News

Money Laundering: Use Your Accounts For Politicans, Companies, Go To Jail – EFCC Warns Nigerians

Published

3 years ago

August 11, 2023

The Economic and Financial Crimes Commission (EFCC), has warned Nigerians not to allow politicians use their bank accounts or companies to launder money.

The commission declared that anyone, be it friends, associates or family members, who allows those regarded as politically- exposed persons (PEP) to use their bank accounts or companies in order to launder money could be jailed.

EFCC Acting Executive Chairman, Abdulkarim Chukkol, made these declarations while speaking at a one-day workshop on effective reporting of economic and financial crimes.

The workshop, which was attended by journalists from print, electronics and online media, was held on Thursday at the EFCC Zonal Command Office, Iyaganku in Ibadan, the Oyo state capital.

Chukkol, who spoke through the Acting Zonal Commander of the EFCC, Ibadan Zonal Command, Halima Mustapha Rufa’u, insisted that family members and friends of politicians and others holding political offices run the risk of going to jail if they allow their companies or bank accounts to be used to launder proceeds of illegal activities.

Chukkol, in his address, said that under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically- exposed persons.

“A key component of this framework is the reinvigorated Special Control Unit against Money Laundering, SCUML which is driving the fight against money laundering and illicit financial flows among Designated Non-Financial Businesses and Professions, DNFBPs. There is now a more robust regulation of the activities of these entities, which are vulnerable to money laundering.

“On this score, I would like the media to educate family members and friends of politicians and others holding political offices that they run the risk of going to jail if they allow their companies or bank accounts to be used to launder proceeds of illegal activities.

“Under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically exposed persons.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

1 hour ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.