News

Centre Laments World Bank Report On Nigeria, Demands Freeze On Borrowing

Published

3 years ago

April 20, 2023

The Centre for Fiscal Transparency and Integrity Watch (CeFTIW) has expressed concerns over Nigeria’s fiscal condition.

The organisation wants a freeze on borrowing for consumption purposes, demanding loans obtained be channelled to capital projects and the production sector.

A statement on Thursday by Public Relations Officer, Victor Agi reacted to the latest World Bank Macro Poverty Outlook for Nigeria.

It described the nation’s fiscal condition as “a more fragile position than before the late 2021 global oil price boom,” and put the poverty rate at 41.1%.

The report revealed that 96.3 percent of the revenue generated in 2022 was used to service debt, worsening the public debt profile.

The CeFTIW called for the suspension of the federal government’s move to borrow $800 million to distribute as a palliative to cushion the effect of subsidy removal.

Agi noted that adding more to the country’s debt stockpile will continue to frustrate meaningful efforts to grow the economy.

Nigeria’s debt was $103.11 billion or N46.25 trillion as of December 2022, according to figures by the Debt Management Office (DMO).

The figure may hit N77 trillion by the end of the Buhari administration if the Ways and Means Advances from the Central Bank of Nigeria (CBN) and other loans included.

“The Centre is bothered by the consistent revenue shortfalls. Despite the deregulation of the oil sector, the cost of petrol imports continues to rise with no solution in sight.

“This is amidst promises of revamping refineries to boost local production. The inability to address the lingering cases of oil theft, diversify the economy, and monetary policy somersault has put the country on edge.”

The statement said it was against further borrowing after assessing Social Investment Programmes (SIPs) such as the COVID-19 stimulus package, which reportedly gulped N2.3 trillion.

It also listed Tradermoni, Conditional Cash Transfer (CCT), Government Enterprise and Empowerment Programme (GEEP) and school feeding.

The SIPs reportedly cost Nigeria about $1 billion annually, according to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq.

“The fact that there has been no commensurate impact on the living standards of Nigerians puts the transparency and accountability of the programmes into question.

“Citizens doubt the planned payment of N5,000 to 10,000 households, over a period of six months with the new loan, will be any different from previous interventions,” Agi noted.

The CeFTIW further demanded fiscal prudence in government activities and the entrenchment of strong measures to curb corruption and resource wastage.

News

Police Arrest Nollywood Production Manager For Assaulting Crew Member

Published

27 minutes ago

October 31, 2025

Editor

The Lagos State Police have arrested a Nollywood production manager, Anierobi Courage, for allegedly assaulting a crew member.

Anierobi Courage, better known as Nwa South, reportedly assaulted the head of makeup, Mary Chizzy Eze, on October 28, 2025, while on the set of the film “Lagos to Opulence.”

A trending video of the physical altercation showed the production manager pressing Mary’s throat after slapping her, an act that has sparked widespread outrage on social media.

Reacting to the public condemnation, the Nigeria Film Crew Community (NFCC), in a statement released on Thursday, described Courage’s actions as “animalistic behaviour.”

Announcing his arrest, NFCC called on Nollywood producers and other stakeholders to blacklist Courage across all productions.

“The production manager violently hit and strangled Mary Chizzy Eze for speaking up against unequal treatment among the crew. While she has received medical care, he has been arrested.

“This level of disregard for human dignity is unacceptable. We stand firmly against all forms of abuse, assault, and crew maltreatment,” the NFCC said.

News

‘EFCC Collected N10m Before They Released Me’ – Oladips Alleges [VIDEO]

Published

1 hour ago

October 31, 2025

Editor

Popular Nigerian singer, Oladips has accused the Economic and Financial Crimes Commission, EFCC, of collecting N10 million from him.

The rapper made this known nearly a year after he was arrested by EFCC during a midnight raid in his estate.

Oladips was arrested with some of his neighbors for alleged fraud in November 2024.

He was released after spending five days in detention.

Speaking about his experience with the EFCC, Oladips in his latest interview on Trending podcast, stated that nothing was found on him after the EFCC investigations.

While revealing that the EFCC collected N10 million from him before his release, he lamented that “Nigeria just happened to me”.

“It’s just one smelling place like that. They just packed us there like sardines and they gave us nonsense food. Funny enough it was Zlatan that was sending me food. Zlatan is not even a friend, that’s my blood.

“He was sending someone to buy good food for me because the food there is bad. They just packed us there like sardines. I’m not even supposed to be there first of all. Like, why did I spend four to five days there when you people (EFCC) didn’t find anything on me, not even a single thing. And they still collect N10 million from me before they released me.”

When asked “Is it a thing you can take up against the EFCC later, or you will just allow the sleeping dog lie?”, the singer responded “Who is my father?”

“Who is my father now? At the end of the day, who is my father? It’s just me and my truth. It’s not something I will want to. I don’t just know how the system works. I for dey their page now if to say I dey do Yahoo. They didn’t find anything on me. If they are watching this, they know that I’m saying the truth.

“They collected money from me before they released me. They didn’t find anything on me. So, what was the money for? What was all that stress and suffering for? It’s just Nigeria. Nigeria just happened to me,” he said.

https://x.com/i/status/1983504280972615813

News

Bank MD Jailed Five Years For N32m Fraud

Published

3 hours ago

October 31, 2025

Editor

The Economic and Financial Crimes Commission has secured a five-year conviction of a former Managing Director of Bonghe Micro Finance Bank, Grace Karka, for her role in a N32m fraud, with an option of fine.

The PUNCH learnt in a statement by the EFCC on Thursday that the agency received a petition from the bank alleging that the defendant transferred N32m while she was the bank’s MD to an unknown account.

The statement noted that the petitioner said the fraudulent act was discovered during an audit of the bank’s account domiciled with a commercial bank.

She was subsequently arraigned before Justice Benjamin Lawan Manji of the Adamawa State High Court on counts of criminal conspiracy and cheating.

One of the charges read: “That you, Grace Andreas Karka and Prince Moses Batalu, between August 2020 and March 2021 in Yola, Adamawa State, within the jurisdiction of this honourable court, did agree amongst yourselves to do an illegal act, to wit theft of N66,792,960.00 from Bonghe Micro Finance Bank Nigeria Limited (account number 2013668857 domiciled with First Bank Nigeria Limited) by dishonestly moving the said sum without necessary approval, contrary to Section 61(2) of the Adamawa State Penal Code Law 2018.”

According to the statement, the defendant was arraigned in November 2024, but she pleaded not guilty, which led to a full trial.

The EFCC said during the trial, the prosecutor presented witnesses and tendered several documents, while the defendant presented three witnesses.

Following the trial, the judge found the defendant guilty and sentenced her to five years’ imprisonment.

“Justice Manji, on October 17, 2025, while delivering judgment, said the prosecution proved the case beyond a reasonable doubt and convicted the defendant accordingly on counts one and two.

“The judge also sentenced Karka to five years’ imprisonment with an option of N3m each on counts one and two. The sentence is to run concurrently.

“In addition, the court ordered the convict to restitute the balance of N29,877,040 to the petitioner,” the statement added.

This is not the first time a former bank MD has been jailed for fraud.