister in collaboration with the National Crime Agency in the United Kingdom.

Amid the Port Harcourt operation, another asset of the ex-Minister in Abuja, allegedly worth over N500million, has been confiscated pending her trial.

The Economic and Financial Crimes Commission (EFCC) had earlier seized a mansion worth N3.58billion from the ex-minister, bringing the haul in Abuja to about N4.08billion of assets believed to be hers.

The EFCC received intelligence report on the property allegedly acquired by Mrs. Alison-Madueke in Port Harcourt.

The tracking of the assets is said to be part of the probe of about $10billion allegedly looted in cash and assets by some former public officers.

The properties under surveillance in Port Harcourt  are said to be worth over N3billion

A top source in EFCC, who spoke in confidence, said: “Based on latest intelligence, we have been able to trace more choice assets to Mrs. Alison-Madueke in Port Harcourt. We have drafted more operatives in Rivers State.

“We have identified more than  five of such assets but we need to verify the ownership by going through some documents before attaching the properties in line with our mandate.

“In the next one week, our team in Port Harcourt would have completed their assignment. We will then release the value of the assets.

“We are also on the trail of some accomplices who were used for the property deals.”

Responding to a question, the source said: “We are still working in collaboration with NCA in the UK. I think we are getting closer to the final leg of the Mrs. Alison-Madueke probe.”

Another property, which is believed to be worth N500million,  has been seized from the ex-minister.

The source said the property is believed to be at Frederick Chiluba Close in Asokoro  District in Abuja. The asset is now placed under interim forfeiture until the court decides otherwise,” he added.

Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 empower the anti-graft agency to invoke the Interim Assets Forfeiture Clause.

“Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.’

Section 13 of the Federal High Court Act reads in part: “The sourt may grant an injunction or appoint a receiver by an interlocutory order in all cases in which it appears to the Court to be just or convenient so to do.

”Any such order may be made either unconditionally or on such terms and conditions as the Court thinks just.”

The NCA in the UK arrested and quizzed Mrs. Alison-Madueke and four others on October 2, 2015 for alleged bribery and corruption and money laundering.

Also the EFCC has interrogated three to five more suspects since the interrogation of Mrs. Alison-Madueke by the NCA.

The NCA last year obtained permission from a Westminster Magistrate’s Court to seize 27,000 pounds from Mrs. Alison-Madueke and two other women.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

New Horizons Invests N50m to Empower Almajiris with Skills

Published

on

Kindly share this post

New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


Kindly share this post
Continue Reading

News

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

Published

on

Kindly share this post

International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

IMF

The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


Kindly share this post
Continue Reading

News

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

Published

on

Kindly share this post

Organisation of Petroleum Exporting Countries (OPEC) reports that Nigeria’s crude oil production, excluding condensate, dropped by 0.7 per cent to 1.486 million barrels per day (mbpd) in November 2025 from 1.496 mbpd in October.

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

OPEC

The figure, drawn from secondary sources in OPEC’s December 2025 Monthly Oil Market Report, fell short of Nigeria’s 1.5 mbpd quota. Direct communication data showed output at 1.436 mbpd, up from October’s 1.401 mbpd, but still below target.

Nigeria produces around 196,028 bpd of condensate, excluded from quota calculations per Nigerian Upstream Petroleum Regulatory Commission figures. Year-on-year, November’s output marked a slight gain over 1.417 mbpd in November 2024.

Expert Cites Insecurity, Governance Gaps

Petroleum economics expert Wumi Iledare described the quota miss as unsurprising, blaming persistent insecurity, an ageing oil basin lacking new finds, and unoffered hydrocarbon blocks. Governance shortcomings and policy uncertainty further erode investor confidence, he noted.

Selective implementation of the Petroleum Industry Act worsens the situation, with Nigeria needing a single authoritative leader for the sector rather than multiple proxies, Mr Iledare stressed. The country has struggled to consistently hit OPEC targets for years.


Kindly share this post
Continue Reading

Trending