General News
US Freezes Abacha’s $458m Loot
United States said Wednesday it had ordered a freeze on $458 million in assets stolen by former Nigerian dictator Sani Abacha and his accomplices and hidden in European accounts.
The Justice Department said the corruption proceeds — stashed away in bank accounts in Britain, France and Jersey — were frozen at Washington’s request with the help of local authorities.
Abacha died in office in 1998, but his surviving relatives still include some of the richest and most influential figures in Africa’s most populous nation.
According to a civil forfeiture complaint unsealed in the US District Court in Washington, the department wants the recover more than $550 million in connection with the action.
“This is the largest civil forfeiture action to recover the proceeds of foreign official corruption ever brought by the department,” said Mythili Raman, acting assistant attorney general.
“General Abacha was one of the most notorious kleptocrats in memory, who embezzled billions from the people of Nigeria while millions lived in poverty,” she said.
The Justice Department said the assets frozen — along with additional assets named in the complaint — represent the “proceeds of corruption” during and after the military regime of Abacha, who became president of Nigeria through a military coup on November 17, 1993 and held that office until his death on June 8, 1998.
The complaint alleges that Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu and others “embezzled, misappropriated and extorted billions from the government of Nigeria and others, then laundered their criminal proceeds through the purchase of bonds backed by the United States using US financial institutions.”
Raman said that the action sends a “clear message” that the United States is “determined and equipped to confiscate the ill-gotten riches of corrupt leaders who drain the resources of their countries.”
The US government’s Kleptocracy Asset Recovery Initiative “where appropriate” provides for the return of stolen proceeds “to benefit the people harmed by these acts of corruption and abuse of office.”
It did not specify what action would be taken with regard to the Abacha case.
The funds frozen include approximately $313 million in two bank accounts in the Bailiwick of Jersey and $145 million in two bank accounts in France, the department said.
Four investment portfolios and three bank accounts in Britain were frozed, with an estimated value of at least $100 million but the exact amounts in the accounts have not yet been determined, it said.
The Justice Department said that on February 25 and 26, authorities in Jersey, France and Britain complied with the US action to freeze the assets.
The complaint also seeks to freeze five corporate entities registered in the British Virgin Islands.
According to the complaint, Abacha and others systematically embezzled billions of dollars in public funds from Nigeria’s central bank on the false pretense that the funds were necessary for national security. They withdrew the funds in cash and then moved the money overseas through US financial institutions.
Abacha and his finance minister, Anthony Ani, also allegedly caused the Nigerian government to buy Nigerian government bonds at vastly inflated prices from a company controlled by Bagudu and Mohammed Abacha. That operation created an an illegal windfall of more than $282 million.
In addition, Abacha and his co-conspirators allegedly extorted more than $11 million from a French civil engineering company, Dumez, and its Nigerian affiliate in connection with payments on government contracts.
Funds involved in each of these schemes were laundered through the United States in nine financial institutions, the complaint alleged.
The financial institutions involved include Citibank, Chase Manhattan Bank and Morgan Guaranty Trust Company, now JPMorgan Chase, and New York-based units of Britain’s Barclays Bank and Germany’s Commerzbank.
Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.
The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.
Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.
Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.
Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.
“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.
The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.
The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.
PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians. PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
NCC Blocks Piracy Sites as Nollywood Faces Rising Digital Theft
Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers
FIRS says MOU with DGFIP Won’t Compromise Nigeria Tax Data Sovereignty
Top Nigerian Startups Secure Funding Boost @ iHatch Demo Day Awards
Four Must-Watch African Films Debut Free on Glo TV
Kaspersky Introduces Cyber Pathways to Support Career Development in Cybersecurity
Hackers Breach Phones of Dangote and Otedola, Demand Ransom
Nigeria Records Highest Weekly Cyberattacks in Africa — Report
Banks Lost N3.3Bn to Fraud in Q1 of 2025 – FITC
MTN Nigeria Has Invested Over ₦32.23 Billion in National Priorities Through Its Foundation
Telecom2 days agoMTN Nigeria Launches Unlimited 5G Broadband Plans to Boost Digital Inclusion
News2 days agoFRC, ICPC Seal Anti-corruption Alliance
News2 days agoDebt Rises in AI Data Centre Boom
Telecom2 days agoMoMo PSB Brings Relief to UNILAG Students with Ultra-Cheap Bus Fares
Telecom1 day agoMinister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers
E-Financial2 days agoSterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Broadcasting2 days agoYoung Africans Hit Hardest by Online Gender Violence, Paradigm Initiative Reports
General News2 days agoFidelity Bank to Host Virtual Masterclass on New Tax Law