Nelson Ugwuagbo

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.

Justice Emeka Nwite issued the order on Thursday following submissions by EFCC counsel, Fadila Yusuf. The court’s decision was based on an ex parte motion filed on April 23, 2025.

The individuals named in the motion are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

The EFCC requested the court’s permission to issue arrest warrants and detain the suspects in its custody while investigations continue and charges are prepared.

“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court.

An affidavit filed with the motion revealed that the EFCC received intelligence in April 2025 linking the suspects to a fraudulent cryptocurrency investment scheme. The scheme was allegedly carried out through ST Technologies International Limited in collaboration with CBEX.

The suspects are accused of luring investors by promoting CBEX and promising unusually high returns—reportedly up to 100 percent—on cryptocurrency investments.

Vice President Kashim Shettima on Thursday presided over the 149th meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.

The session, which is the second NEC meeting in 2025, brought together state governors and other key stakeholders to deliberate on strategies for national development.

State House Correspondent Abdurrahman Jibrila reports that the council is expected to explore comprehensive policy options aimed at addressing economic challenges and accelerating growth across the country.

The number of companies enjoying tax exemptions under the Federal Government’s Pioneer Status Incentive (PSI) scheme rose to 105 as of December 2024, even as the government considers ending the policy to shore up its revenue base.

Among the current beneficiaries are Dangote Fertilisers, Mikano International Limited, and 103 other local and foreign firms.

The Nigerian Investment Promotion Commission (NIPC), which oversees the programme, granted tax holidays to 22 new companies in the final quarter of 2024, increasing the total from 83 in the third quarter to 105 by year-end.

The scheme had earlier seen fluctuations in participation—rising to 104 companies in the first quarter, before falling to 88 in the second quarter and 83 in the third.

The increase in beneficiaries comes amid growing concerns about the scheme’s effectiveness and the government’s broader plan to discontinue it as part of efforts to improve non-oil revenue and address fiscal challenges.

The Independent National Electoral Commission (INEC) has indicated its readiness to allow eligible Nigerians without Permanent Voter Cards (PVCs) to vote in the 2027 general elections, provided that the necessary legal framework is put in place.

Rotimi Oyekanmi, Chief Press Secretary to the INEC Chairman, disclosed this in a statement to The PUNCH on Wednesday. He noted that while the commission is committed to enhancing voter access through technology, existing laws must be amended before any departure from the PVC-only system can be implemented.

The development follows earlier remarks made by INEC Chairman, Prof. Mahmood Yakubu, during a quarterly consultative meeting with Resident Electoral Commissioners held in Abuja in December 2024.

Prof. Yakubu emphasized the growing importance of technology in the electoral process, particularly the Bimodal Voter Accreditation System (BVAS), which has improved election management.

He explained that while PVCs will continue to be valid for those who already possess them, future elections could see the introduction of INEC-generated or downloadable slips as valid forms of accreditation. According to him, such a shift would reduce costs, simplify logistics, and help prevent the misuse of voter cards.

“The commission also believes that with the introduction of the Bimodal Voter Accreditation System, the use of the Permanent Voter Cards as the sole means of identification for voter accreditation on Election Day should be reviewed,” he stated.

The Federal Government has released N50 billion to the academic and non-academic staff unions of federal universities for the payment of earned allowances.

The Minister of Education, Dr. Maruf Alausa, made this known on Wednesday in a statement issued by the Director of Press at the Federal Ministry of Education, Folasade Boriowo.

The release of funds follows a promise made by President Bola Tinubu and is part of efforts to address long-standing demands by university unions.

According to the statement, the disbursement reaffirms the administration’s commitment to prioritising education and supporting the transition from a resource-based to a knowledge-driven economy through investments in education, infrastructure, and human capital.

“This intervention is not just a financial transaction—it is a reaffirmation of our President’s belief in the capacity of Nigerian youth and the invaluable role that academic and non-academic staff play in nurturing them,” the Minister said.

A Police Inspector, identified as Maxwell Zabu, has allegedly died by suicide in the early hours of Tuesday at the residence of a former Chairman of Port Harcourt City Local Government Area, Victor Ihunwo.

The incident occurred at Eagle Island in Port Harcourt, Rivers State. Zabu was said to be attached to the former local government chairman.

Preliminary reports suggest that the officer died from a self-inflicted gunshot wound. The matter was initially reported at the Eagle Island Police Post, which is under the jurisdiction of the Azikiwe Police Division in Illabouchi, Mile 2, Diobu.

“It is suspected that the police officer killed himself, but an investigation is ongoing to ascertain what actually transpired,” the spokesperson for the Rivers State Police Command told Channels Television.

The Commissioner of Police in the state, Olugbenga Adepoju, has directed the immediate transfer of the case to the State Criminal Investigation and Intelligence Department (SCIID) in Port Harcourt for further investigation.

President Bola Tinubu is currently holding a meeting with the service chiefs and the Inspector-General of Police at his official residence in the Aso Rock Presidential Villa, Abuja.

The meeting, which began shortly after 3:00 p.m. on Wednesday, follows recent reports indicating the President’s intention to engage the security heads over the surge in violent attacks in Plateau, Benue, and other parts of the country.

Earlier in the afternoon, a convoy of vehicles conveying top military and police officials was seen arriving at the Presidential Villa.

President Tinubu returned to the country on Monday night after an 18-day working visit and retreat in Paris and London.

The Nigeria Customs Service (NCS) has announced a total revenue collection of N1.751 trillion for the first quarter of 2025, surpassing its projected target for the period.

Comptroller General of the NCS, Bashir Adeniyi, made the disclosure during a press briefing held on Tuesday in Abuja.

Adeniyi noted that the revenue performance reflects the agency’s continued commitment to efficient revenue generation and accountability.

“In the first quarter of 2025, the service recorded a revenue collection of N1.751 trillion. This surpasses our quarterly target and underscores the progress we are making,” he said.

He also provided an update on anti-smuggling efforts, revealing that the NCS carried out 201 seizures within the quarter, with a total value of N7.7 billion.

“We believe the public has the right to know what is happening in the Nigeria Customs,” Adeniyi stated, reaffirming the agency’s dedication to transparency and national economic growth.

NNPC Shipping, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has entered into a strategic partnership with Stena Bulk and Caverton Marine Limited to enhance maritime transportation efficiency across West Africa through the establishment of a new tanker fleet.

The agreement, signed last week in London, aims to launch a joint tanker operation focused on transporting crude oil, refined petroleum products, and liquefied natural gas (LNG) within the region. The initiative is expected to bolster Nigeria’s energy supply chain and improve logistics capacity across West Africa.

According to the parties, the joint venture will provide high-quality and efficient maritime transport services. The operation will involve a combination of new and existing vessels, with decisions guided by market trends and commercial viability. The partners also plan to explore vessel acquisitions and long-term charter arrangements, while upholding high standards of safety, sustainability, and cost efficiency.

Managing Director of NNPC Shipping, Panos Gliatis, stated that the new fleet will primarily support NNPCL’s logistics needs for crude oil, clean products, and LNG/LPG. He described the venture as a significant step in modernizing Nigeria’s maritime infrastructure and strengthening the country’s role in global energy logistics.

“This partnership brings together NNPC Shipping’s expertise with Stena Bulk’s global experience and Caverton’s local knowledge, creating a strong platform to serve oil producers and traders across the region,” Gliatis said.

President and CEO of Stena Bulk, Erik Hanell, expressed enthusiasm over the company’s expansion into a key growth market, noting the alignment with Nigeria’s energy sector transformation and Stena Bulk’s commitment to operational excellence and sustainability.

Also speaking, CEO of Caverton Offshore Support Group, Bode Makanjuola, described the collaboration as a milestone in boosting Nigeria’s maritime capabilities. He emphasized that the blend of local insight and international best practices would benefit Nigeria and the wider sub-Saharan Africa region.

The joint venture is expected to support Nigeria’s long-term economic growth by enhancing energy logistics and strengthening the country’s maritime operations.