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Reps Probe N2trn Assets Seized by EFCC

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Ibrahim Lamorde, Chairman, Economic and Financial Crimes Commission
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House of Representatives has ordered investigation into the handling of seized assets worth over N2 trillion by the Economic and Financial Crimes Commission ( EFCC) following a flood petitions received by its Committee on Crimes and Narcotic from the public.

The resolution followed the adoption of the prayers of a motion sponsored by Hon. Toby Okechukwu (PDP-Enugu) and 16 others. Reading his motion, Okechukwu noted that most of the operations of EFCC were not transparently done.

He said the situation whereby vehicles, houses or business concerns seized by EFCC were allowed to go to waste by the commission was unacceptable.

The lawmaker said the EFCC had seized over 200 mansions in the past through court orders but that these assets were not accounted for.

Okechukwu said the agency had seized assets from accused and convicted persons, including prominent Nigerians and corporate organisations through court orders in accordance with its powers, adding that the Assets Forfeiture Unit of the agency, which came into being in 2008, mandated the EFCC to ensure that all assets it confiscated for the Federal Government were identified and verifiable.

He said the forfeited assets estimated at over N2 trillion were made up of landed properties and business concerns, bank accounts, shares in blue chip companies, exotic vehicles, fuel stations, hotels, warehouses, shopping malls, schools, bakeries, housing estates and radio stations in and outside Nigeria.

The legislator also expressed worry that there were reports and complaints of vandalism, abandonment and wastage of some of these assets after they were seized by the EFCC.

He expressed concern over “the status of these properties and the lack of clarity on their use while litigation is on, coupled with the reported breach of the seal of EFCC and attempts at unlawful and forceful repossession by those whose properties had been confiscated.”

Okechukwu said he was challenged by “the reported rot and dilapidation of over 400 cars seized from former governors and prominent Nigerians which order was obtained from the court to enable professional managers use same to generate revenue for the Federal Government of Nigeria.”

He added that it was instructive to note that the commission ought to hire experts to run any seized company to avoid ruining the organisation and the jobs of workers.

The lawmaker said the situation was made worse by the fact that employees of the companies concerned were often thrown into the unemployment market.

Samson Osagie (Edo/ACN),  minority whip of the House, Hon. while supporting the motion, noted that it was sad that instead of the country benefiting from seized property, the reverse was case.

Osagie said the fact that property seized by EFCC were allowed to rot and become worthless meant the country had nothing to benefit from the seizure.

He said: “The idea is for the nation to recoup what has been stolen but right now, because some of these properties are allowed to rot away, we do not make gains out of the seizure.”

Another member, Hon. Emeka Nwogbo (Anambra- APGA), advocated a change of strategy by the agency to enable people benefit from seizure of properties.

 


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Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

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Stanley Amandi, veteran Nollywood actor and filmmaker, has been arrested by the Nigerian military over his alleged role in a foiled coup plot to overthrow President Bola Tinubu’s government, according to an exclusive report by Premium Times.

Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

Stanley Amandi, Nollywood Actor

The filmmaker, also a former chairman of the Actors Guild of Nigeria (AGN) Enugu State chapter, was reportedly detained in September 2025 alongside several military officers accused of planning a violent overthrow, including potential assassinations of top officials, according to the newspaper’s sources.

Reports indicated that the coup plotters planned to wholesale assassination of top government officials including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives Tajudeen Abbas, among others.

On Monday, the Defence Headquarters confirmed the plan to illegally oust the Tinubu administration, saying the indicted officers will be arraigned before military judicial panels.

In its statement, the Defence Headquarters said the investigation has been completed and forwarded to “appropriate superior authority in line with extant regulations.”

According to the military, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”

The military disclosed that the findings identified “a number of the officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”

Mr Amandi has featured in many Nollywood movies and is known for his work as an actor, production manager and director.

His notable works include “The Album,” where he served as director; “Tiger King,” where he also served as director and produced in 2008; “Cornerstone,” produced in 2019; and “Once Upon a Dream,” in which he appeared as an actor in 2024.

Mr Amandi’s last Instagram post was on 19 September 2025, shortly before his arrest.


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Firms Commit to Boost African Robotics Market

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AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.

According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.

The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.

AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.

The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.

“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.

Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.

Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.

The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.

Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”

 


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Subair: LIRS Won’t Raid Accounts – Unless You’ve Lost Every Court Battle

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Lagos State Internal Revenue Service Executive Chairman Ayodele Subair Tuesday demolished online panic over alleged bank account raids, insisting the agency’s “Power of Substitution” targets only hardcore tax dodgers who have exhausted every appeal from tribunals to the Supreme Court over half a decade of disputes.

Subair: LIRS Won't Raid Accounts – Unless You've Lost Every Court Battle

Ayodele Subair

Subair, speaking on Arise TV, shredded viral fears that LIRS would swoop on residents’ savings without warning, clarifying the mechanism under Section 60 of the Nigeria Tax Administration Act 2025 kicks in solely after assessments spark objections, reconciliations, demand notices, and a gruelling courtroom odyssey through High Court, Court of Appeal, and apex rulings.

The LIRS weekend notice had ignited fury by announcing enforcement via third parties – banks, employers, tenants, debtors – to claw back unpaid Personal Income Tax, Capital Gains Tax, Stamp Duties, and Withholding Tax from chronic defaulters holding funds or owing money to them, whether due now or accruing later.

Subair likened the process to a “long timeframe, not less than five years,” where recalcitrant bigwigs who stonewall every step become fair game, with LIRS directing agents like customers or partners to divert payments straight to the taxman in lawful settlement.

Far from arbitrary grabs, the chairman stressed it’s a final resort for “entirely recalcitrant” holdouts who ignore Notice of Refusal to Amend (NORA) and every olive branch, ensuring Lagos coffers snag rightful revenue fuelling the state’s bulging budget without shotgun raids on compliant payers.

As social media buzzes with defiance – “They can’t touch my account!” – Subair’s blueprint spotlights Nigeria’s tax evasion scourge starving subnationals of trillions yearly, with Lagos alone chasing billions in arrears amid federal revenue wars and economic headwinds squeezing the commercial capital’s 25 million souls.

Industry voices nod to the legality but plead for digital dashboards tracking disputes transparently, warning overzealous recovery could spook investors in Africa’s fintech and startup mecca already reeling from naira nosedives and grid glitches.

With LIRS poised to unleash the hammer on vetted violators, Subair’s clarion call aims to separate myth from muscle, bolstering Lagos’ IGR juggernaut that hit N815 billion last year while daring defaulters to test the full judicial gauntlet before crying foul.


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