News
JUST IN: Court Discharges Ex-Ekiti Governor Fayose of ₦6.9bn Money Laundering Charges
The Federal High Court in Lagos has discharged former Ekiti State Governor Ayodele Fayose of money laundering and theft charges totaling ₦6.9 billion.
Justice Chukwujekwu Aneke, who presided over the case, upheld a no-case submission filed by Fayose’s legal team, ruling that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case or link him directly to the alleged offences.
Originally arraigned in 2018 before Justice Mojisola Olatoregun, the case was later reassigned to Justice Aneke at the EFCC’s request.
The anti-graft agency had accused Fayose of receiving ₦1.2 billion for his 2014 governorship campaign and accepting $5 million in cash from then Minister of State for Defence, Musiliu Obanikoro, without passing through a financial institution. He was also alleged to have laundered over ₦1.6 billion through companies such as De Privateer Ltd and Still Earth Ltd to acquire properties.
Fayose and his company, Spotless Investment Ltd, were re-arraigned on 11 counts of money laundering and theft, with the alleged crimes said to have been committed during his time in office, involving funds reportedly traced to the Office of the National Security Adviser.
Defending the former governor, Senior Advocate of Nigeria (SAN) Chief Kanu Agabi argued that the EFCC failed to substantiate its claims and noted that key figures allegedly involved, including Abiodun Agbele, were not charged.
“The predicate offences on which these charges are based do not hold water. Criminal breach of trust and conspiracy are distinct, and no co-conspirator was charged alongside the defendant,” Agabi stated.
Agreeing with the argument, Justice Aneke ruled in favour of the no-case submission and discharged Fayose.
News
NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.
The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.
During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.
Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.
“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.
He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.
Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.
“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.
Watch video below:
News
Sanusi: Critics Are Not Enemies Of The Govt
” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.
The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.
Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
News
Urbanisation: Lagos To Fall Behind Luanda as sub-Saharan Africa’s biggest city by 2050
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
A report conducted by the World Bank and the European Commission’s Joint Research Centre, has projected that Angola’s capital, Luanda,will overtake Lagos as sub-Saharan Africa’s most populous city by 2050, rising by 78 percent from 11.4 million to 20.3 million.
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
The report estimated that Luanda’s population would increase from 11.4 million in 2025 to 20.3 million in 2050, adding 8.9 million residents over the period.
Lagos, the region’s most populous city in 2025 with an estimated 12.8 million residents, is projected to grow to 16.2 million by 2050, an increase of more than 25 percent.
Despite the growth, Lagos is expected to fall behind Luanda, whose population is projected to exceed that of Nigeria’s commercial hub by 4.1 million.
“Over this period, the population of Angola’s capital city, Luanda, is projected to increase by 78 percent from 11.4 million to 20.3 million.
In doing so, Luanda will overtake Lagos as SSA’s most populous city,” the report said.
-
Business2 days agoNaira Exchange Rates Thursday, 5 Nov 2026
-
News3 days agoNMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)
-
Politics3 days ago2027 Elections Campaign: NDC Reacts To Today’s Attack On Peter Obi in Cross River
-
International3 days agoDemocrats Win US midterm elections
-
Sports2 days agoJUST IN: Ronaldo Ends 23-year Portugal Career, Hangs National Team Boots
-
Politics2 days agoJUST IN: Court sacks Mark-led ADC, invalidates Atiku Abubakar’s nomination
-
Crime23 hours agoArmy Deals Major Blow to Terrorists in Niger, Frees 16 Abductees
