News
Ex-Govs, Others Steal N1.34 Trillion from Public Treasury

Federal government yesterday claimed that 55 former government functionaries and top businessmen stole N1.34 trillion from public treasury between 2006 and 2013.
Alhaji Lai Mohammed, minister of Information and Culture who stated this did not however disclose the authority for the allegation.
He categorised the officials involved in the corrupt practices to include former state governors, ex-ministers, former legislators, civil servants, bankers and other businessmen.
Different government agencies, including the Independent Corrupt Practices and other related Offences Commission, the Economic and Financial Crimes Commission, the Department of State Services and some ad hoc committees have been intensely involved in one investigation or the other since President Muhammadu Buhari assumed office on May 29, 2015.
Mohammed said, “The situation is dire and the time to act is now. Between 2006 and 2013, just 55 people allegedly stole a total of N1.34tn in Nigeria. That’s more than a quarter of last year’s national budget.
“Out of the stolen funds, 15 former governors allegedly stole N146.84bn; four former ministers allegedly stole N7.05bn; five former legislators allegedly stole N8.35bn; 12 former public servants, both at federal and state levels, allegedly stole over N14.18bn; eight people in the banking industry allegedly stole N524bn; while 11 businessmen allegedly stole N653bn.
“What do these figures translate to in the actual sense? In other words, what is the cost of these stolen funds to Nigerians? Using the World Bank rates and costs, one-third of the stolen funds could have provided 635.18 kilometres of road; built 36 ultra-modern hospitals, that is one ultra-modern hospital per state; built 183 schools; educated 3,974 children from primary to tertiary level at N25.24m per child; and built 20,062 units of two-bedroomed houses.
“This is the money that a few people, just 55 in number, allegedly stole within a period of just eight years. And instead of a national outrage, all we hear are these nonsensical statements that the government is fighting only the opposition or that the government is engaging in vendetta.”
He urged Nigerians to get involved in the war against corruption.
Mohammed said everyone that had been soiled in the pool of corruption would go in for it no matter the party affiliation, adding that Buhari’s war on corruption was neither a one-man show nor a political vendetta.
He said, “Let’s take the latest issue of the $2.1bn arms deal as an example. One thing is clear. Funds meant to fight terrorism were deployed in another fight, the fight to keep the then President Goodluck Jonathan and his party, the PDP, in power at all costs.
“So far, based on what we know, no one, who has been accused of partaking in the sharing of the (arms purchase) funds, has denied receiving money. All we have heard from them are ludicrous reasons why they partook in the sharing of the money.
“One said he collected N4.5bn for spiritual purposes; another said he received N2.1bn for publicity, while yet another said he got N13bn to pay someone else for the Maritime University land.
“Based on these revelations, should we now fold our hands and allow these people to go away with public funds? Is anyone thinking about the innocent soldiers, who lost their lives just because they did not get the necessary weapons to fight the terrorists? What about the families left behind by these soldiers, who were sent to their early graves because of the misappropriation of these funds?.
The minister added, “Talking about the costs of corruption, gentlemen, it is time we brought into perspective what corruption has done to our nation, our people and our international image; how corruption stifles economic growth, hinders the fight against poverty, leads to decay in infrastructure and reduces educational standards, lowers life expectancy, stunts the fight against maternal and infant mortality and impacts negatively on the general livelihood of the citizens.
“Irrespective of your political, religious or tribal leanings, and not minding whether you belong to the APC, PDP, SDP or Labour Party, if you have stolen public funds, you must not go scot-free. Everyone and every arm of government must rise up to be counted in this epic war and defeat is not an option, if our country is to survive.’’
Some Nigerians, however, believed they should not just be informed on the magnitude of the amount looted but demanded that the identities of the looters should be made public while those found to have taken part in the sharing of such money be made to refund the funds stolen, be prosecuted and jailed accordingly.
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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