Business
Police Investigates over N270m Thefts in UBA
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.
The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.
Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.
The suspects are in custody and will face prosecution as the investigation continues.
The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.
Business
Truecaller adds travel eSIM to portfolio
COO at Truecaller, Fredrik Kjell, said that the launch marks Truecaller’s move into mobile data services, broadening the platform beyond caller ID and spam protection, and for the first time adding digital consumables to the portfolio.
Truecaller has launched travel eSIM in Nigeria, South Africa, Egypt, Malaysia, and 25 other countries, saying it is to deepen global communications among people by dismantling fetters occasioned by location.
COO at Truecaller, Fredrik Kjell, said that the launch marks Truecaller’s move into mobile data services, broadening the platform beyond caller ID and spam protection, and for the first time adding digital consumables to the portfolio.
Travel eSIM is also currently available to purchase in Italy, Sweden, Spain, France, Germany, Poland, Portugal, Romania, the Netherlands, Belgium, Ireland, Austria, Finland, the Czech Republic, Denmark, Hungary, the United States, the United Kingdom, Australia, Canada, New Zealand, Switzerland, Norway, Chile and Indonesia.
The leading global platform for verifying contacts and blocking unwanted communication, has 500 million people already on its platform with their daily communication.
Travel eSIM extends that relationship to international travel – a category where users routinely overpay for connectivity or arrive at their destination disconnected.
Travel eSIM is a fully digital mobile data service that activates in minutes and offers plans from 1 GB over seven days to 20 GB over 30 days. Customers can buy travel eSIM in 29 markets at launch, through the Truecaller iPhone app or on the web at Truecaller.com.
Business
Nigeria’s external debt: Tinubu’s borrowing in 24 months surpasses 55 years record
He revealed that, with Nigeria’s total public debt of N159.28 trillion as of April 2026, according to the Debt Management Office, every Nigerian owes N670,000, lamenting the rapid expansion of Nigeria’s debt profile in recent years.
” The N65.9 trillion borrowed by the administration of President Bola Tinubu in the last 24 months is more than five times the total debt Nigeria incurred in the first 55 years of its Independence.”
This observation was made by Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye.
Oye, who is the immediate past chairman of the Organised Private Sector of Nigeria (OPSN), noted that while successive governments accumulated debt over decades, the Tinubu administration alone added N65.9 trillion in two years, compared to just N12 trillion accumulated over 55 years.
He revealed that, with Nigeria’s total public debt of N159.28 trillion as of April 2026, according to the Debt Management Office, every Nigerian owes N670,000, lamenting the rapid expansion of Nigeria’s debt profile in recent years.
Oye cautioned that unless urgent measures are taken to strengthen revenue generation and fiscal discipline, the rising debt burden could place long-term pressure on public finances and constrain government spending on critical sectors.
Cast your mind back to 2006. Nigeria had just pulled off one of the most celebrated fiscal feats in African history. President Olusegun Obasanjo paid $12 billion to extinguish $30 billion in Paris Club debt. Nigeria was, briefly, externally debt-free. The Excess Crude Account (ECA) was flush. The future looked fundable. Twenty years later, that golden moment reads like a fairy tale. Under President Goodluck Jonathan, debt crept back to N12.06 trillion by 2015, manageable, but the warning signs were already blinking. Then came the Buhari years.
“In eight years, the debt exploded from N12.06 trillion to N87.38 trillion, a 620 percent increase. The Central Bank of Nigeria (CBN) was pressed into printing money through ‘Ways and Means’ advances; N23.7 trillion of this was eventually securitised into long-term bonds, effectively converting a government overdraft into a generational liability.
“Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The present administration has added more than five times that amount in 24 months,” said Oye.
Business
Gas Marketers pleads for FG intervention over soaring price for common Nigerians
NALPGAM National President, Mr. Edu Inyang, said that cooking gas now sells between N1, 500 and N1, 700 per kilogram, the current situation has placed millions of households, food vendors, small businesses and low-income earners under severe pressure, as many Nigerians can no longer afford cooking gas for daily use.
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has appealed to the Federal Government to urgently intervene and stabilise the supply and pricing of cooking gas inoder to prevent further hardships on Nigerians.
NALPGAM National President, Mr. Edu Inyang, said that cooking gas now sells between N1, 500 and N1, 700 per kilogram, the current situation has placed millions of households, food vendors, small businesses and low-income earners under severe pressure, as many Nigerians can no longer afford cooking gas for daily use.
He disclosed that marketers pay between N25.2 million and N26.2 million for a 20-metric-tonne truck of liquefied petroleum gas, depending on location.
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