General News
FG Spends $60Bn on Power without Result, Buhari Claims
Gen. Mohammadu Buhari, presidential candidate of the All Progressives Congress (APC), yesterday claimed that the federal government has committed over $60 billion to the power sector in the last 16 years and yet Nigerians are still not enjoying steady power supply because of corruption.
Buhari, who spoke during a South-South Zonal Presidential Rally held at the Liberation Stadium, Port Harcourt, said the Peoples Democratic Party (PDP), led federal government and most of it’s the states it control have been fraught with ‘monumental corruption’ in the past 16 years.
Buhhe said that corruption that has severely affected the oil industry has also crept into the sector.
He said: “In 16 years, the PDP controlled federal government has committed over $60 billon into the energy sector, yet we still can’t generate up to 4,000 megawatts of electricity in the country.
He declared that if voted as Nigeria’s next president, his major challenge would be to ‘kill’ corruption.
Corruption, the former Head of State said had retarded Nigeria’s economic growth and development, “which has permeated virtually all spheres of the country.
“The issue before us is very clear indeed. Please sit in your home, or in small groups, and ask yourselves these questions:
How much has accrued to Nigeria in the past 16 years that the PDP has controlled the federal government?
“How much of these funds have trickled down to you as a Nigerian? Whatever answers you arrive at should determine what party and candidate that you will vote for on April 11. “We should not personalise this issue.
It is not about Buhari; it is about us; it is about you and I ; it is about our children and the future of our children. My fear is that if we don’t kill corruption in Nigeria, corruption will kill us.
So, the choice before us is to resolve to kill corruption and free our country from the firm grip of corrupt men and women.
“If those in the PDP who have been in control of our resources at the centre and in most states of the country have been responsive and responsible, there would not have been so much insecurity and poverty in the country today.
“If for whatever reason, you make a mistake and vote for the PDP at the centre or even in any state, I assure you, you are going to regret it,” he said.
Buhari insisted that if the PDP continues to control the centre, it would be tantamount to more unemployment, poverty and insecurity across the country. country”.
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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