GT Bank, customer in fight over Sh1.4bn wired by ‘ghost company’

Guaranty Trust Bank is locked in a court dispute with one of its customers over the release of pound 9.5 million (Sh1.4 billion) allegedly wired to his account by a foreign company, even as the presiding judge gagged his lawyer, Nelson Havi, from publicly discussing the case.

Justice Fredah Mugambi’s ruling paints a picture of a high-stakes financial dispute mired in allegations of suspicious transactions, potential money laundering, and a fiery battle over lawyers’ rights to comment on ongoing cases.

FG clarifies stance on expatriate quota, says no visa amnesty for violators of regulations

The federal government has clarified its position on the expatriate quota, saying that the policy does not oppose the hiring of expatriates by companies, but should not be done without consideration for local content.

The government also said that it would not grant visa amnesty to companies that failed to comply with its expatriate quota regulations, maintaining that foreign companies are free to hire expatriates for skills that are not available in Nigeria.

The Permanent Secretary of the Ministry of Interior, Dr. Magdalena Ajani, made the clarifications in Abuja during a stakeholders’ engagement and sensitization workshop on Expatriate Quota Reform, New Visa, and Post-Amnesty Program.

She said the present administration is not opposed to hiring expatriates, but stressed the need for companies to justify their requests.

Dr Ajani maintained that companies must demonstrate that the skills they require are not available in the country before they embark on the recruitment of foreign experts.

She expressed concerns over the ways and manners in which companies bring expatriates to Nigeria for every project, despite operating in the country for decades.

While emphasising the importance of developing local talent and ensuring that Nigerians are given priority in job opportunities, she said the government would no longer tolerate ‘importation’ of expatriates when there is are abundance of skilled human resources within.

Regarding suggestions for amnesty for expatriates, Dr. Ajani said the Ministry would not grant amnesty for non-compliance with expatriate quota regulations. She stressed that companies must adhere to the rules and regulations governing expatriate employment.

The Permanent Secretary emphasized the need for companies to prioritize local talent and develop the skills of Nigerian professionals, adding that the government is committed to ensuring that Nigerians are given opportunities in their areas of expertise.

‘We urge companies to comply with the regulations and prioritize the development of local talent,’ Dr. Ajani said.

Speaking at the event, the Comptroller General of the Nigeria Immigration Service (NIS), Mrs Kemi Nanna Nandap, highlighted the commitment of the Service to transforming Nigeria’s migration landscape through technology, collaboration, and people-centered policies.

‘These initiatives reflect our shared commitment to excellence in border governance and migration management.

‘Leadership is not just about managing systems-it is about inspiring change, empowering people, and ensuring that every reform enhances both our national security and the dignity of those we serve,’ she said.

Olubadan goes tough on land grabbers

The Olubadan of Ibadanland, Oba Rashidi Ladoja on Tuesday inaugurated legal luminary, Chief Niyi Akintola (SAN), Musibau Adetunbi (SAN), Yinka Okunade, Rahman Abiodun AbdulRaheem and Tunji Thomas to tackle the menace of land grabbing in the ancient city

Noting that hard times await land grabbers who are giving Ibadan a bad reputation at the Olubadan Palace, Oke Aremo, Ibadan where the inauguration held, the monarch said the five-member committee of legal practitioners is charged with the task of tackling the problem of land grabbing from the legal perspective.

He urged the Committee to co-opt anybody from any profession, including town planning, survey, security agencies, the bar and bench who could assist in giving them sufficient greenlight to fight the scourge.

Barrister Musibau Adetunbi SAN was however absent during the inauguration.

Flanked by members of Olubadan-in-council, Oba Ladoja said the Oyo State Government, the Olubadan-in-council were on the same page in ridding Ibadan of the menace of land grabbing.

According to him, land grabbing is like an interlocking web of complex connections involving diverse interests that need to be unravelled.

The Olubadan said: ‘I know each of you very well. While we entertain no illusion as to the gravity of your responsibility, I have no doubt in my mind that you have the capacity to carry out the responsibility’

He told the Committee to hit the ground running, giving them 21 days within which to make their recommendations.

The Olubadan, however, clarified that the inauguration of the legal advisory committee was meant to strengthen the existing committee on land matters headed by Mogaji Asimiyu Ariori.

Balogun of Ibadanland, Oba Tajudeen Ajibola, corroborated Olubadan’s position, saying it had become desirable for Ibadan to take stringent action against the menace of land grabbing because it has constantly put the people in harm’s way.

He said, if it were possible, there should be the establishment of anti-land grabbing tribunals in all the eleven local governments councils in Ibadanland.

Responding on behalf of the committee, Chief Akintola expressed the members’ gratitude to Olubadan and Olubadan-in-council for giving them the privilege to serve their fatherland.

Saying their inauguration is a call to serve their fatherland, the committee sought the co-operation and support of state government and Ibadan people in checkmating the menace of land grabbing.

He noted that the government was not favourably disposed to land grabbing either, and as such, the anti-land grabbing advisory committee would strengthen the state government’s resolve to tackle the same menace.

JUST IN: Finance Minister Edun in high spirit, visits gallery booth in London

Contrary to reports, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun is in high spirits, looking hale and hearty in London, The Nation can confirm.

The Nation reports Edun visited the O’DA Art Gallery booth at 1-54 London on Wednesday, October 15, at Somerset House, London.

In the video seen by The Nation, the creative director and founder of the gallery, Obida Obioha was seen showing the works in the gallery booth and discussing with the Finance Minister.

Until his departure to London, the Minister had taken ill in recent days but the Presidency dismissed earlier rumours that he had suffered a stroke or was incapacitated.

Obioha said: ‘It was a pleasure to welcome the Honourable Minister of Finance, Wale Edun (@finminnigeria) to the O’DA Art Gallery booth at 1-54 London (@154artfair ) today, October 15, 2025, at Somerset House.

‘We had the privilege of walking him through our presentation, Lines of Spirit – featuring Simon Ojeaga, Paul Majek, and Afeez Onakoya – three artists whose practices explore the intersections of form, rhythm, and transcendence within contemporary African abstraction.

‘The presentation reflects O’DA’s ongoing commitment to championing artists who expand visual language while remaining deeply connected to questions of identity, memory, and community.’

Radda expands security coverage to 20 LGAs to combat banditry in Katsina

Governor Dikko Umar Radda of Katsina State has extended security coverage to 20 local government areas as part of intensified efforts to curb the rising wave of banditry across the state.

Radda made the announcement during the commissioning of 100 newly trained officers of the Community Watch Corps (C-Watch), bringing the corps’ operations to 20 out of the 34 local government areas in the state.

Reflecting on his administration’s two-year journey to restore lasting peace, the governor said, ‘When we launched the Community Watch Corps over two years ago, we were in uncharted territory. The learning curve was steep, and the uncertainty was high. But one thing was certain, our determination to end banditry in Katsina State.’

He disclosed that 50 of the new officers would be deployed to Kankia Local Government Area and another 50 to Dutsin-Ma, one of the epicentres of banditry in the state.

Radda dismissed reports of government negotiations with bandits, clarifying that while his administration would not negotiate with criminals, it supports peace pacts initiated by local communities through the ‘Katsina Model’, a community-driven approach that encourages repentant bandits to surrender their arms.

‘The role of the state government is to encourage and support the peace process while maintaining law and order. Our focus is to ensure that peaceful communities also benefit socio-economically, giving our people a dignified existence,’ he added.

The governor highlighted the success of community peace initiatives, noting that Jibia has recorded eight months without a major attack, while Batsari has enjoyed seven months of uninterrupted peace.

Other local councils, including Danmusa, Safana, Faskari, and Sabuwa, have also witnessed relative calm since adopting the approach.

Radda commended the Nigerian Air Force, Army, and Police for their collaboration with the state government, saying their synergy has strengthened intelligence sharing, improved response times, and enhanced coordinated operations.

He also praised traditional and religious leaders for their roles in promoting community unity and resolving conflicts.

Earlier, the Commissioner for Internal Security and Home Affairs, Dr. Nasir Mu’azu, commended the governor’s commitment to reducing insecurity, while the Chairman of the Standing Committee on the C-Watch Corps, Major General Junaidu Bindawa (Rtd), said the recruits received intensive training in minor tactics, weapon handling, communication, arrests, community policing, and intelligence gathering.

Lagos promises to upskill youths

Lagos State Government, through the Ministry of Wealth Creation and Employment, has launched the StartRight Entrepreneurship Development Support Programme for startups and Micro, Small, and Medium Enterprises (MSMEs). The initiative is designed to empower entrepreneurs with the knowledge, skills, and resources needed to build sustainable businesses and thrive in today’s competitive economy.

The six-week hybrid training, which commenced with 50 startups and 200 businesses as pioneer beneficiaries, is designed to equip entrepreneurs with the knowledge, skills, and resources required to build sustainable and competitive ventures

Speaking at the launch of the programme last Tuesday at the STO Resource Centre, Central Business District, Alausa, Ikeja, the Commissioner for Wealth Creation and Employment, Hon. Akinyemi Bankole Ajigbotafe described the initiative as a major step in advancing Governor Babajide Olusola Sanwo-Olu’s vision of a Greater Lagos driven by enterprise, innovation, and inclusive prosperity.

Ajigbotafe explained that the StartRight Lagos Programme was conceived to help entrepreneurs and MSMEs establish solid foundations and adopt strategic approaches to ensure the sustainability and scalability of their ventures. He noted that it was no longer enough to start a business but important to start right, sustain right, and scale right, stressing that the programme reflected government’s continued investment in building future-ready entrepreneurs who would contribute meaningfully to Lagos’ economic growth.

The Commissioner reaffirmed that the Ministry remained committed to driving policies and initiatives that promote youth empowerment, skill development, business incubation, and access to finance, in line with the state government’s T.H.E.M.E.S Plus development agenda. He commended the facilitators and development partners for their dedication to supporting the entrepreneurial ecosystem and for complementing government’s efforts in building a productive and self-reliant citizenry.

Permanent Secretary, Ministry of Wealth Creation and Employment, ESV Wasiu Adebayo Olayinka, described the StartRight Lagos Programme as another milestone in the state’s continuous drive to promote innovation, enterprise, and economic inclusion.

He emphasized that the initiative was designed to provide participants with the right knowledge, business ethics, and management skills to start, manage, and sustain successful enterprises.

According to him, the goal is to equip Lagos entrepreneurs with the right mindset and capacity to move from job seekers to job creators, adding that the StartRight Lagos initiative embodies that mission by providing practical learning, mentorship, and exposure to growth strategies. The Permanent Secretary appreciated the facilitators for their expertise, noting that the Ministry will continue to strengthen its partnerships with both public and private sector stakeholders to sustain the momentum of entrepreneurship development across the State.

Mrs. Lanre Oniyitan, a consultant and the Chief Executive Officer of W-Holistic Business Solutions, gave an overview of the StartRight Lagos Programme, highlighting its structure, objectives, and expected outcomes in supporting startups and MSMEs to establish sustainable business foundations.

The StartRight Lagos Entrepreneurship Development Support Programme is one of the flagship initiatives of the Ministry of Wealth Creation and Employment, designed to enhance entrepreneurial capacity, stimulate innovation, and provide practical support for startups and MSMEs, in furtherance of the State Government’s economic inclusion and wealth creation agenda.

Varsities’ strike: Who’s to blame?

Sir: University strikes have become an all-too-familiar story, a recurring wound that never seems to heal. Each time the Academic Staff Union of Universities, ASUU announces an industrial action, lectures stop, campuses grow silent, and dreams are placed on hold. Politicians continue with their schedules, lecturers retreat to side jobs, but the students, the very heart of the education system, are left stranded. They lose time, motivation, and opportunities they can never fully recover.

Yet, as the cycle repeats, one cannot help but ask: who truly bears the weight of these strikes, and who should take responsibility for the damage they cause?

For decades, ASUU has justified its strikes as a means to pressure the government into honouring agreements on better funding, fair wages, and improved infrastructure. These demands are valid. Anyone who has walked through the corridors of a public university in Nigeria would agree that poor facilities, overcrowded lecture halls, and unpaid salaries reflect a deep neglect of education by successive governments.

But while the union’s grievances are understandable, the methods have become controversial.

The government, on the other hand, often accuses ASUU of holding the system hostage. It argues that the union’s insistence on strikes as the only bargaining tool cripples progress and punishes innocent students who have no hand in the dispute. In the end, both parties trade blame while the students, the most powerless group in the equation, pay the ultimate price.

Let us be honest. Both parties are culpable. The government’s insensitivity and failure to prioritize education are unacceptable. Budgetary allocations to education consistently fall below UNESCO’s recommended 26 percent. Lecturers, too, must reflect on whether indefinite strikes remain the most effective way to demand change. It is one thing to fight for rights; it is another to destroy the bridge that connects those rights to the future.

If universities had better funding, research grants, and prompt salaries, ASUU would have no reason to down tools. But if the union continues to rely solely on strikes without exploring alternative advocacy such as strategic legal action, citizen engagement, or performance-based protests, then students will remain collateral damage in every industrial action.

The solution lies in sincerity from both sides. Government officials must stop making empty promises and start implementing lasting reforms. ASUU must adopt modern negotiation strategies that protect the interest of students first. The students themselves must also rise, through constructive activism, to demand accountability from all sides.

Education is not a privilege; it is a right. Every time it is disrupted, a generation loses part of its potential. The government and ASUU must remember that time is not renewable. Every month lost to a strike is a wound that never fully heals for a student.

Some will argue that strikes have brought partial victories such as improved salaries, better agreements, and occasional funding. But these victories often come at too great a cost. Students spend longer years on campus, graduate late, and face tighter job markets. Many lose scholarships or opportunities abroad because their transcripts are delayed or their academic calendars are unpredictable.

A society that allows this cycle to persist is one that undervalues its youth. The damage is not visible immediately, but it shows later in the frustration of jobless graduates, in the rise of social vices, and in the erosion of hope. When young people start believing that hard work no longer pays, the nation begins to decay silently.

The truth is simple: when universities are on strike, everyone loses, but students lose the most. They lose time, morale, and faith. And no compensation can restore that lost time.

Until the day Nigeria treats education as a national emergency, not a political bargaining chip, these strikes will continue, and the nation will keep producing delayed graduates and disappointed dreams.

The next time a strike is declared, we should ask not just who is right or wrong, but who is hurting most. Because in the end, it is not the lecturers or the politicians who suffer, it is the students whose futures hang in the balance.

Customs intercepts 49,500 litres of petrol

The Operation Whirlwind of the Nigeria Customs Service (NCS), has sealed Adeola Ade PLC Filling Station along Owode-Apa Road in Badagry, Lagos State, and intercepted 1,980 jerricans of Premium Motor Spirit (PMS) each measuring between 25 and 30 litres totaling 49,500 litres, within the Lagos and Ogun axis to forestall further diversion of national resources and to protect public safety.

The station’s staff, it was gathered, were reportedly caught filling plastic kegs with petrol, intended for illegal transport across the border and a suspect, identified as Adeola Ismail was apprehended by Customs operatives.

The operation was part of a week-long sting by Operation Whirlwind, a Customs task force operating in Zone ‘A’, which also seized seven vehicles used as means of conveyance, with a Duty Paid Value (DPV) of ?80,452,000.

Addressing reporters in Lagos yesterday, the National Coordinator of Operation Whirlwind, Assistant Comptroller-General , Kola Oladeji said the seizures were made within the last seven weeks following sustained surveillance and intelligence gathering operations.

Oladeji disclosed that the prohibited itens were discovered at several flashpoints in Badagry, Lagos, Ajilete, Ijoun, Ilaro, Owode Idiroko, Eree, Ado-Odo, and Obada Imeko in Ogun State.

The National Coordinator disclosed that the illegal products were carefully concealed and being prepared for illegal export to the Republic of Benin before his officers swooped on them and seized the items.

The successful interceptions, he added, forms part of the broader mandate of the special task force to tackle economic sabotage in the downstream oil sector and ensure that petroleum products remain available and affordable to Nigerians.

He stated further subsequently investigation traced links to a retail outlet identified as Adeola Ade PLC Filling Station, located along Owode-Apa Road in Badagry, Lagos State.

Upon inspection, he said, they discovered serious infractions bordering on improper handling, storage, and potential illegal sales of PMS. In line with existing laws and regulatory procedures, the filling station was immediately sealed to forestall further diversion of national resources and to protect public safety.

During a routine perimeter sweep around the sealed station, he said, operatives apprehended a male suspect later identified as Adeola Ismail.

He was arrested outside the crime scene following his suspicious behaviour and preliminary links to the illegal activities traced to the sealed premises. The suspect was subsequently taken into custody for questioning and profiling.

After 48 hours, upon representation by his legal counsel, he was granted administrative bail by the Legal Unit of the Federal Operations Unit (FOU Zone A), pending the conclusion of ongoing investigations.

Oladeji emphasised that the interception and enforcement action demonstrate Operation Whirlwind’s firm commitment to the Federal Government’s directive to dismantle smuggling networks, safeguard national resources, and promote transparency and accountability in petroleum product distribution.

He noted that the task force’s operations align with the policy direction of the Federal Government, which seeks to restore integrity to the downstream oil sector through effective monitoring, enforcement, and collaboration with other relevant agencies.

The Whirlwind Coordinator commended the Office of the National Security Adviser (ONSA), under the leadership of Mallam Nuhu Ribadu, for the strong institutional backing and support provided to the operation, as well as the Comptroller-General of Customs, Bashir Adewale Adeniyi and his management team for their strategic leadership and guidance.

He also expressed appreciation to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), field officers, and patriotic Nigerians who continue to supply credible intelligence that enhances the fight against economic sabotage.

He reaffirmed that the Customs led operation will sustain its surveillance efforts, deepen inter-agency cooperation, and promote public enlightenment on the dangers of smuggling and diversion of petroleum products.

Oladeji urged Nigerians to support the campaign by reporting suspicious activities to relevant authorities.

CBN, finance ministry present Nigeria’s economic progress at G24 meetings

Nigeria has presented its economic progress to the international financial community at the G24 meetings held on the sidelines of the IMF/World Bank annual meetings in Washington D.C., with key discussions centered on trade balance, currency cooperation, and sustained macroeconomic stability.

The Nigerian delegation, led by the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Minister of State for Finance, Dr. Doris Uzoka-Anite, disclosed that the apex bank is developing a framework that will make currency swaps with other countries mutually beneficial.

Cardoso said the initiative aims to strengthen Nigeria’s position in global trade and enhance liquidity support for key trading partners.

‘We are working on a framework that ensures currency swaps are a win-win arrangement, serving the interests of both Nigeria and our partner countries,’ he explained.

He further noted that Nigeria’s trade surplus has risen to 6 percent of the country’s Gross Domestic Product (GDP), a development he attributed to consistent and disciplined macroeconomic management.

‘The improved balance of trade reflects the impact of sound policies that are now beginning to yield tangible results,’ he stated.

According to the CBN Governor, there is a strong link between maintaining macroeconomic stability and achieving sustainable growth.

‘Our focus remains on implementing policies that support stability, growth, and disinflation,’ he said. ‘These measures are essential for maintaining investor confidence and supporting the recovery of productive sectors.’

A statement issued by the Federal Ministry of Finance said the participation of Dr. Uzoka-Anite at the G24 meetings represents the government’s continued engagement with global financial institutions to advance Nigeria’s development goals.

‘Dr. Uzoka-Anite’s participation in the meetings demonstrates the Nigerian government’s commitment to engaging with international financial institutions and stakeholders to drive economic growth and development,’ the statement read.

‘Her presence at the G24 meetings also reflects the government’s proactive approach to fostering economic cooperation and dialogue with global partners.’

The G24 platform, which brings together finance ministers and central bank governors from developing and emerging economies, provided an opportunity for Nigeria to present its reform-driven progress and discuss policy coordination on global financial challenges.

According to the Ministry of Finance, Nigeria’s continued engagement in such multilateral discussions ‘marks a significant step forward for the country’s economic growth and development,’ as it seeks to deepen collaboration with international stakeholders to strengthen resilience, attract investment, and improve living standards.

The G24 meetings, held in parallel with the IMF and World Bank Annual Meetings, serve as a forum for developing countries to articulate their positions on international monetary and financial policies and promote strategies that support inclusive and sustainable growth.

Nigeria, JICA, MIGA in talks to boost foreign investment

Nigeria is deepening engagement with international development partners to attract more Foreign Direct Investments (FDI) and strengthen the country’s project pipeline through renewed collaboration with the Japan International Cooperation Agency (JICA) and the Multilateral Investment Guarantee Agency (MIGA).

High-level bilateral discussions between the Federal Ministry of Finance and representatives of JICA and MIGA held on the sidelines of the ongoing World Bank Group and IMF Annual Meetings in Washington D.C.

The meeting was attended by the Minister of State for Finance, Dr. Doris Uzoka-Anite and members of the Nigerian delegation.

The talks focused on exploring new opportunities for cooperation aimed at boosting investor confidence, expanding private sector participation, and supporting Nigeria’s ongoing economic reforms.

According to a statement from the Federal Ministry of Finance, the Nigerian government reaffirmed its commitment to leveraging international partnerships to accelerate economic growth and development.

‘The Nigerian Government remains committed to working with international development partners to drive sustainable growth, create jobs, and strengthen critical sectors of the economy,’ the statement said.

JICA and MIGA, both long-term development partners, expressed their readiness to continue supporting Nigeria’s development agenda, particularly in areas such as infrastructure financing, project guarantees, and investment facilitation.

The ministry’s statement further noted that the collaboration between Nigeria and these agencies is expected to open new avenues for investment and deepen economic cooperation. ‘As Nigeria continues to prioritize economic diversification and growth, the collaboration with JICA and MIGA is expected to play a key role in unlocking new opportunities for the country,’ it added.

The meeting also reflected the growing confidence of international development agencies in Nigeria’s reform agenda and the government’s commitment to creating a stable environment for investment and business growth.

Both JICA and MIGA have been active partners in supporting development initiatives in Nigeria and across Africa through financial guarantees, technical assistance, and partnerships aimed at mitigating investment risks and promoting inclusive growth.