The Economic and Financial Crimes Commission (EFCC) has warned banks against fraudulent practices including making themselves available as instruments of fraud.

The Executive Chairman of the EFCC, Ola Olukoyede gave the warning on Friday, November 22, 2024 when the management team of Moniepoint, led by its founder and Group CEO, Tosin Eniolorunda paid a courtesy visit to the commission.

Olukoyede who spoke through his Chief of Staff, Commander of the EFCC, Michael Nzekwe noted that Nigerian banks over the years have become notorious as conduits of financial crimes.

Nzekwe advised that they should turn a new leaf for the sake of the growth of the country, saying: “There is hardly any financial crime that would not go through the financial institutions.

“Money laundering is a major issue and you find out also that the perpetrators go through the banks. Nigeria will be the greatest beneficiary when we do the right thing,” he said.

Addressing the Moniepoint delegation , he said: “Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money laundering.

“Don’t be a tool, don’t make your system porous. You are a major stakeholder when it comes to the fight against corruption. We are open and would assist, however we can. No one is above the law.”

Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle class population spectrum.

“There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC,” he said.

“And people take advantage of this and are quick to commit fraud through this negligence. So, that’s one area you have to also look at to see how you can improve on your KYC.

“Increasing your level of collaboration with the EFCC would mean to see yourselves as stakeholders in the fight against corruption.

“We would like you to be able to respond to us when we make inquiries and when we make requests.”

Speaking further on the readiness of the Commission to collaborate with Moniepoint to get things right, Olukoyede said: “On our part, we are open to whatever it is that you want us to do.

“We value it that you are here today to seek a stronger tie and collaboration. When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone.

“The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls.

“You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do.

“Our core mandate is enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you.”

Earlier in his remarks, Eniolorunda noted that the expansion in the operations and services of the fintech and microfinance company have come with challenges which have made the need for a strategic collaboration with the EFCC compelling.

“Moniepoint has over the years grown to become one of Nigeria’s largest payment service providers and the bank for mostly mid-class businesses and the under-served.

“Today, Moniepoint processes roughly 70% of Nigeria’s payments on Point-of-Sale (PoS) and transfers.

“We are present also in the U.K and we are going through some potential set-up also in Kenya, which is at an advanced stage with its Central Bank. And also in Tanzania.

“Of course, with all this growth comes also challenges. One of the biggest challenges is the nature of our country, where if people find the opportunity to make fast money, they will make fast money. 

“And we have realized that as Moniepoint is helping people make ends meet, these sorts of people are also trying to use Moniepoint channels  to achieve their criminal objectives.

“So, we are actively fighting, improving all the necessary KYC accounts, money laundering and fund protection systems, but we know that we can’t do this alone. 

“There are experts in a government organization like the EFCC that we believe we need to have a strategic relationship with to be able to fight these people together.

“There are intels that you see that we don’t see. There are many things that come across your desk, every day that we don’t see. 

“There are also things that we see that we think that if we should show to you, we will all be able to come together and fight these bad guys. 

“We have, over the years improved on many things; discover a lot of potential fraud, collaborated with law enforcement agencies. 

“With our whole management team, we will be able to find a strategic partnership with the EFCC that would take us to the next level. 

“So we need to quickly build stronger alliances to prevent any form of risks that will blossom into national security issue,” he said.

The Nigerian Navy, Forward Operating Base (FOB), Ibaka, Akwa Ibom State has arrested three suspected oil thieves with 2,000 litres of Premium Motor Spirit (PMS), and 1000 cartoons of beer with the intention of smuggling to the Republic of Cameroon.

The Commanding Officer of the Base, Capt. Uche Aneke disclosed this while handing over the suspects, seized items and other goods to the Nigeria Security and Civil Defense Corps (NSCDC), Akwa Ibom Command on Friday.

Aneke said the suspected oil thieves were arrested on Wednesday, at about 7 pm, while on routine night patrol at Mbo River during stop-and-search.

“Navy intercepted a wooden laden with about 1,000 cartons of different brands of beer and other goods, upon thorough search own gunboat discovered 2,000 litres drums of PMS carefully concealed under the cartons with the intention of smuggling into the Republic of Cameroon,” he said.

He warned individuals or groups involved in smuggling or any form of criminal activity within Nigeria’s waters, urging them to desist immediately.

Aneke reaffirmed the Navy’s commitment to combating maritime crimes in the state under the leadership of Chief of Naval Staff, Vice Admiral Emmanuel Ogalla.

He also stated that criminal elements in the FOB Ibaka area of operations under the Eastern Naval Command Area of Responsibility would continue to be detected using advanced surveillance equipment and intelligence.

“Such criminals will be apprehended and duly prosecuted. Nigeria’s waters and the Nigerian coastal areas are not for illegal activities,” Aneke said.

Receiving the items, suspects and other goods, Mr Willie Sunday, Assistant Superintendent Corps, said the corps would further investigate and possibly prosecute the suspects.

The Labour Party (LP) has refuted claims circulating on social media that its leadership is collaborating with President Bola Tinubu ahead of the 2027 general elections.

The allegations stem from a video where activist Deji Adeyanju alleged that the LP had entered into a partnership with Tinubu in preparation for the next presidential poll.

In a statement released on Friday, the National Publicity Secretary of the Labour Party, Mr. Obiora Ifoh, categorically denied the claims, emphasizing that the party remains committed to its role as a leading opposition force in Nigeria.

“The Labour Party has repeatedly and firmly denied any understanding or collaboration with the ruling All Progressives Congress (APC) regarding the 2027 elections,” Ifoh said.

He highlighted the party’s consistent criticism of the current administration under the leadership of its National Chairman, Barrister Julius Abure. “Our chairman has been at the forefront of opposing the government, critiquing its policies, and offering constructive solutions,” Ifoh stated.

The Labour Party, he noted, has undertaken several initiatives to strengthen its position as a credible opposition, including:Establishing an Electoral Reform Committee to advocate for credible, fair, and transparent electoral processes.

Creating a Political Education Committee to reorient citizens towards a more positive and informed approach to politics.

Launching an e-membership registration platform to deepen participatory democracy, which has already attracted thousands of subscribers.

“These efforts are aimed at repositioning the Labour Party as a formidable political force,” Ifoh said, describing the allegations as baseless and damaging.

He challenged Adeyanju and others making similar claims to provide concrete evidence of any alleged collaboration between the Labour Party and Tinubu or the APC.

“It is both irresponsible and absurd to attempt to tarnish the image of a party dedicated to reforming Nigeria’s political landscape,” Ifoh concluded.

The National Bureau of Statistics (NBS) says the most prevalent shock affecting households across Nigeria is the price increases on major food items.

The NBS said 71 per cent of households reported this shock.

The NBS disclosed this in its General Household Survey-Panel (GHS-Panel) Wave 5 2023/2024 unveiled in Abuja.

The report said urban households experienced the shock of food price increases at 75.5 per cent more than rural households at 68.9 per cent.

It said the issue was most pronounced in the South-East and South-South zones at 83.6 per cent and 79.3 per cent, respectively.

“In general, the data indicate that price hikes on essential goods are a major concern for households nationwide.”

The report revealed the other top most common economic shocks were increase in price of oil and fuel at 52 per cent, and increase in prices of other fuels at 32.2 per cent.

“This was followed by increase in price of farming/business inputs at 28.8 per cent, floods at 8.8 per cent, droughts at 5.8 per cent, and pest and plant disease at 5.7 per cent.

“Shortage/scarcity of petrol at 5.3 per cent, irregular rains at 4.7 per cent and very high temperatures (>40°C) at 4.7 per cent.”

It said these households dealt with shocks in a variety of ways, but the main coping mechanism was reducing food consumption at 48. 8 per cent.

“To cushion shock effects, some households also received assistance from friends and family at 36.1 per cent and reduced purchased quantities compared to the last at 32.6 per cent.

“In contrast, a significant proportion of households did nothing to deal with the shocks at 28.3 per cent.”

The report revealed that only 4.0 per cent of households nationwide received safety-net assistance, a decline compared to GHS-Panel Wave 4 at 10. 4 per cent.

The report showed that households in the urban areas had a higher coverage of receiving assistance at 5.2 per cent compared to rural areas which has a coverage of 3.5 per cent.

“Also households in the urban areas had a stronger reliance on cash assistance at 60.5 per cent compared to the rural areas at 49.6 per cent.”

The report said at the zonal level, the South-South and North-West zones recorded the highest share of households with safety nets at 6.7 per cent and 5.6 per cent, respectively.

The News Agency of Nigeria (NAN) reports that the GHS-Panel is Nigeria’s nationally representative longitudinal household survey which commenced in 2010 and the NBS has implemented five waves of the survey.

The panel nature of the data enables tracking household-level changes in critical areas of welfare, work, and socio-economic outcomes over time, yielding insights for policy. 

The Supreme Court has nullified the National Lottery Act 2005 enacted by the National Assembly, declaring it unconstitutional.

The apex court in a unanimous decision delivered by a seven-member panel on Friday held that the National Assembly lacks the authority to legislate on matters related to lotteries and games of chance, as such powers reside exclusively with state Houses of Assembly.

Justice Mohammed Idris, who delivered the lead judgement, ordered that the National Lottery Act 2005 should no longer be enforced in any state except the Federal Capital Territory (FCT), where the National Assembly is constitutionally empowered to make laws.

This judgement arises from a suit filed in 2008 by Lagos State and several other states, challenging the constitutionality of the Act.

The court’s decision reinforces the federal principle of states’ autonomy over certain legislative matters.

Details later.

Officials of the Department of State Services (DSS) Thursday in Abuja arrested one Kennedy Tabukoi for allegedly leading an unregistered Non-Governmental Organization (NGO), the Niger Delta Development Initiative (NDDI), to blackmail certain high-profile officials of government.

According to security sources, when such government officials fail to meet Tabukoi’s demands, he resorts to organising other unsuspecting groups to lead protest marches against government officials.

One such protest march was held Thursday morning at the National Assembly gate, where Tabukoi led several groups to protest against what he claimed were moves by the federal lawmakers to stall a probe of the petroleum sector.

The sources confirmed that, unknown to Tabukoi, security operatives had been on his trail after certain officials of government reported the several attempts he made to allegedly blackmail them into parting with huge sums of money and contracts, “or risk being embarrassed.”

A security source said, “That man Tabukoi had been boasting to friends and members of his syndicate that, as a Niger Deltan activist, he would use his NGO to deal with any government official who didn’t do his bidding.

“Unknown to him, it was the same people he had been intimidating with claims of how much he would make from top government officials in Abuja that tipped off the DSS that he had no NGO and that he was merely using impersonation to blackmail such government officials.”

“When we invited Tabukoi, he didn’t waste time in corroborating the claims of his so-called friends. He said he was aware that several Niger Deltans made money from activism, reason he was in the process of raising money to register his own NGO.”