News
FG Auctions Drug Barons’ Forfeited Hotel, Assets For N6bn

The Federal Government has raked in a total of N6,148,964,000 through a public auction of a Lagos hotel and three other prime properties confiscated from convicted drug kingpins by the National Drug Law Enforcement Agency (NDLEA).
The revenue was realized following a competitive bidding process for eight assets forfeited by narcotics barons across Nigeria.
While four properties were successfully sold to bidders who surpassed the government’s reserved prices, bids for the remaining four assets failed to meet the baseline valuation and were subsequently withdrawn.
Announcing the results at the bid opening ceremony held at the NDLEA Headquarters in Abuja on Monday, the Head of the Asset Recovery and Management Unit of the Federal Ministry of Justice, Tamarantare Francis Ali-Bozi, declared the estate firm of Tope Ojo and Tunde Olonishakin as the winner of a six floor hotel in Victoria Island, Lagos, with a winning offer of N5.9 billion.
READ ALSO: Revenue: IMF Asks FG To Impose Fuel, Telecom Taxes
Other successful institutional buyers included FSS Limited, which acquired a property in Lekki Phase 1, Lagos, for N219,500,000, A-BNB Global Innovations Limited, which won a block of flats in Ejigbo, Lagos, for N104 million and Fazeen Global Link Limited, which secured a property in Akure, Ondo State, for N29,360,000.
Chairman and Chief Executive Officer of the NDLEA, Brigadier-General Mohamed Marwa (rtd), who was represented by the Agency Secretary, Shadrach Haruna, emphasized that the disposal of the assets marks a significant triumph for the rule of law.
He said: “Public auctions such as this serve a broader national purpose. Beyond generating revenue for the Government, they reinforce public confidence in the rule of law, demonstrate accountability in the management of recovered assets, and send a clear message that criminal proceeds will not be allowed to remain in the hands of those who seek to profit from the misery and destruction caused by illicit drugs.”
The NDLEA boss assured that the agency remains steadfast in its determination to strengthen Nigeria’s asset recovery framework to ensure that confiscated wealth is managed and disposed of in a transparent, lawful, and publicly beneficial manner.
READ ALSO: FG Summons S. African Envoy Over Rising Xenophobic Attacks On Nigerians
“We shall continue to pursue drug traffickers, dismantle criminal networks, recover the proceeds of crime and uphold the rule of law without fear or favour,” he added.
Speaking on the regulatory compliance of the exercise, General Marwa noted that the entire process adhered strictly to the statutory provisions of the Proceeds of Crime (Recovery and Management) Act, 2022, and the Public Procurement Act, 2007.
He disclosed that all the auctioned properties were professionally valued by the Federal Ministry of Housing and Urban Development, while an extensive security background check was conducted by the Bureau of Public Procurement (BPP) to ensure no auctioneer with ties to illicit narcotics syndicates participated in the exercise.
The public auction was witnessed by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), civil society organisations, pre-qualified auctioneers, and the media.
News
Man Charged After Fatal Southall Collision
A 20-year-old man has been charged after a fatal road collision in Southall, west London, which claimed the life of a 17-year-old passenger.
The Metropolitan Police said officers were called at about 1:04 a.m. on Saturday, September 19, following reports of a collision involving a Ford Mustang on South Road, Southall.
Officers attended the scene alongside paramedics from the London Ambulance Service and firefighters from the London Fire Brigade.
Despite efforts by emergency responders, 17-year-old passenger Ranbir Singh died at the scene.
His next of kin have been informed and are being supported by specialist officers.
READ ALSO:
Another passenger, a 26-year-old man, sustained serious injuries in the collision and remains in hospital, according to police.
The driver of the vehicle, Sukhveer Singh, 20, of Townsend Road, Southall, was arrested at the scene.
He was subsequently charged on Sunday, September 20, with causing death by dangerous driving, aggravated vehicle taking and dangerous driving.
He was also charged with driving otherwise than in accordance with a licence and using a vehicle without insurance.
Singh appeared before Uxbridge Magistrates’ Court on Monday, September 21, and was remanded in custody.
He is due to appear at the Old Bailey on Monday, October 19.
READ ALSO:
Detective Inspector Fiaz Janjua, from the Serious Collision Investigation Unit, said: “This is a truly tragic incident in which a young man has lost his life and another remains in hospital with serious injuries.
“Our deepest sympathies remain with Ranbir’s family and friends, who continue to be supported by specially trained officers. during this extremely difficult time.
“While a man has now been charged in connection with this collision, our investigation remains ongoing and we are continuing to establish the full circumstances leading up to the incident.
READ ALSO:
“I would ask anyone who witnessed the collision, the manner of driving beforehand, or the movements of the Ford Mustang in the Southall area during the early hours of Saturday, 19 September, to come forward.”
Police are particularly appealing to anyone who may have CCTV footage, doorbell recordings, mobile phone footage or dashcam recordings that could assist the investigation.
The Met urged anyone with information to contact police on 101, quoting reference 01/8080469/26.
The force said the investigation remains ongoing as detectives work to establish the circumstances leading up to the collision.
(MetPolice)
News
Iranian Airlines Hit By US Sanctions As Oil Prices Rise On Saudi Attacks

Iranian airlines have been barred from operating in several neighbouring countries following the implementation of new US sanctions, as the wider Middle East conflict continued to put pressure on regional energy supplies and push oil prices higher.
The United Arab Emirates suspended all flights operated by Iranian airlines until further notice after a US deadline for companies around the world to stop doing business with Iran’s aviation sector expired.
Iran’s Tasnim news agency also reported that flights to Oman, Georgia, Azerbaijan and Baghdad had been halted. Iranian authorities were reportedly working to redirect some services to Najaf in Iraq.
The measures are part of a broader US effort to isolate Iran economically by imposing sanctions on companies in third countries that continue doing business with Iranian firms.
Washington had set September 23 as the deadline for companies worldwide to comply with restrictions targeting Iranian airlines, with the stated aim of grounding Iran’s entire civilian aircraft fleet.
READ ALSO: Iran War Is ‘Small Potatoes’ For US – Trump
The restrictions have already affected Iran’s international air links, with Tehran’s Imam Khomeini Airport showing scheduled services to countries including Afghanistan, Armenia, China, Iraq, Pakistan, Tajikistan and Turkey, but no flights to or from several Gulf states.
Iran has warned that neighbouring countries complying with the US restrictions could face retaliation.
A senior Iranian official warned on Wednesday that airports in countries enforcing the ban could be made “unusable”.
The latest sanctions came as tensions across the region continued to affect global energy markets.
Oil prices rose sharply on Thursday after Yemen’s Iran-backed Houthi fighters launched missile attacks against Saudi Arabia, raising fresh concerns about disruptions to crude supplies.
READ ALSO: Iran Plans New Restricted Gulf Zone As Hormuz Tensions Rise
Saudi Arabia said it intercepted six ballistic missiles fired by the Houthis towards areas including Taif and the Yanbu region on the Red Sea.
Yanbu is particularly important to Saudi Arabia’s oil-export strategy because the port provides an alternative route for crude when shipments through the Strait of Hormuz are disrupted.
Brent crude futures settled at $106.60 a barrel, gaining $3.52, or 3.4 per cent, while US West Texas Intermediate crude rose $2.45, or 2.7 per cent, to settle at $94.61.
Both benchmarks had risen by about 5 per cent at their session highs. Brent recorded its highest closing price since September 15, while the gain represented WTI’s first rise after six consecutive sessions of losses.
The price increase came despite signs that diplomatic efforts between Washington and Tehran could eventually ease pressure on oil supplies.
READ ALSO: Iran Executes Man Accused Of Aiding US, Israel
Reuters reported that US and Iranian negotiators in New York were exploring a possible phased agreement under which Iran would reopen the Strait of Hormuz while the United States eased its economic blockade of Iran.
The Strait of Hormuz is a crucial global oil route and its disruption has been a major factor behind the volatility in energy markets during the conflict.
The prospect of negotiations helped crude prices retreat from their intraday highs.
The wider conflict has also affected Saudi Arabia’s ability to export crude. Saudi Arabia has been using its East-West pipeline to divert oil towards the Red Sea after disruptions to Gulf shipping routes. The country has been working to restore export capacity through Yanbu.
READ ALSO: Burutu Ex-Aspirants Trash Vote Of Confidence On Takeme, Demand Probe Of ₦23.7bn Council Funds
Meanwhile, the latest US sanctions threaten to deepen Iran’s economic isolation.
President Donald Trump previously described the expanded sanctions strategy as “economic D-Day”, referring to Washington’s attempt to increase pressure on Tehran by targeting companies outside Iran that continue to do business with sanctioned Iranian entities.
Iranian authorities have warned that the sanctions and wider blockade could worsen the country’s economic difficulties.
The latest developments have therefore created two competing pressures for oil markets: continued military escalation around major energy infrastructure and shipping routes could push prices higher, while progress in US-Iran negotiations and a reopening of the Strait of Hormuz could ease supply concerns.
(Reuters)
News
Report: UK Considers Raising Tax-free Allowance To £15,570

The UK government is reportedly considering increasing the personal income tax allowance from £12,570 to £15,570, a move that could leave millions of workers with more disposable income and prevent most state pensioners from paying tax on part of next year’s pension increase.
The proposal, reported by Sky News citing The Telegraph, would represent the first increase in the personal allowance in five years. The threshold has remained frozen at £12,570 since 2021.
If implemented, the new threshold would be close to the level the allowance might have reached had it continued rising instead of being frozen.
The proposal is being considered by Chancellor John Healey and Prime Minister Andy Burnham, according to the report. It was suggested by Labour donor and Ecotricity owner Dale Vince.
READ ALSO: UK Inflation Rises To Five-month High, Putting Pressure On Bank Of England
Vince said: “If Labour wants to get the economy moving, it should put money into the pockets of people who will spend it.”
He added: “Raising the personal allowance to £15,570 would give millions of people a meaningful boost, with the biggest benefit going to those on the lowest incomes.”
He proposed funding the measure through changes to capital gains tax and by ending interest payments on Bank of England reserves.
“We can pay for it by making the tax system fairer – starting with capital gains and the billions we currently hand to banks in interest,” Vince said.
READ ALSO:Fish Virus Outbreak Hits UK Facilities
However, the government has not confirmed that the proposal will be included in the upcoming Budget.
A Treasury spokesperson said decisions on taxation were matters for the Chancellor to announce at fiscal events, rather than issues the department would “routinely comment on rumour, speculation or proposals”.
The proposed increase could also address an issue facing pensioners.
The UK’s state pension is expected to rise by 3.9% next April under the government’s triple lock system, which guarantees an annual increase based on whichever is highest among inflation, average wage growth or 2.5%.
Provisional wage figures show growth of 3.9%, meaning the full new state pension could increase from £12,547.60 to about £13,036.60.
READ ALSO:Over 150 UK Flights Cancelled After Air Traffic Glitch
That would put the state pension above the current £12,570 personal allowance by approximately £457.
For pensioners with total retirement income below £50,270, that amount would normally be subject to the basic 20% income tax rate, potentially resulting in an annual tax bill of about £91.40.
Increasing the personal allowance to £15,570 would place the projected state pension below the new threshold, meaning pensioners would not pay income tax on the state pension itself, assuming they had no other taxable income.
The proposal comes as the government faces pressure over its finances ahead of the next Budget.
READ ALSO:Top 10 Degrees That Provide Fastest Payback In UK
Official figures showed that the UK public sector borrowed £18.3bn in August, the second-highest borrowing figure recorded for the month. Borrowing for the financial year so far was also £8.1bn above the level forecast by the Office for Budget Responsibility.
The government is therefore expected to face difficult decisions over taxation and spending when the Chancellor delivers the Budget.
Other possible tax changes under discussion include changes to capital gains tax and the proposed high-value council tax surcharge on expensive properties.
No decision on the personal allowance has been announced, and the final policy will depend on the Chancellor’s Budget decisions.
(skynews)
News4 days agoBREAKING: Tinubu Extends Working Vacation
News5 days agoHow 36 Nigerian States Got Their Names
News5 days ago2027: Step-by-step Guide To Applying For INEC Ad Hoc Staff Recruitment
Headline4 days agoHow To Format An Academic CV For US Master’s, PhD Applications
Headline5 days agoNigerian Man Jailed After Masturbating In Front Of Woman On UK Train
News3 days agoOPINION: The Stranger In APC’s Kitchen
News4 days agoBenue Govt Suspends Muslim Pilgrims Welfare Board Chairman, Secretary
News5 days agoStop Acid Reflux Pain: Foods You Must Ban From Your Kitchen
Headline5 days agoMother Admits To Having Sex With Son ‘Only 100 Times’
News5 days ago[OPINION] Wike-APC: Fights Always End Adultery














