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Government Officials Open 500,000 Bank Accounts to Hide Stolen Funds- Presidency

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Nigerian civil servants in federal ministries, departments and agencies (MDAs) hid stolen funds belonging to the country in at least 500,000 bank accounts, according to Garba Shehu, media aide to President Muhammadu Buhari.

Government Officials Open 500,000 Bank Accounts to Hide Stolen Funds- Presidency

Shehu claimed that Buhari’s government discovered the bank accounts.

Shehu said that “His (Buhari’s) administration discovered more than 500,000 bank accounts operated by ministries, agencies and departments. In these accounts, the money belonging to the government was kept,”.

The Presidency also revealed that the “agencies went to the banks to borrow money kept by sister agencies” at exorbitant interest rates.

“What is more, some of the signatories had left the service or were ‘unknown’, and so no one had access to the funds,” it stated. “MDAs are now compelled to use the Treasury Single Account (TSA), domiciled in the Central Bank of Nigeria.”

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A few weeks ago, Vice President Yemi Osinbajo blamed the civil servants for Nigeria’s underdevelopment.

He said that “Very often, we hear people say that Nigeria’s problem is not plans and policies, but rather that of a lack of implementation,” he noted. “The subtext of such comments is simple: the bureaucracy is the key; if it works, everything works; if it fails, plans and policies are hardly worth the paper they are written on; the bureaucracy literarily holds the future of the nation in its hands.”

According to the Presidency, the civil servants are not the only ones siphoning public funds. It said past presidents and heads of state also pilfered the public coffer except the incumbent who had saved Nigerians from financial doom.

“President Muhammadu Buhari is a leader. He inherited a treasury that had been emptied by successive previous administrations – and he sought and succeeded in repatriating billions of dollars of stolen funds from overseas,” noted the Presidency.

 

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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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, Nigerian Develops AI Algorithm for Hair Transplants

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.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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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.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

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.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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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.

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“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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