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EFCC seeks law to criminalise unexplained wealth
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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, yesterday sought the backing of the National Assembly to legislate against unexplained wealth.
He said Nigeria cannot win the anti-corruption war without the legal backing to hold public officers accountable for assets far beyond their legitimate earnings.
Olikoyede spoke at the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.
The EFCC chairman described the magnitude of public sector corruption as disturbing.
“In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling.
“And we have only just opened the books. So much more corruption is to be unraveled. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.
Olukoyede described fiscal rascality and mismanagement of public resources as a core driver of Nigeria’s economic woes and security challenges.
“There is a strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, and terrorism, trace them back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.
Olukoyede recounted how investigations into public officers’ acts of malfeasance were often stalled because the law still requires a “predicate offence” — a specific crime such as theft or fraud — before assets could be seized or charges filed.
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same Bill was thrown out by the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right.
“Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties — two in Maitama, three in Asokoro. Yet, we’re told to go and prove a predicate offence before we can act. That is absurd,” he said.
Olukoyede also said the EFCC secured the conviction of 146 out of 194 foreigners arrested for cybersecurity-related financial crimes in 2024.
“Last year, we arrested about 194 foreigners who were involved in various forms of financial crimes and activities that are inimical to the economic growth and development of our country.
“Today, I can tell you that we have succeeded in the prosecution and conviction of 146 of them. They will serve their jail terms and will be repatriated to their respective countries,” he said.
Also, the National Security Adviser (NSA), Malam Nuhu Ribadu, has said President Bola Ahmed Tinubu is determined to put Nigeria on the right track of all-encompassing development, despite the antics of some politicians.
He dismissed the ongoing coalitions of some politicians, saying Nigerians should not pay attention to their desperation.
Ribadu spoke yesterday at the Abuja Continental Hotel during the opening ceremony of the International Cybersecurity Conference organised by the National Information Technology Development Agency (NITDA).
The conference, with the theme: Cybersecurity, building a resilient digital future, was attended by the Chairman of the Senate Committee on Cybersecurity, Shuaibu Salihu; the Chairman of the House Committee on Cybersecurity, Stanley Adedeji; the United States Ambassador to Nigeria, Mr. Richards Mills; the Permanent Secretary in the Federal Ministry of Communications, Innovations and Digital Economy, Mr. Adeladan Rafiu; the National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, and the Managing Director of Galaxy Backbone limited, Prof. Ibrahim Adeyanju, among others.
Ribadu said the Tinubu administration has committed huge investments into cybersecurity and other infrastructures.
The NSA also told the private sector to continue to support government efforts to improve the economy.
“We are a family: you in the private sector, we in the public sector. We are one. I want to urge you to continue to be there for us. Let’s work towards improvement for all of us.
“Together, we are building a safer and more resilient digital Nigeria, one that can inspire confidence, drive innovation, and secure our future. The real people are doing the work, not the noise makers.
“But we are not here to rest on our achievements. We are here because we understand that resilience is a journey, not a destination. That requires a whole of common and a whole of society approach,” he said.
“Mobilising not just tools but people, processes, and relationships, every citizen has a role to play; every agency, every company, and every professional community.
“We must move beyond awareness to action; beyond policy to implementation. Therefore, I challenge each one of you gathered here today: let this conference be more than another event in the calendar. Let it be a turning point. Let it be a moment we reaffirm our shared responsibility.”
The All Progressives Congress has ordered all Primary Election Committees to submit reports and result sheets from its 2027 primaries by Monday, May 25, 2026.
The directive was announced in a statement issued May 24 by APC National Publicity Secretary Felix Morka. It covers governorship, senatorial, House of Representatives, and state assembly primaries.
The party said submissions for legislative bye-election reports will open on May 30, 2026.
National Organising Secretary Sulaiman Muhammad Argungu signed the notice and urged committees to ensure documents are submitted promptly and accurately.
APC said sticking to the deadlines is critical for transparency and credibility in its internal electoral process ahead of the 2027 general elections.
Edo South Senatorial District All Progressives Congress APC Senate flag bearer, Hon Omoregie Ogbeide-Ihama has hailed the reemergence of Bola Tinubu as APC presidential candidate in the 2027 general elections.
Ogbeide-Ihama in a congratulatory message he personally signed hailed President TInubu describing him as the iroko tree that provides shades for all.
Recall that Tinubu was declared winner of the keenly contested APC Presidential Primary, held at the Eagle Square in Abuja, said is truly the arrowhead of politics in Nigeria, adding that as one of the movers and shakers of APC from day one his victory did not come as a surprise.
He stressed that the emergence of Senator Tinubu was a result of dint of hard work, and that the votes that gave him victory was a clear manifestation of his general acceptance.
Ogbeide-Ihama noted that Tinubu is truly a political caterpillar that pilots his affairs without rancour with his massive shoulders warehousing all and sundry to the admiration of his political adversaries.
” I hail you my Excellency as you have proven it again that definitely you can take Nigeria to the next level.
The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel, respectively.
The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.
But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.
US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.
“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” a post to Trump’s official Truth Social account said.
Iran’s Tasnim news agency said that, based on their information, key clauses of a possible agreement remained unresolved.
One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.
The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.
Markets across Asia climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles.
Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.
Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney, and Wellington also climbing.
Kuala Lumpur was down 0.1 percent.
“The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran,” said Chris Weston, head of research at Pepperstone.
“According to reports from Donald Trump, a memorandum of understanding has been ‘largely negotiated’, with details to be announced at some stage soon, although there appears to be limited urgency,” Weston said.
Investors will also be keeping an eye on how the US Federal Reserve and its new chief, Kevin Warsh, react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.
“The inflation story remains central to the entire setup,” said SPI Asset Management analyst Stephen Innes.
“Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.
“After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline.”
The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic Republic responded with missile and drone attacks across the region.
The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.
Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C), and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. (Photo by Jung Yeon-je / AFP)
Key Figures At Around 0215 GMT
Brent North Sea Crude: DOWN 3.99 per cent at $99.41 a barrel
West Texas Intermediate: DOWN 4.25 per cent at $92.49 a barrel
Tokyo – Nikkei 225: UP 3.2 per cent at 65,358.97
Shanghai – Composite: UP 0.3 per cent at 4123.89
Hong Kong – Hang Seng Index: UP 0.9 percent at 25,606.03 (close)
Euro/dollar: UP at 1.1640 from 1.1608 on Friday
Pound/dollar: UP at $1.3480 from $1.3441
Dollar/yen: DOWN at 158.86 from 159.13 yen
Euro/pound: DOWN at 86.35 from 86.36 pence
New York – DOW: UP 0.6 per cent at 50,579,70 (close)
New York – S&P 500: UP 0.4 per cent at 7,473.47 (close)
New York – Nasdaq: UP 0.2 per cent at 26,343.97 (close)
London – FTSE 100: UP 0.2 per cent at 10,466.26 (close)
Paris – CAC 40: UP 0.4 per cent at 8,115.75 (close)
Frankfurt – DAX 30: UP 1.2 per cent at 24,888.56 (close)
AFP
See Black Market Dollar To Naira Exchange Rate Today 25th May 2026
APC sets May 25 deadline for 2027 primary elections results submission
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