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Ex-Legislative Aide, Banker Jailed Eight Years for N120.5m Employment Scam in Abuja

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LThe Federal Capital Territory (FCT) High Court in Jabi, Abuja, has convicted and sentenced a former legislative aide and banker, Mr. Goni Yilkan, to eight years in prison for his role in a N120.5 million employment scam.

Justice F. E. Messiri delivered the judgment following a prosecution led by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). According to a statement issued by the anti-graft agency on Tuesday, Yilkan was found guilty of obtaining money under false pretence.

The court held that the convict deceived unsuspecting job seekers by promising them employment opportunities in exchange for large sums of money. Investigations revealed that he collected over N120.5 million from multiple victims, exploiting their desperation for work.

Yilkan, a native of Nguru in Yobe State, faced a two-count charge under Section 1(1)(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, with punishment prescribed under Section 1(3) of the same law.

Delivering judgment, Justice Messiri ruled that the prosecution had successfully proved its case beyond reasonable doubt. The court consequently sentenced Yilkan to eight years’ imprisonment, underscoring the seriousness of financial crimes that prey on citizens’ aspirations.

The EFCC welcomed the conviction, describing it as another significant step in its ongoing fight against advance fee fraud and employment racketeering. The agency also cautioned the public to remain vigilant against offers of job placements in exchange for money, noting that such practices are illegal and often fraudulent.

The conviction adds to a growing list of successful prosecutions by the EFCC as it intensifies its campaign against financial crimes across Nigeria.

Red Star Express Merges Logistics Subsidiary into Parent Company Structure

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Red Star Express Plc has announced the integration of its logistics subsidiary into the parent company, bringing an end to the unit’s status as a separately registered legal entity.

The development, confirmed in a corporate disclosure, is part of the company’s ongoing restructuring strategy aimed at streamlining operations, cutting administrative costs, and strengthening its market position in Nigeria’s competitive courier and logistics sector.

According to the statement, the decision will allow Red Star Express to consolidate its resources, harmonise management processes, and deliver more coordinated services across its business lines. The company noted that the restructuring is expected to improve efficiency, eliminate duplication, and align its logistics services more closely with its core express delivery operations.

Industry analysts say the move reflects a broader trend within Nigeria’s logistics and supply chain sector, where rising operational costs, new regulatory demands, and shifting consumer expectations are pushing companies to consolidate and simplify structures.

Red Star Express, a licensed courier company and one of the leading players in Nigeria’s logistics market, operates services ranging from express parcel delivery and freight to warehousing and e-commerce solutions. The integration is expected to position the firm for greater competitiveness, particularly as demand for logistics continues to grow with the expansion of online retail and cross-border trade.

The company assured shareholders and customers that the change will not disrupt services, adding that existing contracts and client engagements will remain valid under the restructured corporate framework.

The merger comes at a time when Nigerian logistics firms are under pressure to adopt leaner operations while investing in digital platforms and infrastructure to meet rising demand for speed and reliability in deliveries.

 

AWUJALE STOOL NOT JAMB OR LOTTERY, ADENUGA DESCENDANTS DECLARE HEIRSHIP :- Prince Bamidele Adenuga

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The Adenuga family of the Fusengbuwa ruling house has declared that the succession to the Awujale stool of Ijebuland is not an open contest, insisting that only direct descendants of the last Awujale from the line, Oba Theophilus Tuwase Adenuga Folagbade, are entitled to the throne.

Speaking on Frontline, a currents affairs programme on Eagle 102.5 FM, Ilese-Ijebu, on Tuesday, Prince Bamidele Adenuga, alongside Omoba Adelaju Olusegun Adenuga, stressed that the family’s lineage gives them the exclusive right to present candidates for the revered Ijebu throne. “Everybody has the right to aspire to any post, but what I am saying is, the Awujale king is not a university where you get JAMB and apply.

It is very specific. The constitution is very clear. It is not a lottery,” Prince Bamidele declared.

Omoba Adelaju Olusegun Adenuga maintained that both tradition and the 1959 family constitution reserve succession strictly for direct male descendants of Fusengbuwa, passed down through Tuwase and Oba Folagbade.

Tracing their ancestry, he explained that the Adenugas are direct descendants of the last Awujale from the Fusengbuwa line. “I am here on behalf of the descendants of Oba Folagbade, who was the last king in the Fusengbuwa family.

Fusengbuwa has a long history; it starts from our great grace from God, Father Jadiara, who begat Fusengbuwa. From Fusengbuwa to Tuwase, and Tuwase is my grandfather—that is how it goes.

Any other person claiming to be king from that ruling house is non-existent, and history can prove me whether right or wrong,” he said.

While acknowledging internal divisions, Prince Bamidele maintained that the family remains united under a recognized head. “We have one Olori Ebi and that is Alhaji Lateef Owoyemi Ajidagba, who I respect a lot. He is a man of integrity. I am not aligning with him; I am giving him the respect that is due to him. That is Yoruba tradition,” he stated.

Omoba Adelaju reinforced this position, stressing that succession must remain within the direct line of Oba Folagbade. “We are the children and grandchildren of Oba Folagbade. We have the constitutional right to be the ones they live as Omo Oye. The situation with the Fusengbuwa ruling house is that some people have formed another set of groups. But in 1957, four ruling houses were selected to rotate the Awujale among them. When it comes to a ruling house itself, it is the progeny of the last Oba that becomes king. Just as Fusengbuwa gave Tuwase, Tuwase gave Folagbade, and now Folagbade will give his own progeny,” he explained.

He further cited the 1959 law as backing their claim. “The 1959 chapter says, first, he has to be of a male lineage. Secondly, if he doesn’t have male lineage, then it is the children of the female child born on the throne that can become king. If you can’t find a female child, then any of the other children of the Oba can become king. That is what it specifically says,” Adelaju said. He concluded: “Folagbade is the last king; he is the one to leave a progeny. There is no reason to present 200 people. It is not a lottery. We have custom and tradition. Let us look back.”

The debate over the rightful lineage for succession has deepened in recent months, with rival branches within the Fusengbuwa house laying claim to the Olori Ebi title. However, legal luminary and Ijebu historian, Prof. Fassy Yusuf, had earlier clarified in a Frontline interview that Alhaji Lateef Owoyemi is the recognized Olori Ebi of the Fusengbuwa ruling house, describing him as the custodian of the family’s authority.

The Adenuga family maintains that while Owoyemi holds the Olori Ebi title, the constitutional and historical right to produce the next Awujale rests with their branch as direct descendants of the last monarch in the Fusengbuwa line.

The princes dismissed ongoing agitations by rival groups as attempts to rewrite the Ijebu tradition, arguing that only the Folagbade descendants represent the legitimate royal line for succession. Their intervention deepens the crisis within the Fusengbuwa ruling house, where competing factions continue to lay claim to leadership and eligibility for the Awujale stool.

Author: Oluwaseyi Amosun

United States to Deny Visas to Corrupt High-Profile Nigerians

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The United States government has announced that it will begin denying entry visas to high-profile Nigerians implicated in corruption, electoral malpractice, and the undermining of democratic processes.

According to a statement released on Monday by the U.S. Department of State, the decision reflects Washington’s growing concern over the persistence of corruption in Nigeria’s public sector and its impact on governance, stability, and economic growth. The policy, officials said, is part of a broader effort to hold political and business elites accountable for actions that threaten Nigeria’s democracy and the welfare of its citizens.

“The United States remains committed to supporting Nigeria’s aspirations for transparent governance and credible democratic institutions,” the statement read. “Individuals who engage in significant corruption or seek to manipulate the electoral process will not be welcome on American soil.”

While the State Department did not release specific names, it confirmed that the visa restrictions will apply to politicians, government officials, and influential business figures found to have engaged in corrupt practices. The restrictions may also extend to their immediate family members.

Analysts note that this is not the first time Washington has employed visa bans as a diplomatic tool in Nigeria. Similar measures were taken in 2019 and 2023, targeting individuals accused of electoral interference. However, this latest declaration appears broader in scope, signaling a renewed determination by the U.S. to confront systemic corruption in Africa’s largest democracy.

The announcement has drawn mixed reactions in Nigeria. Civil society groups welcomed the move, calling it a step toward curbing impunity among the political elite. Some government officials, however, criticized the policy as an infringement on Nigeria’s sovereignty.

With national and state elections looming in the coming years, the United States has urged Nigerian leaders to prioritize accountability, transparency, and the rule of law.

CAC to Deploy AI Agent as Company Registration Backlog Hits 7,000

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LThe Corporate Affairs Commission (CAC) has announced plans to deploy an artificial intelligence (AI) agent to help clear a mounting backlog of company registration applications, which has risen to more than 7,000.

The move, disclosed by CAC Registrar-General Hussaini Magaji in Abuja on Monday, comes amid growing complaints from entrepreneurs and business owners over delays in securing certificates of incorporation and other statutory documents. The backlog, officials say, has been fueled by the rising number of new business registrations in Nigeria, coupled with technical and staffing challenges faced by the commission in recent months.

Magaji explained that the adoption of an AI-driven system is aimed at streamlining processes, improving efficiency, and reducing human error in the handling of applications. “We are introducing an AI agent that will accelerate registration timelines and ensure applicants receive their approvals without unnecessary delays,” he said.

According to him, the AI agent will be integrated into the CAC’s existing online platform and will be capable of handling routine verification, documentation checks, and application tracking. The technology is expected to drastically reduce waiting periods, allowing the commission to meet its target of providing near real-time registration services.

Stakeholders in the business community have welcomed the development, describing it as a necessary step to strengthen Nigeria’s ease of doing business agenda. However, some cautioned that the technology must be backed by strong oversight to guard against technical failures or misuse.

The CAC has pledged to address concerns, assuring applicants that data security, accuracy, and transparency will remain top priorities. Magaji added that training programs are being designed for staff to work alongside the AI agent, ensuring a smooth transition to the new system.

The commission emphasized that clearing the backlog of applications is an urgent priority, as delayed registration often prevents businesses from opening bank accounts, applying for loans, or entering into legal contracts. With the AI agent set to go live in the coming weeks, the CAC says it is confident that the current backlog will be cleared and processing times will be significantly reduced going forward.

Uber Contributed ₦34 Billion to Nigeria’s Economy in One Year

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Ride-hailing giant Uber says it has contributed more than ₦34 billion to Nigeria’s economy over the past year through its operations, partnerships, and the activities of drivers using its platform.

The figure was disclosed in Uber’s latest economic impact report, released on Tuesday, which assessed the company’s role in supporting mobility, job creation, and income generation in Nigeria’s fast-growing digital economy. According to the report, the platform has become a major enabler for thousands of drivers and delivery partners who rely on the service for their livelihoods.

The study highlighted that Uber’s presence has helped expand transport access across major Nigerian cities, offering affordable alternatives to traditional taxis while also boosting the informal economy. Beyond driver earnings, the ₦34 billion contribution includes spending linked to fuel, vehicle maintenance, insurance, and other business-related activities spurred by Uber’s operations.

Speaking on the findings, Tope Akinwumi, Uber’s Country Manager for Nigeria, said the results underscore the company’s growing importance to urban mobility and economic development. “Uber is not just transforming the way people move around cities; we are also providing earning opportunities and contributing directly to Nigeria’s GDP. Our focus remains on building technology-driven solutions that make transport safer, more reliable, and more inclusive,” he said.

Analysts say the platform’s role in driving employment is especially significant, given the country’s rising youth unemployment. Many drivers view Uber as either a full-time job or a critical source of supplementary income. The report also noted that flexible working conditions make it easier for individuals to balance other commitments while earning on the platform.

However, challenges remain. Industry observers point to regulatory disputes, high fuel costs, and inflationary pressures that affect drivers’ profitability. Some drivers’ unions have in recent months called for better fare structures and reduced commission rates. Uber acknowledged these concerns, stating that it continues to engage with stakeholders to find sustainable solutions.

The company reaffirmed its commitment to Nigeria, noting plans to expand services and deepen partnerships in the years ahead. With urban populations growing rapidly and demand for reliable transportation increasing, Uber believes its operations will remain an important part of the country’s economic and social fabric.

 

Nigeria’s Non-Oil Sector Loses Ground as Oil Output Rebounds in Q2 2025

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Nigeria’s non-oil economy, which has for years been the country’s primary driver of growth, saw its dominance slightly reduced in the second quarter of 2025 following a strong rebound in oil production.

This was revealed in the latest Gross Domestic Product (GDP) report released on Monday by the National Bureau of Statistics (NBS). According to the data, the non-oil sector contributed 95.95 percent to real GDP in Q2 2025, a marginal decline compared to 96.49 percent in the corresponding period of 2024 and 96.03 percent recorded in the first quarter of 2025.

“In real terms, the non-oil sector contributed 95.95 percent to the nation’s GDP in the second quarter of 2025, lower than the share recorded in the second quarter of 2024, which was 96.49 percent, and lower than the first quarter of 2025 recorded as 96.03 percent,” the report stated.

The dip reflects a resurgence in crude oil output, which has been gradually recovering after years of production shortfalls caused by pipeline vandalism, oil theft, and underinvestment. Rising global oil prices and improved security around key production facilities contributed to the sector’s stronger performance.

Despite the marginal decline, the non-oil economy remains the bedrock of Nigeria’s growth, driven largely by sectors such as trade, agriculture, telecommunications, and financial services. Analysts note that while the oil sector has gained ground, structural challenges and market volatility mean the government will continue to rely on the resilience of non-oil activities to sustain economic stability.

The NBS report is expected to influence fiscal and monetary policy decisions in the coming months, particularly as Nigeria seeks to balance its dependence on oil revenues with ongoing efforts to diversify the economy.

Oracle Appoints Two New CEOs Amid Ongoing TikTok Deal

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LOracle Corporation, the American technology giant founded by billionaire Larry Ellison, has announced the appointment of two new chief executives as the company navigates its high-stakes role in the ongoing TikTok ownership negotiations.

The company confirmed on Monday that longtime executives Safra Catz and Clay Magouyrk will now serve as co-chief executive officers, a move designed to strengthen leadership at a time of rapid shifts in the global technology landscape. The appointments come as Oracle continues discussions linked to its cloud partnership with TikTok, the popular video-sharing app facing mounting regulatory scrutiny in the United States.

Industry observers note that the leadership reshuffle signals Oracle’s intent to position itself more aggressively in cloud services and consumer technology. While Catz has been at the helm since 2014, Magouyrk, who previously led Oracle’s cloud infrastructure division, is expected to bring fresh momentum to the company’s efforts to compete with rivals such as Amazon Web Services and Microsoft Azure.

In a statement, Oracle said the appointments reflect its “commitment to sustained innovation, global growth, and the delivery of secure cloud services at scale.” The company also emphasized that the leadership transition would not disrupt ongoing partnerships or its participation in sensitive negotiations involving TikTok’s U.S. operations.

The TikTok deal, which has drawn significant attention from lawmakers and regulators, centers on concerns over data privacy, national security, and the app’s ties to Chinese parent company ByteDance. Oracle has been identified as a key technology partner in safeguarding American user data, though details of a potential ownership structure remain under discussion.

Analysts suggest that the introduction of dual leadership could help Oracle balance its traditional enterprise business with its growing involvement in consumer-facing platforms. However, the move has also raised questions about how responsibilities will be divided between the co-CEOs and whether the arrangement can provide stability at such a critical juncture.

Oracle shares closed higher on Wall Street following the announcement, reflecting investor confidence in the company’s new leadership structure and its positioning in the unfolding TikTok saga.

 

FirstBank Partners with E1 Lagos GP to Champion Sports and Culture

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FirstBank of Nigeria has announced a strategic partnership with the E1 Lagos Grand Prix, an international powerboat racing event, as part of its commitment to promoting sports, tourism, and cultural exchange in Nigeria.

The partnership was unveiled on Monday in Lagos, where the bank confirmed it would serve as an official sponsor of the E1 Lagos GP, the first African stop of the global E1 World Championship. The event, which features electric-powered race boats competing on waterways, is expected to draw international athletes, tourists, and investors to Nigeria’s commercial capital.

Adesola Adeduntan, Chief Executive Officer of FirstBank, said the collaboration aligns with the bank’s longstanding mission to support initiatives that foster youth development, innovation, and cultural integration. “Our sponsorship of the E1 Lagos GP is a statement of FirstBank’s commitment to advancing sports as a platform for unity and progress while showcasing Nigeria’s rich cultural heritage to the world,” he said.

Organizers of the E1 World Championship noted that Lagos was selected as a host city due to its vibrant culture, strong sporting tradition, and unique coastal geography. The event is expected to provide significant economic benefits, from increased tourism spending to job creation in hospitality, logistics, and event management.

Beyond the races, the Lagos GP will feature cultural showcases, live entertainment, and community engagement programs designed to highlight Nigeria’s creative industries. FirstBank said its involvement would go beyond financial support, with initiatives planned to ensure local communities benefit directly from the event.

Sports analysts believe the partnership underscores a growing recognition of the economic and social potential of sports in Nigeria. With global attention on Lagos during the competition, FirstBank’s sponsorship positions the institution as not only a financial leader but also a cultural and social partner.

The E1 Lagos GP is scheduled to take place later this year, with thousands of spectators expected to attend both on-site and through global broadcast platforms.

Nigeria’s FX Reserves Climb to $42.03 Billion, Highest in 72 Months

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Nigeria’s foreign exchange reserves have surged to $42.03 billion, reaching their highest level in six years and offering a major boost to the country’s financial stability.

According to the latest figures released by the Central Bank of Nigeria (CBN) on Monday, the reserves hit the 72-month peak following a combination of improved crude oil earnings, stronger remittance inflows, and increased foreign investment. The figure represents a sharp rise compared to recent years, when external buffers were strained by oil production challenges, pandemic-induced shocks, and persistent demand pressures on the naira.

Analysts say the surge will strengthen Nigeria’s ability to defend its currency, service external debt, and reassure investors about the resilience of its balance of payments. “Crossing the $42 billion mark is significant for Nigeria, particularly at a time when exchange rate volatility has been a pressing concern,” said one Lagos-based financial analyst.

The CBN attributed the gains largely to rising global oil prices and improved production levels after months of disruptions caused by theft, pipeline vandalism, and underinvestment in the sector. With oil accounting for more than 80 percent of Nigeria’s foreign exchange earnings, the rebound has translated into stronger fiscal buffers for the government.

Beyond oil, increased diaspora remittances and capital inflows have also played a role in the reserves build-up. The apex bank noted that reforms aimed at stabilizing the foreign exchange market and improving investor confidence have begun to yield results.

Economists, however, cautioned that sustaining the momentum will depend on Nigeria’s ability to diversify its sources of foreign exchange, curb inflationary pressures, and manage capital outflows. They also warned that heavy reliance on oil revenues continues to pose long-term risks, especially in a global market increasingly shifting toward renewable energy.

Still, the reserves milestone has been widely welcomed by policymakers and market watchers, who see it as a sign of improving economic fundamentals and a potential cushion against external shocks.