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Alleged $35m Fraud: EFCC Opens Trial Against Oil Tycoon Akintoye Akindele

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The Economic and Financial Crimes Commission (EFCC) on Tuesday commenced the trial of oil magnate, Dr. Akintoye Akindele, at the Federal High Court in Abuja over an alleged $35 million fraud involving funds belonging to the Nigerian Content Development and Monitoring Board (NCDMB).

Akindele is facing a four-count charge alongside two corporate entities—Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd—in a case marked FHC/ABJ/CR/641/2024.

According to the EFCC, the defendants allegedly diverted funds paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment for infrastructure projects in Brass, Bayelsa State, including a modular refinery and jetty.

The anti-graft agency alleged that between December 2020 and February 2021, Akindele and Platform Capital dishonestly retained $16,006,000, which was part of the funds paid by NCDMB, knowing it to be proceeds of unlawful activity—an offence contrary to Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended), and punishable under Section 15(3) of the same Act.

In another count, the EFCC accused the defendants of indirectly using $9,048,725 from the same pool of funds, while also alleging that Akindele and Duport retained $784,681 and $220,000 in separate transactions, all believed to be proceeds of unlawful activity.

During Tuesday’s proceedings, the EFCC presented its first prosecution witness, Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly. Led in evidence by EFCC counsel R.U. Adagba, Goli testified that he wrote a petition to the EFCC after observing that little to no work had been done on the Brass project site 24 months after the full disbursement of funds.

According to Goli, the then Executive Secretary of NCDMB, Simbi Wabote, had confirmed that $30 million had been paid for the project, yet the only visible development on the ground was land clearing and a non-functional jetty. He added that the caravans used by Atlantic Ltd for accommodation had been overtaken by reptiles.

Under cross-examination by Akindele’s counsel, Chief A.O. Okeaya-Inneh (SAN), Goli denied claims that Brass was a difficult terrain, asserting there was no security issue that would have hindered the project.

Asked whether he was aware that the $35 million was meant as equity investment rather than total project funding, Goli said he only knew what the NCDMB secretary told them—that the funds had been fully paid for the project.

He also admitted not being an investigator and could not confirm whether the EFCC was prosecuting NCDMB officials or whether the agency had filed a petition on the matter.

When cross-examined by counsel for the second and third defendants, Mr. B.J. Akomolafe (SAN), Goli admitted that he did not come across Duport Midstream during his inquiries, and that he had no direct evidence of any funds paid to them.

After the cross-examination, EFCC counsel sought an adjournment to call the next witness. An application by Akindele’s counsel for permission to allow his client travel for medical reasons could not proceed as the prosecution’s counter-affidavit was not before the court.

Justice Ekerete Akpan subsequently adjourned the case to July 10 and 15 for continuation of trial.

MPC: CBN Retains MPR at 27.50%, CRR at 50%, Liquidity Ratio at 30%

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The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27.50 percent following the 300th meeting of its Monetary Policy Committee (MPC), held on May 19 and 20, 2025, in Abuja.

CBN Governor, Olayemi Cardoso, announced that all committee members unanimously agreed to hold the benchmark interest rate steady, while maintaining the asymmetric corridor around the MPR at +500/-100 basis points.

Other key policy parameters were also retained. The Cash Reserve Ratio (CRR) for Deposit Money Banks remains at 50.00 percent, for Merchant Banks at 16.00 percent, and the Liquidity Ratio at 30.00 percent.

The MPC, while noting progress in Nigeria’s monetary and economic indicators, called on the fiscal authorities to intensify efforts to boost foreign exchange earnings, especially from oil, gas, and non-oil exports. It expressed concern over the recent decline in crude oil prices, driven by increased output from non-OPEC countries and global monetary policy uncertainties—particularly in the U.S.—which pose challenges to Nigeria’s fiscal revenues and budget implementation.

Despite these risks, the committee reaffirmed confidence in the stability of Nigeria’s banking system, citing improvements in performance indicators and ongoing recapitalization efforts. The MPC urged the CBN to sustain rigorous oversight to ensure compliance with regulatory and macroprudential standards.

The decision to maintain current rates, according to Cardoso, reflects the committee’s cautious stance amidst a volatile global economic environment. Members emphasized the need to allow more time to monitor trends and assess the impact of previous policy measures.

On inflation, the MPC noted a positive trend. According to the National Bureau of Statistics (NBS), year-on-year headline inflation declined to 23.71 percent in April 2025 from 24.23 percent in March. Month-on-month inflation also dropped to 1.86 percent in April from 3.90 percent in March. Food inflation eased to 21.26 percent in April, down from 21.79 percent, while core inflation slowed to 23.39 percent from 24.43 percent.

Real GDP grew by 3.84 percent in Q4 2024, up from 3.46 percent in Q3, driven by gains in both oil and non-oil sectors, particularly services.

Additionally, Nigeria’s gross external reserves rose by 2.85 percent to $38.90 billion as of May 16, 2025, up from $37.82 billion at the end of March, representing an import cover of 7.6 months.

The CBN reiterated its commitment to policies aimed at stabilizing inflation and the exchange rate, while fostering sustainable economic growth.

Over 38% of Nigerian Adults Battling Hypertension, Cardiologist Tells Lawmakers

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A Professor of Cardiology at the University of Abuja, Prof. Dike Orji, has raised alarm over the high prevalence of hypertension in Nigeria, revealing that 38.1% of Nigerian adults are affected by the condition. He described hypertension as one of the most pervasive yet poorly managed health challenges in the country.

Addressing lawmakers during a House of Representatives plenary on Tuesday, Prof. Orji, who spoke on behalf of the Non-Communicable Disease (NCD) Alliance of Nigeria, stressed the urgent need to include hypertension treatment under the National Health Insurance Scheme (NHIS), citing the high cost of care and its impact on household finances.

He warned that nearly 40% of Nigerians over the age of 18 are at risk of developing hypertension, yet awareness, diagnosis, and effective management remain dangerously low.

The cardiologist also drew attention to the growing burden of diabetes, noting a 5.7% prevalence among adults, with rates particularly higher in urban areas due to poor dietary habits and lack of physical activity. Most cases, he added, are Type 2 diabetes.

Calling for strategic action, Prof. Orji urged the federal government to:

Create a dedicated budget line for NCDs,

Meet the 15% Abuja Declaration target for health funding,

Integrate NCD services into primary healthcare,

Complete and publish the pending NCD STEP survey, and

Establish a standing committee on hypertension and diabetes.

He further recommended pooled procurement and local manufacturing of NCD medications, including antihypertensives, to reduce costs and improve accessibility. Repurposing funds meant for medical outreaches towards expanding NHIS coverage for NCD patients at the primary care level, he said, would be a more sustainable solution.

Prof. Orji, who also serves as lead investigator at the Cardiovascular Research Centre, University of Abuja, highlighted that Cardiovascular Diseases (CVDs) account for 31% of adult health conditions in Nigeria, while strokes—largely caused by unmanaged hypertension—result in 29 deaths per 100,000 people annually.

“NCDs do not spare anyone, not even lawmakers,” he warned. “Data shows lawmakers may even be at greater cardiovascular risk. These diseases cause 29% of all deaths in Nigeria and lead to 22% of adults dying prematurely. Households are spending up to 24% of food-related income on NCD treatments.”

Despite having several NCD-related policies, including the 1992 Health Sector Plan and the 2019 National Multi-Sectoral Action Plan (NMSAP), Prof. Orji lamented that implementation remains weak. The NMSAP targets include reducing hypertension by 25%, increasing screening coverage to 80%, and cutting salt consumption by 30%.

He cited successes recorded by the Nigeria Hypertension Control Initiative (NHCI), supported by AstraZeneca, which has raised hypertension control rates in the FCT and 19 other states from 23% to 57% over three years.

Prof. Orji concluded by emphasizing that patients enrolled in health insurance programs are more likely to adhere to treatment and show better health outcomes, urging lawmakers to support the expansion of NHIS to cover NCD care at scale.

Don’t Carry Out Defection Threat, PDP Urges South East Chapter

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The Peoples Democratic Party (PDP) has appealed to its South East chapter not to follow through on its threat to exit the party over unresolved internal issues.

The warning came days after the South East bloc, backing Hon. Sunday Udeh-Okoye as the party’s National Secretary, vowed to dump the PDP if its demand for recognition is ignored.

On Tuesday, the Acting National Chairman of the PDP, Amb. Umar Damagum—represented by Deputy National Chairman (South), Taofeek Arapaja—received the caucus’ resolution at the party’s national secretariat in Abuja.

While addressing the delegation, Damagum urged the South East leaders to remain committed to dialogue, emphasizing that the party remains the most inclusive and grassroots-based political platform in the country.

He called for calm and assured them that their concerns would be addressed in line with party procedures and fairness.

Details later…

Gas Explosion Rocks Alake Sports Complex in Abeokuta

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A gas explosion rocked the Alake Sports Complex in Ijeja, Abeokuta, just after 3:00 p.m. on Thursday, sending shockwaves through one of the major venues of the ongoing National Sports Festival (NSF) in Ogun State.

Eyewitnesses reported that a gas truck supplying fuel to the complex’s generating set suddenly went up in flames, causing panic among athletes, officials, and spectators in the vicinity.

Security operatives and emergency responders quickly moved to the scene and are currently battling to contain the fire. As of the time of filing this report, there are no confirmed reports of casualties.

The extent of the damage is yet to be determined, and festival organizers are expected to release a formal statement soon.

More details to follow.

PDP Senate Caucus Dismisses Defection Fears, Reaffirms Party’s Strength

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Amidst a wave of high-profile defections from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC), the Senate Caucus of the PDP on Tuesday declared that the party remains unshaken and robust at the grassroots. Speaking after plenary in Abuja, Senate Minority Leader, Senator Abba Moro (PDP, Benue South), said the party was neither intimidated nor weakened by the exit of governors, senators, and lawmakers, insisting that PDP’s strength lies in its widespread grassroots appeal.

“We are not rattled,” Moro said. “We remain confident that the ordinary party members across the country still believe in the PDP. No amount of defection by political elites will erase the party’s connection to the people. Our optimism is high that the reconciliation committee led by Senator Bukola Saraki has the capacity to resolve or minimize all internal issues within the party.”

While acknowledging the recent defections as a challenge, the caucus described them as temporary setbacks that do not diminish the PDP’s stature as a national political force. Moro assured that the party was actively engaging in reconciliation processes, planning zonal congresses, and preparing for a national convention to usher in new leadership. Flanked by Senators Seriake Dickson, Ibrahim Dankwambo, Abdul Ningi, and others, Moro emphasized that PDP remains Nigeria’s leading opposition and a strong alternative to the ruling party.

On the prospect of political coalitions, the caucus welcomed the idea but maintained that such alliances must be party-led, not driven by individual ambitions. “As Nigeria’s foremost opposition party, our umbrella is big enough to accommodate all groups desiring a united front,” Moro said. Responding to questions on former Vice President Atiku Abubakar’s olive branch to Labour Party’s Peter Obi, Moro clarified that Atiku, like any politician, has the right to seek alliances, but the Senate caucus’s statement was focused on party direction, not personal ambitions. The caucus concluded by urging party members to remain loyal, warning that the celebration of opposition party disintegration only threatens democracy.

Outrage in Ibadan as Police Stray Bullet Kills Student, Oyo Assembly Demands Justice

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Tension gripped parts of Ibadan on Tuesday following the tragic death of a secondary school student, Taiwo, who was fatally struck by a stray police bullet along the Gbagi/Alakia road. The boy was being driven to school by his father when the incident occurred, allegedly during a police chase targeting suspected internet fraudsters, popularly known as “Yahoo Boys.”

Narrating the ordeal through tears, the bereaved father explained that he had been stopped by officers of the Oyo State Road Traffic Management Authority (OYRTMA) for driving against traffic while taking his twin sons and their older brother to school. During the encounter, policemen pursuing a vehicle stormed the scene. “I was pleading and explaining that we were late for an exam when I suddenly heard a gunshot,” he said. “Before I knew it, my son was bleeding and gasping for air.” Despite being rushed to a nearby hospital, Taiwo was pronounced dead upon arrival.

The tragic incident sparked immediate protests as enraged residents, commercial motorcyclists, and traders marched to the Oyo State Government Secretariat, carrying the lifeless body of the teenager and demanding justice. The demonstration led to heightened security around the premises. In swift response, the Oyo State House of Assembly, during plenary, condemned the killing as “painful and avoidable.” Deputy Leader of the House, Hon. Olasunkanmi Babalola, raised the matter under urgent public importance, confirming the student was en route to his WAEC examination when the bullet struck. The House called for a thorough investigation and prosecution of the officer responsible, as well as financial and psychological support for the grieving family. A committee led by the Deputy Speaker was constituted to engage the State Commissioner of Police, while the Assembly urged the Inspector General of Police to enforce stricter control over the use of firearms and prioritize the training of officers in responsible suspect apprehension.

PDP Appeals to South East Not to Dump Party Over National Secretary Dispute

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The Peoples Democratic Party (PDP) on Tuesday appealed to its South East chapter not to carry out its threat to exit the party over unresolved issues surrounding the position of the National Secretary.

The appeal follows a resolution reached at a recent meeting of the South East PDP caucus in Enugu, where members expressed strong dissatisfaction with the party’s delay in officially recognizing Hon. Sunday Udeh-Okoye as National Secretary. The caucus warned it could consider severing ties with the PDP if its demand was not addressed.

Receiving the resolution at the PDP National Secretariat in Abuja, the party’s Acting National Chairman, Ambassador Umar Damagum — represented by the Deputy National Chairman (South), Ambassador Taofeek Arapaja — urged the South East leaders to remain calm and committed to the unity of the party.

Damagum assured the delegation that the concerns raised would be thoroughly reviewed and that justice would be done. He emphasized that the matter would be deliberated upon by the National Working Committee (NWC) and forwarded to the National Executive Committee (NEC) meeting scheduled for next week.

Addressing the delegation, Arapaja said:

> “I understand your frustration. But in any political family, disagreements are inevitable. This is a party of the people — where every voice matters. Let’s not abandon our house simply because the roof is leaking. Together, we can fix it.”

He described the PDP as a democratic platform where members can freely express their views and urged the South East not to allow the disagreement weaken their longstanding commitment to the party.

> “This is a zone that has always stood with the PDP. You have made sacrifices for the party. I believe we will find a solution that restores confidence and morale.”

Earlier, the leader of the South East PDP caucus and Senate Minority Whip, Senator Osita Ngwu, formally presented the region’s resolution, reaffirming their unanimous endorsement of Rt. Hon. Sunday Udeh-Okoye — a former National Youth Leader of the party — as their preferred candidate for the role of National Secretary.

Ngwu reminded the NWC that the South East remains a stronghold of the PDP, having consistently delivered electoral victories in past elections, and urged the party not to ignore the zone’s request.

> “We’re not creating a new precedent. There are examples in the past where NWC members were replaced based on zonal consensus. We ask for fairness. This is about reviving the confidence of our people and charting a path of recovery for the PDP,” Ngwu said.

He appealed to the leadership to treat the matter on its merit and act in the collective interest of the party’s future, warning that failure to address the issue could alienate one of PDP’s most loyal zones.

The PDP is expected to make a decision on the matter at its NEC meeting in the coming days.

Delay in Airlift of FCT’s Third Batch of 2025 Hajj Pilgrims: Board Urges Patience Amid Logistical Setback

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The Federal Capital Territory (FCT) Muslim Pilgrims Welfare Board has appealed for calm among intending pilgrims scheduled for the third flight to Saudi Arabia for the 2025 Hajj, following a temporary delay in their airlift.

The Board’s Public Relations Officer, Muhammad Lawal Aliyu, made the appeal while addressing the stranded pilgrims at the Hajj Camp in Bassan Jiwa, Abuja, on Monday.

Aliyu attributed the delay to a logistical bottleneck in Madina, where accommodation constraints have stalled the arrival of new pilgrims.

“There’s simply no available space in Madina at the moment. Until the current batch of pilgrims is relocated to Makkah, fresh arrivals cannot be accommodated. This is why outbound flights from Nigeria, including from the FCT, are temporarily suspended,” he explained.

He stressed that the issue is not isolated to the FCT but affects all Nigerian contingents participating in this year’s pilgrimage.

“We are fully prepared at our end—the aircraft is ready and on standby. Once clearance is given, the third batch will depart without delay,” Aliyu assured.

Tension mounted at the Hajj Camp as many pilgrims, some of whom had arrived as early as Sunday, expressed frustration over the delay and the lack of timely communication.

“We’ve been waiting since yesterday with no clear update. It’s frustrating and mentally draining,” one of the pilgrims told Aso Radio.

In response, Aliyu and other senior officials of the board moved through the camp to reassure the pilgrims, provide updates, and encourage patience.

The FCT Muslim Pilgrims Welfare Board reaffirmed its commitment to the wellbeing of all pilgrims under its care, adding that it remains in constant liaison with Saudi authorities to resolve the accommodation issue as quickly as possible.

“As soon as we get the go-ahead, the flight will take off. We sincerely ask for your continued understanding and cooperation,” the PRO reiterated.

Meanwhile, families and loved ones of the affected pilgrims remain hopeful that the delay will be short-lived, allowing them to continue their sacred journey without further complications.

Don’t Honour Governor Otti’s Invitation To Commission A Project, Orji Cautions Tinubu

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President Bola Ahmed Tinubu has been cautioned not to honour an invitation by the Abia State Governor, Alex Otti, to commission just one project.

A former political ally of Governor Otti, Prof. Moses A. Orji, who stated this on Tuesday, asked in which state has the President even come to commission a single project, adding Governor Otti needs time to put his house in order.

The President is reportedly scheduled to visit Abia State on May 23, to among other things, commission the 6.5 kilometre Port Harcourt Road in Aba, which was rebuilt by the administration of Governor Alex Otti administration.

In an open letter to the President, Prof. Orji said, “it could even be in the personal interest of Governor Otti that the President doesn’t come now. Perhaps Otti needs time to put his house in order.”

Orji cautioned that it is not enough to drag the President of the Federal Republic about just because the governor’s cousin is a Federal Minister, and ‘one of those who has the ear of Mr. President.

He said: “In which state in the Federal Republic of Nigeria has the president gone to commission just a single completed project, and nothing more?

“Why would Mr. President go to Enugu state to inaugurate seven (7) different key projects completed (by a fellow first termer with Otti), and then feel the same sense of duty to be called upon to inaugurate just one in Abia?

” Why would the President go to commission the dazzling wonderland called Funcity built by Governor Soludo of Anambra state, and not ask us questions about the whereabouts of Abia’s ‘Recreational Facilities,’ which was completed last year at the cost of over N7 billions but is nowhere to be found? Or do we think the presidency is not aware?

“Why would we want to drag the President into our numerous cases of ‘flag-offs’ when work has not commenced on any of the previous flag-offs?

“What about our flagged-off Seaport, Fertilizer Plants, Refineries etc at the proposed Owazza Integrated Industrial Park? Has anybody seen the feasibility study report, or the Environmental Impact Assessment Report of any of them? But they have been flagged-off.

“What about the Pensioners who are proposing to come out in their numbers to make their case before the President? What are we going to tell Mr President? That we are the only state in the South East still owing Pensioners their arrears. What would be our governor’s excuse for wanting Abia pensioners to forfeit their earned pensions when our monthly inflows has quadrupled?.”

Prof. Orji, who recalled that Governor Otti, about a year ago, nearly pulled off a similar stunt when he tried to drag Governor Sanwo-Olu of Lagos state to Abia state, accused his administration of employing propaganda and brinkmanship.

Orji said: “Our Governor wanted his colleague from Lagos state to come and commission a 200 metre track road (Yellow Avenue) on the outskirts of Aba, a street leading to the private residence of one of his business friends. Of course his intended guest caught wind of it, and refused to show up.

“I am therefore of the opinion that this make-believe approach to scoring dubious political points by an administration that is grossly underperforming should be exposed and discouraged.

“For example, what if the President decides to have a breather at the Government House, Umuahia which has a Presidential Lounge? Would Mr Otti tell the President to follow him to his private residence at Isiala Ngwa? Remember the President is not coming on a social visit? Or would our Governor tell his august guest that tortoise, vulture and other animals were used to lay the foundation of our Government House?

“Again the Abia ‘Medical City’ at Owerrinta is within the precincts of our Owerrinta Rice Complex. What if the President decides to have a glimpse of the ‘Owerrinta Rice Mill. The proximity of the ‘two projects’ could tempt the President to kill two birds with one stone.”

Orji submitted that Abia state have been wallowing in the morass of propaganda and brinkmanship while states like Enugu and Anambra have taken a quantum leap forward, adding, “yet we may not have learnt our lessons as our governor continues to fire broadsides at his predecessors, and as he continues to blame the rate of the Dollar to the Naira for the inflated value of his contracts.