General News
FG Creates 1.6m Jobs in One Year
Dr. Ngozi Okonjo-Iweala, minister of Finance, has said that the Federal Government has created 1.6 million jobs in the past 12 months.
Okonjo-Iweala disclosed this during her presentation at an interactive session with the private sector, where she said that a total of 432,021 jobs were created during the first quarter of the year, adding that this figure represented about 11.69 per cent increase over the number of jobs created during the fourth quarter of 2012.
She stated, “We have created 1.6 million jobs in the past 12 months. 431,021 jobs were created in the first quarter of 2013, showing an upward trend in job creation and an increase of 11.69 per cent from the fourth quarter of 2012.”
Okonjo-Iweala said a key government programme focused on direct job creation was the Community Service Scheme, which aims to engage 320,000 youths in labour intensive work such as construction and rehabilitation of social and economic infrastructure.
According to her presentation, about 120,000 people have been employed so far under the scheme, which is being anchored by the Subsidy Re-Investment Programme.
She also listed the Graduate Internship Scheme, which aims to attach 50,000 graduates to competent firms to enhance skills development towards employability. She noted that 4,000 graduates had emerged so far under the scheme.
According to Okonjo-Iweala, who spoke on the “Economy’s macroeconomic performance for 2013 and the outlook for 2014,” the Gross Domestic Product growth is expected at 6.75 per cent at the end of 2013, up from 6.61 per cent in 2012.
She recalled that the GDP growth in the first three quarters of 2013 stood at 6.56 per cent, 6.18 per cent and 6.81 per cent respectively.
The minister noted that economic growth during the year had continued to be driven by the non-oil sector.
However, she lamented that the rate of economic growth as well as the quality of growth had been very slow, underscoring the need for improvement.
“Nigeria needs to grow faster in the job-creating sectors at between nine to10 per cent per annum to create the number of jobs needed to substantially reduce poverty,” she said, adding, “GDP rebasing, which is currently in progress, could increase GDP substantially but its impact on growth rates is not yet certain.”
She further noted, “Economic growth needs to be more inclusive as inequality is high and rising in Nigeria; this needs to be reversed.”
In order to achieve this, the minister said the Federal Government would in 2014 make efforts to ‘remove structural bottlenecks’ in sectors as power, ports, rail, roads, communication technology (broadband) and aviation.
Also, there will be an improvement in the business climate and efforts will be made to reduce bureaucracy and fight corruption.
She gave the assurance that the government would in 2014 enact supportive polices for sectoral growth in agriculture, housing, manufacturing, creative industries, solid minerals, oil and gas and petrochemicals, among others.
“We will also build social safety nets for vulnerable women, children, and the disabled to address regional disparities,” she added.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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