Author: Damilola

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into the collapse of CryptoBank Exchange (CBEX), a digital investment platform accused of defrauding investors of up to ₦1.3 trillion (approximately $847 million). The platform, operated by a network of foreign nationals and Nigerian collaborators, reportedly crashed on Monday, locking thousands of users out of their accounts and demanding fresh deposits before access could be restored. Confirming the investigation, EFCC spokesperson Dele Oyewale said the commission had already been monitoring CBEX before its collapse. “We had our intelligence before the incident. We were already working on it, but…

Former Kaduna State governor, Nasir el-Rufai, has launched a scathing critique of President Bola Tinubu’s administration, describing it as the “worst and most corrupt” government in Nigeria’s history. Speaking in Katsina on Monday night during an interview with journalists, el-Rufai did not mince words, branding the current federal administration as the most deceitful and intolerant since Nigeria’s return to democracy in 1999. “This is the worst federal government in Nigerian history and all the indices have shown it,” el-Rufai stated. “This is the most corrupt and most intolerant government in Nigeria. This is the most lying government that depends on…

On Tuesday, April 15, 2025, Nigeria’s unofficial currency market continued to experience fluctuations in the value of the naira, largely influenced by a strong appetite for U.S. dollars and limited access through formal financial channels. Current Street Market Rates: These figures come from local exchange dealers and may shift slightly depending on the location and size of the transaction. For the most accurate and timely updates, sources such as Aboki Forex, Investors King, or the Central Bank of Nigeria provide useful benchmarks. What is the Dollar-Naira worth in Nigeria’s parallel market today? One of the most searched questions in Nigeria…

The National Bureau of Statistics on Tuesday announced Nigeria’s headline inflation rate edged up to 24.23 per cent in March 2025 while stating the increase in its consumer price index (CPI) for March. The new rate indicates an increased move from the 23.18 per cent reported in February. It also signals a return to levels (24.48 per cent) recorded at the beginning of the year following the CPI rebasing. “In March 2025, the Headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%,” the bureau said. “Looking at the movement, the March 2025 headline…

The House of Representatives has inaugurated a 21-member ad hoc committee to supervise the implementation of the state of emergency declared in Rivers State. Speaking during the inauguration on Tuesday, Speaker Tajudeen Abbas emphasized that the move reflects the House’s commitment to “transparent governance and the rule of law in our country.” President Bola Tinubu declared a state of emergency in Rivers on March 18, citing a political crisis. In the wake of the announcement, Governor Siminalayi Fubara, his deputy Ngozi Odu, and all members of the Rivers State Assembly were suspended for six months. The president appointed Ibok-Ete Ibas,…

The Federal Government has revealed that it is taking concrete steps to settle over N4 trillion owed to Power Generation Companies (GenCos) for electricity generated and fed into the national grid. Mr. Bola Tunji, Special Adviser on Strategic Communications and Media Relations to the Minister of Power, disclosed this during an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. Tunji was reacting to a public plea issued by the Association of Power Generation Companies (APGC), which had called for urgent intervention from the government and key stakeholders to clear the debt backlog, warning that the situation…

Tinubu stated that the country had more than 3.1 million hectares of irrigable land located around key river basins such as the Niger and Benue.

The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, has raised alarm over excessive estimated billing by electricity distribution companies, revealing that Eko Electricity Distribution Company (Eko Disco) billed his residence at the State House N29 million for electricity in April. Speaking during a Roundtable Meeting and the signing of a Memorandum of Understanding (MoU) between the Lagos State Government and the Rural Electrification Agency (REA), Hamzat shared his personal experience to highlight the urgency of expanding access to affordable and reliable electricity across Lagos. “Last month, in my house, the State House, the bill was N2.7 million. This month,…

The Organisation of the Petroleum Exporting Countries (OPEC) on Monday marginally lowered its forecast for oil demand growth in 2025, citing the negative impact of U.S. trade tariffs on the global economy. According to a Reuters report referencing OPEC’s April Monthly Oil Market Report, the organisation now expects global oil demand to rise by 1.3 million barrels per day (bpd) in 2025—down from its previous forecast of 1.4 million bpd. Both projections mark a 150,000 bpd decrease compared to the figures released last month. OPEC also reported that the price of its reference basket of twelve crude oils had dropped…

Nigeria’s power generation companies (GenCos) have sounded the alarm over a looming shutdown of power plants across the country, citing a staggering N4 trillion debt owed by the Federal Government as the primary cause. The GenCos, operating 40 power-generating plants connected to the national grid alongside independent power providers and the Niger Delta Holding Company, issued a statement on Monday under the Association of Power Generation Companies (APGC). The statement was signed by APGC Board of Trustees Chairman, Colonel Sani Bello (retd). According to the statement, the Federal Government owes GenCos N2 trillion for power supply in 2024, in addition…