Category: PM News

Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC alongside the first defendant Aliyu Abubakar, an unlicensed bureau de change operator on amended five-count charge, bordering on conversion of funds, belonging to the Bauchi State Government, and money laundering to the tune of N1,635,270,350.9k (One Billion, Six Hundred and Thirty-five million, Two hundred and seventy thousand, Three hundred and fifty Naira, Nine kobo).

Justice O.A. Egwuatu of the Federal High Court, sitting in Abuja, on Tuesday rejected the application filed by Bauchi State Accountant General, Sirajo Muhammad Jaja for permission to travel to Kingdom of Saudi Arabia for the Muslim pilgrimage and medical check-up despite his ongoing trial for alleged N1.6b money laundering.

Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC alongside the first defendant Aliyu Abubakar, an unlicensed bureau de change operator on amended five-count charge, bordering on conversion of funds, belonging to the Bauchi State Government, and money laundering to the tune of N1,635,270,350.9k (One Billion, Six Hundred and Thirty-five million, Two hundred and seventy thousand, Three hundred and fifty Naira, Nine kobo).

On conclusion of the cross-examination of the first Prosecution Witness, PW1, Abimbola Williams, a compliance officer with the United Bank for Africa, UBA at the Tuesday’s sitting by Jaja’s counsel, Chris Uche, SAN, the counsel informed the court of his client’s application for leave of the court to enable him travel to the Kingdom of Saudi Arabia for two weeks to perform the Muslim pilgrimage and for medical check- up.

“Before adjourning, there is an application. The second defendant wants to travel outside for two weeks. It is a temporary application for the release of his passport,” adding that the defence was already in receipt of the prosecution’s response, which he said, he was yet to respond to.

In his response, prosecution counsel, Abba Muhammed, SAN, informed the court that the prosecution was in receipt of the application and has responded in objection to the application for him to travel out for any reason, stating that the defendant is a flight risk, with other parties in the charge being at-large.

“The prosecution opposed the application of the second defendant with a 10-paragraph affidavit filed on 13 March 2026. We rely on all the deposition and annexures. We provided cogent reasons, the facts are there. We rely on them and we urge the court to reject the application.

In his ruling on the application, Justice Egwuatu struck out the application and adjourned the matter till June 30, 2026, for continuation of trial.

Nigeria’s debt profile rises above $110bn Approval expected June 26 despite fresh concerns

The Federal Government is in advanced negotiations with the World Bank for a fresh $1.25 billion loan, aimed at bolstering ongoing economic reforms and job creation.

This potential facility, titled the ‘Nigeria Actions for Investment and Jobs Acceleration,’ is slated for a final approval meeting on June 26, 2026, according to document obtained by Channels TV.

If greenlit, the loan will focus on four critical pillars: Infrastructure, such as expanding access to digital services and electricity; strengthening trade, agriculture, and tax competitiveness; improving access to credit for small businesses and implementing the government’s economic stabilization agenda.

The timing of these negotiations is notable. Just last week, the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, issued a stern warning regarding the World Bank’s bureaucratic speed.

He asserted that Nigeria may reject loan facilities if approval and disbursement cycles exceed six months.

“If approvals take more than six months, the Nigerian Government may no longer honor such arrangements,” Ogunjimi stated, reminding the lender that these funds are interest-bearing loans, not grants.

This $1.25 billion request follows a significant period of borrowing. Between June 2023 and May 2026, the World Bank approved approximately $9.35 billion for Nigeria across various sectors.

As of late 2025, Nigeria’s external debt stood at $51.86 billion, contributing to a total public debt profile of $110.97 billion.

Currently, the project is at the “decision-meeting” stage-the final internal hurdle before the World Bank’s Board of Executive Directors makes its final determination.

The Lagos State Government has intensified efforts to position the state as Africa’s leading investment and business hub with plans underway to host more than 1,000 delegates from Commonwealth nations and global investment communities at the third edition of the Invest Lagos Summit.

“Lagos: Business Gateway to Africa,” is scheduled to hold on June 8 and 9, 2026, at Eko Hotels and Suites.

Speaking during a press conference in Lagos on Tuesday, the Commissioner for Commerce, Cooperatives, Trade and Investment, According to the commissioner, the summit has evolved beyond a conventional investment conference into a strategic platform designed to drive policy dialogue, capital mobilisation and direct engagement between investors and governments.

She noted that participation from delegates across the Commonwealth and other regions demonstrates growing international confidence in Lagos as a preferred destination for trade, investment and enterprise development.

Ambrose-Medebem disclosed that policymakers, multinational companies, development finance institutions, entrepreneurs, innovators and trade missions from Africa, Europe, Asia and the Middle East are expected to participate in the event.

“This summit aligns with the economic vision of Governor Babajide Olusola Sanwo-Olu aimed at strengthening industrial growth, competitiveness and the global relevance of Lagos State,” she said.

She added that this year’s summit would feature keynote speeches, executive roundtables, plenary sessions, investment dialogues, exhibitions, networking sessions and Business-to-Business as well as Business-to-Government meetings.

Discussions are expected to focus on critical sectors including infrastructure, technology, manufacturing, agriculture, logistics, transportation, tourism, blue economy, real estate, energy transition and SME development.

The commissioner identified the Governors’ Investment Showcase as one of the major highlights of the summit, explaining that it would create opportunities for direct interaction between state governments, sovereign institutions, development partners and investors.

Describing Lagos as a major economic corridor connecting Africa to global markets, she said the state’s growing infrastructure, innovation ecosystem, maritime assets and large consumer market continue to attract global interest.

“With a GDP ranked among the largest city economies in Africa and a population exceeding 23 million people, Lagos remains uniquely positioned as the preferred destination for investment, manufacturing, finance, technology and enterprise development,” she stated.

Also speaking, Co-chairman of the Technical Committee on Invest Lagos 3.0, She revealed that organisers would deploy an Artificial Intelligence-powered dashboard to enable participants across the world monitor proceedings, panel sessions and keynote speeches in real time.

Akerele added that students from tertiary institutions, including According to her, more than 400 foreign delegates are also expected to embark on guided tours of major industrial and infrastructure projects across Lagos after the summit.

The tours will include visits to the Lekki Free Trade Zone, Dangote Refinery, Dangote Fertiliser Plant, Lekki Deep Sea Port and the RussellSmith 3D Printing and Manufacturing Centre.

Delegates are also expected to experience Lagos’ transport infrastructure, including the Lagos Blue Line and Lagos Red Line rail systems.

Hon. Jese OkeyJoe Onuakalusi, the House of Representatives member for OshodiIsolo II Federal Constituency, Lagos State, has responded to allegations of ethnic bias in his constituency’s scholarship program, defending his decision to select a significant number of non-indigenes for the China-based education opportunity.

Addressing the criticism that 85% of scholarship recipients were not indigenes of Oshodi, Onuakalusi argued that the ethnic makeup of the region dictates the outcome, claiming that non-indigenes form the majority in his constituency. “If you look at the configuration of the ethnic population there, who are the most predominantly represented? There are mostly non-indigenes. I work with facts. If you look at the records, non-indigenes are mostly populated in that region,” Onuakalusi said.

He emphasized that the selection process was based on merit and not ethnic backgrounds. “I don’t look at tribe and tongue. What I believe is, give me results, and I work with you. So there’s no ethnic bias,” he said. Onuakalusi explained that the selection process involved a fair and transparent ballot system, with 365,000 registered voters in the constituency, adding, “We called them together in the constituency office and did a ballot. That’s how we selected them.”

When confronted with the claim that the scholarship was skewed in favor of non-indigenes, Onuakalusi firmly denied the allegation, asserting, “That is not correct. I am convinced there’s no bias. I work with conviction.”

Onuakalusi also addressed the creation of a separate process for indigenes with valid passports to apply for future scholarships, stating, “It is not an admission that I neglected them before. The selection process has always been transparent, and I have done what I believe is right.”

The controversy began when Onuakalusi published the names of the beneficiaries for the scholarship, which sent participants abroad for training in China and South Africa. The initial list drew accusations of favouritism, as a large number of recipients were identified as Igbo, while only a small proportion were Yoruba, the dominant indigenous group in OshodiIsolo.

Critics on social media quickly accused Onuakalusi of advancing an empowerment program that favoured non-indigenes, suggesting that it unfairly benefited people outside the region.

In response to the backlash, Onuakalusi later released a revised list of beneficiaries that included more Yoruba names, describing it as part of his ongoing efforts to provide international exposure and skills training for all residents of his constituency..

By Patience Omoha

Embattled former national Chairman of the Social Democratic Party (SDP), Alhaji Shehu Gabam was on Tuesday remanded over alleged criminal misappropriation of funds, breach of trust and forgery involving party funds.

Gabam was docked before Chief Magistrate Amauche Onyedium of FCT Chief Magistrates Court alongside Chukwuma Ogbonna Uchechukwu in suit No. DCC/10/2026.

The direct criminal complaint was instituted by the current SDP National Chairman, Dr Sadiq Abubakar, under relevant provisions of the Administration of Criminal Justice Act (ACJA), 2015.

When the matter came up, counsel for the complainant informed the court that the prosecution needed time to respond to the bail application filed by the defendants.

The court subsequently admitted Gabam to bail in the sum of N3 million with two sureties who must possess landed property in Abuja.

The court also ordered the defendant to deposit his international passport with the court registrar pending the determination of the case.

Chief Magistrate Onyedium thereafter adjourned the matter until May 25 for further hearing.

Speaking with newsmen after the proceedings, Abubakar said the party was compelled to approach the court after petitions submitted to relevant agencies allegedly failed to attract action.

He alleged that the party had earlier submitted bank statements and financial records to the Independent National Electoral Commission (INEC), urging the commission to investigate the alleged financial infractions.

According to him, an audit report prepared under the former leadership indicated that the party generated only N32 million during the period under review, out of which nearly N31 million was allegedly mismanaged.

Abubakar, however, alleged that party officials later uncovered documents linked to two bank accounts allegedly showing transactions amounting to about N740 million.

He said the discovery raised concerns within the party over transparency and accountability in the management of party funds.

The SDP chairman further alleged that petitions were submitted to the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS).

He, however, alleged that no concrete action was taken by the agencies.

According to him, the party thereafter initiated direct criminal proceedings before the court.

Recall that the SDP had on June 24, 2025, suspended Gabam, National Youth Leader Ogbonna Uchechukwu and National Auditor Clarkson Nnadi over alleged misconduct and financial impropriety.

An independent disciplinary committee was subsequently constituted to investigate the allegations and later submitted its report to the party leadership.

The party’s National Working Committee (NWC) later adopted the committee’s white paper and announced the expulsion of Gabam and Uchechukwu over alleged gross misconduct and abuse of office.

Some SDP state chairmen had also backed the expulsions and accused the former leadership of allegedly diverting close to N1 billion belonging to the party.

The current SDP leadership maintained that the court action was aimed at restoring accountability, transparency and discipline within the party.

(NAN)

The naira has lost value again against the US dollar, closing at 1,375/$ in the official foreign exchange market on Monday.

According to the Central Bank of Nigeria (CBN), this is a drop from 1,364/$ recorded on Friday. The dollar is currently stable globally, but tensions in the Middle East are affecting financial markets.

Because of these global issues, investors are being careful. Rising oil prices and expectations of higher inflation in the world are also putting pressure on currencies like the naira.

What is happening in the marketThe naira traded between 1,367 and 1,375 per dollar during the day.About $51.17 million was traded in 67 deals.

This is lower than Friday’s trading volume of $78.15 million.Oil and global factorsBrent crude oil rose to about $104.55 per barrel.US crude (WTI) was around $98.17 per barrel.Oil prices are rising because of fears that conflict in the Middle East could affect supply.

Why the naira is affectedGlobal investors are buying safer assets like the US dollar.Higher oil prices can help Nigeria earn more dollars, but they can also increase inflation.

Nigeria’s foreign reserves have also dropped by about $855 million in five weeks, now at around $48.33 billion.What experts are watchingUS inflation data, which may affect interest rate decisions.

If US interest rates stay high, the dollar may become stronger, putting more pressure on the naira.

Nigeria’s Central Bank expects reserves could grow to about $51 billion by the end of 2026, if conditions improve.Summary

The naira is weakening mainly because of global uncertainty, rising oil prices, and pressure from a stronger US dollar. However, oil earnings and government policies may help stabilise it in the future.

The Nigerian Navy has disrupted attempts to establish illegal refining infrastructure and recovered a large cache of suspected illegally refined petroleum products in separate operations across Rivers.

This is contained in a statement on Tuesday in Abuja, by the Director of Naval Information, Navy Capt. Abiodun Folorunsho.

Folorunsho said the operations were conducted under Operation Delta Sentinel, as part of ongoing efforts to curb crude oil theft and economic sabotage in the Niger Delta.

He said that personnel of Forward Operating Base (FOB) Bonny, following credible intelligence on suspicious activities, foiled attempts by economic saboteurs to set up illegal refining sites in the Promise Land area of Bonny Local Government Area.

According to him, an anti-crude oil theft patrol team carried out a coordinated reconnaissance mission across adjoining creeks and waterways, supported by aerial surveillance.

“The surveillance exposed concealed refining equipment hidden under thick vegetation, while ground assessment confirmed two newly constructed illegal refining sites close to the river channel.

“The sites also contained improvised cooking installations, interconnected pipe networks and other support infrastructure intended for processing and transporting illegally refined petroleum products.”

The naval spokesman added that the operators were still in the early stages of establishing the camps, indicating plans to create a new refining hub before full-scale operations.

He said the sites were subsequently dismantled in line with operational procedures, while the area had been placed under continued monitoring.

Folorunsho said that in a related development, personnel of Nigerian Navy Ship (NNS) Soroh, discovered a concealed fuel stockpile along the RiversBayelsa border corridor.

He said the discovery followed intelligence reports of suspicious movement of petroleum products around Okarki community waterside in Abua-Odual Local Government Area.

“On deployment, aerial surveillance revealed multiple sacks concealed within dense vegetation along the creek environment.

“Further exploitation led to the recovery of about 3,800 litres of suspected illegally refined Automotive Gas Oil stored in 38 sacks,” he said.

Folorunsho said that although no arrests were made as suspects fled the scene; the recovered products were secured in accordance with operational procedures.

He also said the operations highlighted the increasing reliance of illegal fuel networks on remote creek corridors and hidden storage points to sustain their activities.

He added that ongoing operations under Operation DELTA SENTINEL were focused on identifying emerging hot-spots, disrupting illegal refining infrastructure, and restricting the mobility of criminal elements.

The naval spokesman reaffirmed the commitment of the Nigerian Navy to sustaining intelligence-driven operations aimed at protecting critical national assets and safeguarding the maritime environment from economic sabotage. ( NAN)

By Martha Omafu

Six abducted students of Faculty of Engineering, Nasarawa State University, Keffi (NSUK), Gudi campus, have regained their freedom while two suspects have been arrested in relation to their kidnapping.

The two suspects, identified as Abdullahi Yeyi Haro, alleged leader of the kidnapping syndicate, and Basiru Abdullahi, both from Gudi, were arrested following sustained intelligence-led operations and coordinated tactical efforts by police operatives, the spokesperson for Nasarawa Police Command, SP Rahman Nansel in a statement on Tuesday in Lafia.

He said the rescued students are currently receiving medical attention and necessary support following their ordeal.

Nansel also revealed that the two suspects were arrested after diligent investigation and strategic operations aimed at dismantling the criminal network responsible for the abduction.

Nansel said the Commissioner of Police in the state, CP Shetima Mohammed, commended the operatives involved in the operation for their professionalism, resilience and commitment to ensuring the safety of residents.

The Nasarawa Police Command spokesperson quoted the state commissioner of police as reiterating the command’s determination to rid the state of all forms of criminality, particularly kidnapping and other violent crimes.

“The commissioner further assured members of the public that investigations are ongoing with a view to arresting other fleeing members of the syndicate and bringing all those involved in the crime to justice,” he said.

Nansel appreciated members of the public for their support and timely information, which he said contributed to the success of the operation.

He urged residents to remain vigilant and continue to provide useful information to security agencies to aid proactive crime prevention and prompt response.

The six students were abducted by gunmen on May 6 at about 9:00 p.m. by the gunmen who invaded a students’ off-campus lodge at Anguwar Ninzo, Gudi, on the outskirts of the town.

(NAN)

The Independent National Electoral Commission (INEC) says it will deploy over 1.4 million National Youth Service Corps (NYSC) members for the 2027 general elections nationwide.

Chairman of INEC, Prof. Joash Amupitan, disclosed this during a courtesy visit to the NYSC leadership in Abuja on Monday.

He met the Director-General of the National Youth Service Corps, Brig.-Gen. Olakunle Nafiu, to strengthen electoral collaboration.

A statement issued by the Chief Press Secretary to the INEC Chairman, Adedayo Oketola, highlighted Amupitan’s remarks on NYSC’s importance.

Amupitan said the NYSC remained a critical pillar in Nigeria’s democratic and electoral architecture.

He said corps members had consistently supported elections since the return to democracy in 1999.

“I dare say INEC cannot conduct elections in Nigeria without the NYSC,” Amupitan stated.

He described corps members as the backbone of field election operations across the country.

“When we speak of election manpower, we are essentially speaking of your corps members,” he added.

He said their neutrality and discipline enhance credibility at polling units nationwide.

“They are the most dedicated, educated and patriotic election staff we have,” he said.

Amupitan said their presence strengthens public confidence in electoral outcomes.

He noted that corps members serve as ad hoc staff during elections nationwide. “They form the backbone of our electoral process in every cycle,” he added.

He referenced INEC’s experience during the 2023 general elections as evidence of their importance.

The News Agency of Nigeria (NAN) reports that INEC deployed about 1.2 million ad hoc staff during the 2023 polls.

“Over 70 per cent, nearly 850,000, were NYSC members and student volunteers,” Amupitan explained.

He said the 2027 elections would require an even larger mobilisation.

“INEC will deploy 707,384 corps members for the presidential and National Assembly elections.

“The same number will be required for governorship and state assembly elections. This brings the total requirement to 1,414,768 ad hoc personnel nationwide,” he said

The INEC boss said additional corps members would support off-cycle and bye-elections, adding that about 52,446 corps members will be needed for such elections.

Amupitan said corps members make up nearly 90 per cent of key electoral officers. He said they have safeguarded ballots across 176,846 polling units nationwide.

“These young Nigerians protected the sanctity of the ballot in difficult terrains,” he said.

He praised their role in the Anambra governorship and FCT Area Council elections.

He said their digital skills ensured effective use of the BVAS system.

“Their tech competence is central to modern electoral administration,” he added.

Amupitan assured that INEC is improving welfare and insurance for corps members.

“We are constantly refining safety and welfare measures for all ad hoc staff,” he said.

He stressed the importance of early training ahead of the 2027 elections while referencing upcoming off-cycle elections in Ekiti and Osun states.

“These elections will test our innovations before the 2027 general elections,” he said, requesting continued collaboration and support from the NYSC leadership.

In his response, NYSC Director-General commended the partnership, saying the NYSC-INEC Memorandum of Understanding has been in place since 2011.

Nafiu described corps members as credible, reliable and easily trainable personnel.

He noted that incoming Gen Z corps members are highly digitally skilled. “Their digital competence will further strengthen electoral processes,” he said.

He assured INEC of continued NYSC support for all electoral activities.

“We remain committed to supporting credible elections in Nigeria,” Nafiu added.

(NAN)

As cyberattacks continue to threaten Nigeria’s financial services and payment infrastructure, Lagos-based cybersecurity firm SMSAM Systems Ltd has launched Project SecureNaija, a new cybersecurity framework tailored to Nigeria’s operational and regulatory environment.

The company introduced the initiative as organisations across banking, fintech, and telecommunications sectors continue to battle rising cyber threats, weak security structures, and increasing pressure to secure digital operations.

According to the organisation, many Nigerian institutions still rely on outdated or poorly adapted security systems that struggle to address local operational realities.

“While digital transformation has accelerated rapidly, many organisations continue to face challenges such as weak access controls, poor network segmentation, delayed threat detection, and inefficient incident response systems.

Cybersecurity Ventures estimates that global cybercrime damages could reach $10.5 trillion annually, while ransomware attacks, credential theft, and infrastructure breaches continue to rise across Africa. Nigeria’s expanding digital economy has increasingly attracted cybercriminal activity, making stronger cybersecurity systems a growing priority for both private and public institutions.

“To address these challenges, SMSAM Systems developed Project SecureNaija as a containment-focused cybersecurity framework designed specifically for Nigerian institutions,” the company stated.

The company added that the initiative combines internationally recognised standards such as NIST CSF, ISO 27001, and MITRE ATTandCK with compliance structures aligned to Nigeria’s NDPR, CBN Cybersecurity Framework, and NCC regulations.

According to the company, the framework actively monitors Nigeria-specific cyber threats through continuous threat intelligence systems that identify emerging risks and suspicious activities across digital environments.

SMSAM Systems also integrated zero-trust containment architecture into the framework to restrict lateral movement during cyber breaches and reduce the spread of attacks within institutional networks.

The company further deployed AI-augmented detection systems that use behavioural analytics tailored to local infrastructure conditions to improve early threat identification and response accuracy.

To strengthen recovery efforts, Project SecureNaija includes AI-assisted incident response mechanisms that provide structured response playbooks designed to help organisations contain attacks and recover operations quickly.

The framework also supports regulatory compliance by mapping governance structures against Nigerian cybersecurity regulations, helping institutions reduce exposure to compliance risks and operational penalties.

Speaking on the initiative, SMSAM Systems said many cybersecurity models fail because they overlook Nigeria’s unique infrastructure, regulatory, and operational realities.

“Cybersecurity strategies cannot be effective in Nigeria if they ignore the country’s operational, regulatory, infrastructure, and talent realities,” the company stated.