Business
Cryptocurrency Portrays Greater Danger To World Economy, EFCC Raises Alarm
Published
4 years agoon
By
Editor
Our Reporter, Abuja
Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.
The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?,’ organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.
READ ALSO: Accomplices On The Run As EFCC Arraigns Suspect For N425m Internet Fraud
Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.
He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.
According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.
He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”
He commended the choice of the theme which he said offers a platform to interrogate the challenges of economic crimes.
“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.
He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”
While highlighting some of the transparency and accountability achievements of the Nigerian government under the leadership of President Muhammadu Buhari, including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others; Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.
READ ALSO: EFCC Declares Lekki Cybercrime Hotbed, Arrests 402 Suspects In 3 Months
In his words, “Since its establishment in 2003, the Commission has recorded no less tha 3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.
The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.
Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.
Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the world.
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Business
‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Published
2 days agoon
September 13, 2025By
Editor
The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”
Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.
But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.
However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.
On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”
Just Jude (@JustJude) asked bluntly: “Is it your deception?”
Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”
Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”
CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”
Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”
READ ALSO:Union Gloves vs Corporate Fists: The Dangote–NUPENG Showdown
Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”
Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”
Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”
Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”
READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute
Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”
Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”
Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”
Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”
And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”
READ ALSO:NUPENG Mobilises Tanker Drivers, Petrol Attendants, Others For October 3 Strike
Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).
The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.
Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.
The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.
Business
Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
Published
2 days agoon
September 12, 2025By
Editor
Dangote Refinery has reduced its premium motor spirit retail price nationwide.
This is as it announced Monday, September 15, 2025, as the new date to begin the direct petrol distribution initiative.
The initiative, which Dangote Group had earlier announced would kick off on August 15, 2025, would see the $20 billion plant distribute petrol and diesel to consumers with its 4,000 compressed natural gas trucks at zero logistics cost.
The 650,000-barrel-per-day refinery said its new gantry price is N820 per litre, the same price announced last month.
READ ALSO:
The company, which is currently in a face-off with the Nigerian Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), disclosed this in a fresh price template released by Dangote Group on its X account.
With the new price template, in Lagos, Oyo, Ogun, Ondo, and Ekiti, Dangote Refinery’s petrol retail price stands at N841 from N860 per litre.
In Abuja, Edo, Delta, Rivers and Kwara states, the largest African refinery’s retail price is N851, down from N885 per litre.
This means that Dangote Refinery will deliver its petrol directly to willing consumers in Lagos and the South-west states at a reduced retail price of N19, while in Abuja, North Central, and the South-South, it will be a N34 reduction.
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It stressed that the new price template and direct fuel distribution scheme are expected to take effect on Monday, September 15, 2025.
Meanwhile, the Dangote Refinery price template is not binding on petroleum marketers and retailers except MRS and its other distribution partners, according to DAILY POST.
NUPENG on Thursday announced that it may return to strike against Dangote Group, alleging that the company reneged on its recent resolutions.
However, Dangote Group said it respects the voluntary membership of unions by its workers.
Business
FG Gives Criteria For Opening Bank Accounts
Published
2 days agoon
September 12, 2025By
Editor
From January 1, 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number, Tax ID, to open or operate bank accounts.
The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.
Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.
READ ALSO:FirstBank’s Digital Banking Channels Suffers Downtime
For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.
To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.
The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.
Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.
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