Business
EFCC’s Forex Allocation Probes: Dangote Pledges Commitment To Economy
By Ohibaba
The Dangote Group has resolved to continue to play its key role in stimulating the domestic economy, “as a law-abiding and ethical corporate citizen.
This was in spite of “unwarranted embarrassment” officials of the Economic and Financial Crimes Commission (EFCC) caused them , last week.
In a statement, weekend, the company said : ” we remain committed to providing the EFCC with all necessary information and cooperation.
” We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents, in good time, to aid their investigation.
“Our Group is a key contributor to the national GDP, the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange, and one of the highest taxpayers in the country.
We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive to investment and value creation for both local and foreign investors.”
In the statement, the company explained that it received a letter from the EFCC on December 6, 2023, requesting details of all the foreign exchange allocated to it by the Central Bank of Nigeria from 2014 to the present.
“We understand similar letters were sent to 51 other Groups of companies requesting for same information spanning the same period.
“We assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.
“On 4 January 2024, our team delivered the first batch of documents to the EFCC.
However, officials of the EFCC did not accept the documents; they insisted on visiting our offices to collect the same set of documents directly.
” Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officials proceeded to visit our offices to demand the same documents in a manner that appeared designed to cause us unwarranted embarrassment.
” Worthy of note is the fact that the officials did not take any documents or files from our Head office during their visit as these were already in their office.
“We must emphasise that, to our knowledge, no accusations of wrongdoing have been made against any company within our Group. At present, we are only responding to a request for information to assist the EFCC with their ongoing investigation.”
Business
RMRDC Taking 2027 Africa Raw Materials Summit To Kenya
Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.
The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.
The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’
Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.
Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
Business
JPMorgan Eyeing Entry Into Nigeria’s Banking Industry
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific
Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.
They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
Business
How I steal ATM users’ PINs, defraud them
“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.
A fraudster has confessed to the police how he stole bank customers’ PINs by pretending to help them operate automated teller machines
The suspect, whose identity was not disclosed in a statement by the Cross River State Police Command, said that he targeted customers who needed assistance at ATM points, withheld their cards and observed them entering their PINs before leaving the premises.
The Cross River State Police Command’s Public Relations Officer, ASP Sunday Eitokpah, disclosed this in a video uploaded to the command’s Facebook page on Tuesday.
Eitokpah said the suspect was arrested on October 6, 2026, over alleged fraud involving unsuspecting ATM users.
Explaining the alleged method, the suspect said he approached customers who appeared to need help and exploited their willingness to trust him.
“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.
He added, “So, if you call for help or assistance from me, what I do is I put the ATM on the cardless transaction mode and withhold your card. You’ll be thinking your card is inside, but your card is not inside.”
According to the suspect, he watched as customers selected the transactions they wanted to carry out and entered their PINs.
He said, “And you’ll choose a transaction which you want to perform. It’s either withdrawal or transfer or inquiry. By the time you click on any of them, ask you to put your password, to put your password, and confirm your password, I will leave the premises.”
Eitokpah said the suspect allegedly memorised customers’ PINs as they entered them, then left the ATM point with the information needed to carry out fraudulent transactions elsewhere.
The customers would subsequently discover that their cards were missing and their accounts had been debited.
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