Nelson Ugwuagbo

The Abuja Zonal Directorate of the Economic and Financial Crimes Commission has arraigned the Managing Director of Viscount Microfinance Bank, Blessing Gozi-Anyaokei, over the alleged unlawful conversion of investment funds totaling N19 million and $30,000.

Gozi-Anyaokei was arraigned before Justice Y. Halilu of the Federal High Court in Maitama, Abuja, on a two-count charge bordering on alleged illegal conversion and obtaining money under false pretence.

According to a statement issued on Thursday by EFCC spokesperson, Dele Oyewale, the defendant allegedly received N19 million from Ernest Terkula Jor in 2022 for investment purposes while serving as the bank’s managing director.

The anti-graft agency alleged that the funds were diverted for personal use, contrary to the provisions of the Penal Code Act.

The EFCC further accused the defendant of receiving an additional $30,000 from the same investor for investment purposes and dishonestly converting the money for personal benefit.

According to the commission, the alleged offences contravene Section 311 of the Penal Code Act Cap 532, Laws of the Federation of Nigeria (Abuja) 1990, and are punishable under Section 312 of the same Act.

The defendant pleaded not guilty to the charges when they were read in court.

Following the plea, prosecution counsel S.N. Robert requested a trial date, while Justice Halilu granted the defendant bail with two sureties who must possess landed property within Abuja.

The court also ordered the surrender of her travel documents and barred her from travelling outside the country without prior court approval.

The case was adjourned until July 19, 2026, for the commencement of trial.

The Federal Government is currently in advanced discussions with the World Bank over a proposed $1.25 billion loan aimed at supporting economic reforms, job creation, and investment growth, according to a document obtained by Leading Reporters.

The document, titled Nigeria Actions for Investment and Jobs Acceleration, revealed that negotiations for the facility have reached a critical stage ahead of its expected presentation for approval on June 26, 2026.

According to the report, the loan has moved beyond the initial concept and appraisal phases, indicating significant progress in the approval process.

If approved, the facility would rank as Nigeria’s second-largest World Bank loan after the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

The document identified the Federal Republic of Nigeria as the borrower, while the Federal Ministry of Finance is expected to serve as the implementing agency for the programme.

The Senate and House of Representatives has on Tuesday passed the N1.75 trillion 2026 budget of the Niger Delta Development Commission (NDDC).

They also approved the N2.285 trillion 2026 budget of the Federal Capital Territory Administration (FCTA), with the Senate increasing the proposal by N84 billion from the N2.201 trillion initially submitted by President Bola Ahmed Tinubu in March.

A breakdown of the approved budget shows that N165.775 billion was earmarked for personnel costs, N378.231 billion for overhead expenses, while N1.741 trillion was allocated to capital projects.

The House of Representatives also passed the N1.75 trillion 2026 budget of the Niger Delta Development Commission (NDDC).

Presenting the report of the Senate Committee on the FCT, Senator Austin Akobondu of Abia Central said the committee engaged with the FCT Minister, Nyesom Wike, and other relevant officials to finalise the budget framework and spending plans.

According to the report, capital expenditure accounts for 76.19 per cent of the total budget, overhead costs represent 16.55 per cent, while personnel costs make up 7.25 per cent.

The budget was approved during plenary at the Committee of Supply after lawmakers overwhelmingly supported it through voice votes.

However, some senators expressed concern over the absence of a detailed revenue profile to support the proposed expenditure for the 2026 fiscal year, which is expected to run from January 1 to December 31, 2026.

Senate President Godswill Akpabio subsequently announced the passage of the appropriation bill following majority approval by lawmakers.