Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered 54 banks to immediately return a total of N9,329,322,870 fraudulently transferred by hackers from an unnamed old generation bank.

The judgment, delivered on April 15, 2025, follows an ex parte motion filed in suit number FHC/L/CS/629/2025.

The court directed the financial institutions to place a Post No Debit restriction on all accounts that received the stolen funds and to begin the immediate return of all available funds to the originating bank.

The plaintiff bank reported that on March 23, 2025, a breach in its core banking system resulted in unauthorised debits from multiple customer accounts.

The stolen funds—amounting to over N9.3bn—were then dispersed across accounts in 54 financial institutions.

Upon detection of the incident, the bank said it promptly alerted the institutions involved and began tracking the disbursements.

The investigation revealed that the funds were transferred in multiple tranches from the bank into primary accounts and subsequently rerouted to other accounts held by secondary and tertiary beneficiaries.

Justice Dipeolu ruled that the affected banks must provide details of the implicated accounts, including balances and amounts already transferred.

The judge further ordered the immediate return of all recoverable funds to the plaintiff bank.

The financial institutions are also to share comprehensive customer data related to the transactions, including names and destination accounts.

Restrictions are to be maintained on all accounts that received any portion of the funds until full recovery is made, limited to the amount each received.

The judge clarified that the ruling applies strictly to erroneously transferred funds and does not infringe on other customer deposits.

“For the avoidance of doubt and for clarity, the order is only in respect of funds erroneously transferred and sums salvaged,” the ruling emphasised.

Justice Dipeolu concluded that the stolen funds “belong to the plaintiff and not the customers of the respondent banks,” affirming the court’s authority to direct full restitution.

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has assured Nigerians that the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, will be investigated in response to growing public demand.

This assurance was delivered on Wednesday by Winifred Adekunle, a Deputy Director at the Federal Ministry of Justice, while addressing a group of protesting lawyers who marched to the ministry’s headquarters in Abuja to submit a petition calling for Kyari’s immediate investigation and arrest.

The demonstration marked the second consecutive day of protests at the AGF’s office over alleged corruption involving Kyari and the NNPCL.

 On Tuesday, a civil society group under the banner of Concerned Citizens Against Corruption staged a protest, demanding a full investigation into Kyari’s financial dealings during his tenure. 

Addressing the Wednesday’s protesters, Adekunle stated, “Your petition will receive immediate attention. There will be a response, and the issues raised will be addressed appropriately. Rest assured, the Attorney General and the Solicitor General are people you can count on. Your demands will not be ignored.”

On Wednesday, members of the Guardians of Democracy and Rule of Law, a coalition of legal professionals, submitted a detailed petition dated April 23, 2025 against Kyari.

Signed by the group’s Convener, Emmanuel Agada, and National Secretary, Jonathan Uchendu, the petitioners alleged that Kyari’s leadership of the NNPCL was plagued by corruption and shrouded in secrecy.

They described Kyari’s tenure as “a racket run in favour of friends and associates,” and criticizes the Federal Government for failing to investigate him thoroughly after his removal—an action taken only after widespread public pressure.

The group expressed outrage over alleged financial irregularities in the rehabilitation and re-streaming of government-owned refineries, claiming that funds expended do not reflect tangible results.

One example cited is the claim that Matrix Energy Limited invested $400m in the Port Harcourt Refinery, despite an earlier $1.5bn approval by the Federal Executive Council for the same project.

The petition also raises concerns over the NNPCL’s reported $2m billion debt to Matrix Energy, allegedly serviced through daily crude oil allocations of 80,000 barrels.

The lawyers questioned why the Federal Government is indebted to Matrix Energy, why the debt is being serviced with crude oil, who negotiated these transactions, and why the public has been kept uninformed.

They urged the Attorney General to review all agreements entered into by the NNPCL under Kyari’s leadership, investigate the transactions in order to recover misappropriated funds, and identify those responsible for the financial discrepancies.

They also called for a fact-finding probe to quantify the financial losses and recommend concrete recovery steps.

Additionally, the group requested the establishment of a commission of inquiry into the NNPCL’s handling of refinery rehabilitation projects under Kyari and the sacked board.

They emphasised that a thorough and transparent probe would promote accountability, deter future misconduct, and help prevent the recurrence of similar financial mismanagement.

The group  reaffirmed its willingness to support the AGF in conducting an exhaustive investigation.

The total number of local and foreign companies exempted from remitting tax revenue to government coffers increased to 105 as of December 2024, The PUNCH reports. Dangote Fertilisers, Mikano International Limited, and 103 others are included in this list.

This came amid uncertainties over the programme’s effectiveness and the government’s announced plan to discontinue the policy as part of a broader strategy to boost its dwindling revenue base.

The Federal Government, through the Nigerian Investment Promotion Commission, approved tax holidays for 22 new companies under the Pioneer Status Incentive scheme, raising the total number of beneficiaries to 105 in the final quarter of the year.

This comes after the number of participating firms rose to 104 in the first quarter, declined to 88 in the second quarter, and dropped to 83 in the third quarter. 

This was disclosed in the latest Pioneer Status Incentive reports released by the Nigerian Investment Promotion Commission and obtained by our correspondent on Wednesday.

Findings by The PUNCH also revealed that since the Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, announced in September 2023 that the committee would conduct a comprehensive review of tax waivers, aligned with the roadmap set by the previous administration, a total of 25 companies have received regulatory approval for tax exemption for the next three years.

The pioneer status is an incentive offered by the Federal Government, which exempts companies from paying income tax for a certain period. This tax exemption can be full or partial.

Offered under the Industrial Development Income Tax Act with tax reliefs for a three-year period, the incentive is generally regarded as an industrial measure aimed at stimulating investments in the economy. The products or companies eligible for this pioneer status are those that do not already exist in the country.

However, the incentives have been a contentious issue due to the high amount of revenue lost to waivers granted every year. The special tax exclusion has reportedly cost the government an estimated N8tn in lost revenue annually.

Last week, the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, at the 2025 Tax Expenditure Workshop revealed that revenue lost to tax expenditure remains difficult to quantify due to poor data availability across relevant government agencies.

He said this is because tax incentives are not properly weighed against their real economic benefits, which makes it hard to know their true cost and creates room for unverified tax expenditure figures in different quarters.

Adedeji said, “It has been argued that the government is losing revenue through tax incentives, which have been difficult to quantify due to limited data availability. In granting tax incentives by the government, there are expected benefits to be derived from the entities that enjoy these incentives, such that if adequately quantified when analysing the Tax Expenditures in terms of socio-economic impact will show that the actual financial cost to government vis – a viz benefits will be minimised, and a positive developmental curve or growth curve will be observed.”

To address the ongoing challenges, the government has proposed four new tax bills aimed at stimulating economic growth and attracting investment, including a new tax credit scheme (the Economic Development Incentive) intended to replace the existing Pioneer Status Incentive. However, the legislative process has stalled at the National Assembly, delaying implementation.

The Presidential Tax Committee Chairman, Taiwo Oyedele, said the development incentive is designed to stimulate real economic activity by tying tax relief directly to verifiable investments.

The proposed tax credit or EDI is a departure from the one-size-fits-all model. Instead, it’s structured around priority sectors -primarily manufacturing, followed by services and infrastructure – with strong multiplier effects on the economy.

Another key design feature is the introduction of minimum investment thresholds to ensure only scalable and impactful projects qualify. For instance, companies operating in capital-intensive sectors like utilities would need to invest at least N200bn to be eligible for the tax credit.

“The assets used during the pioneer period are essentially frozen in time,” Oyedele explained. “They’re treated as if acquired after the incentive ends—meaning companies only start claiming deductions once the holiday period is over. This creates long-term tax advantages that go well beyond the policy’s original intent.”

Meanwhile, an analysis of the quarterly PSI report showed that the requests of 89 firms to be granted tax holiday were newly received, 213 firms are pending; 34 companies had their applications approved in principle, while 14 firms were granted incentive extensions for another three years to 2027. Another 30 are seeking a renewal application for extension.

The companies with new applications include Aradel Refineries Limited, Pro Pipes and Metal Industries Limited, Transgreen Nigeria Limited, Zen Cylinders Manufacturing Company Limited, Nixn Paper Mill Nigeria Limited, Burn Stoves Nigeria Limited, MDV Sacks Limited, Everest Pulp and Paper Limited, Jolaj Office Products Nigeria Limited, Heven Hauling Limited, KP Hydro Limited, and Levene Photo Voltaic Technologies Limited.

Others are Seelam and Joel Company Limited, Medical Plastics Limited, Padiyath Mayfield Hospital Limited, Afam Three Fast Power Limited, El Tahdam Exploration Limited, Adefolorhunso Energy Network Limited, and Terrahaptix Limited. The applications were received between October 2 and December 17, 2024.

The reports also revealed that investments made by the 107 companies during the year amounted to N2.53tn. They operate in sectors that include manufacturing, solid material, pharmaceuticals, information and communication, trade, construction, waste management, electricity and gas supply, tourism, and infrastructure, among others.

The companies that are benefiting include Dangote Fertilisers, Mikano International Limited, Sinotrucks West Africa Limited, West African Cubes Limited, Jigawa Rice Limited, JMG Nigeria Limited, Rain Oil Limited, Okpella Cement Plc, Greenville Liquified Natural Gas Company Limited, Etsako Cement Company Limited, Gidan Bailu Cement Company Limited, Auxano Solar Nigeria Limited, AP LPG Limited, Karma Agric Feeds and Foods Limited, and Agrira West Africa Limited.

Additional beneficiaries of the Pioneer Status Incentive include H & W Rice Company Limited, Segilola Resources Operating Limited, Sifax Marine Limited, Ocean & Cargo Terminal Services Limited, Hulhulde Rice Mill Limited, and O2O Network Limited, Villextra Technologies Limited, Flex Films Africa PVT Limited, Addmie Nutrition Limited, Century Minning Company Limited, Eastcastle Infrastructure Nigeria Limited, Ecovista Industries PVT Limited, The Safron Hotel Limited, Green Recycling Industries Limited, and Fouani Nigeria Limited.

Additional companies that have received Pioneer Status Incentive approvals include Al-Wabel Rice Mill Limited, Royal Salt Industries Limited, Mustang Industries Limited, Kam Steel Integrated Company Limited, Alef Recycling Company Limited, IRS Pasta Limited, JMG Limited, Tiloc Nigeria Limited, Johnwood Hotel Limited, Mafa Rice Mills Limited, and Shafa Energy Limited.

Economic experts have repeatedly raised concerns about the transparency and objectivity of the Federal Government’s tax waiver approvals, even as they acknowledge the crucial role such incentives play in stimulating economic growth.

The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, also noted that there was nothing wrong with waivers if they were in line with tax policies.

He noted that tax incentives were necessary to encourage investment and the establishment of some pioneer businesses.

He said, “The whole idea of incentives is to grow the economy. When you are growing the economy, you are not only looking at revenue, you are looking at employment and multiplier effects. In the medium to long term, you will get this revenue by the time you are able to grow these investments. It is inappropriate to see it as revenue loss unless the incentive policy itself is discriminatory.”

He stressed that the process should be transparent and seen as an effort by the government to grow the economy.

The Vice Chairman of Agege Local Government  Area in Lagos State, Mr Oluwagbenga Abiola,  has withdrawn his interest to vie for the chairmanship position of the LG in the upcoming July 12, 2025 council election.

Abiola said he stepped down for Abdulganiyu Obasa, son of the Speaker of the Lagos State House of Assembly, Mudashiru Obasa.

Abiola, who is a political protégé of  the Speaker, says his decision was borne out of his loyalty to Obasa, denying that he was forced to step down.

Speaking to the News Agency of Nigeria on Wednesday in Lagos, Abiola affirmed his loyalty to the party and to Speaker Obasa.

Speaking to the News Agency of Nigeria on Wednesday in Lagos, Abiola reaffirmed his commitment to the party and to Speaker Obasa.

He emphasised that his withdrawal was a voluntary and conscious choice in support of Obasa’s son.

On Monday, Agege stakeholders had urged Obasa to allow his son, Abdulganiyu, to contest the council chairmanship, citing the Speaker’s significant contributions to the development of Agege and his long-standing political influence in the area.

In response to rumours that he had been pressured to withdraw, Abiola made it clear that he remained deeply appreciative of Obasa’s role in his political career.

He further pledged his full support for the Speaker’s leadership, stating that he would never act against the party’s direction or Obasa’s guidance.

“I will never go against my leader, Mudashiru Ajayi Obasa. This is the man who made me,” Abiola stated. “He appointed me Special Assistant on Media when he became Speaker in 2015.

In 2016, I was appointed Sole Administrator of Agege LGA, thanks to his recommendation to the governor. That appointment made me the youngest council boss in Lagos State at the time.

“In 2017, I became Secretary to the Local Government, and in 2021, Vice Chairman — all through the party’s and Speaker’s support. So, why would I oppose a man who built me politically and helped me grow in experience and influence?”

Although Abiola admitted to having aspired to the chairmanship, he made it clear that he respected the party’s collective decision.

“Yes, I aspired. Every Vice Chairman dreams of becoming Chairman. But the party has spoken, and I fully agree. Leaders and stakeholders have united. They’ve asked the Speaker to allow his son to contest, and I respect and support that,” he stated.

Abiola also expressed his commitment to serving the people, stating that he believed greater opportunities would come in the future.

“I trust my leader. He knows what’s best and can recommend me for even greater responsibilities when the time is right,” he said. “I’m still young and full of energy. I’ll work for the party and ensure we achieve victory.”

Abiola said he  had instructed members of his Obasa Youth Alliance to fully support the party’s decision.

Protesters allege candidates imposition

Members of the ruling All Progressives Congress  in the Ojokoro Local Council Development Area, Lagos State, staged a protest on Tuesday against the alleged imposition of candidates for the upcoming July 12 local government election.

The protest followed a similar demonstration that took place during a party stakeholders’ meeting on April 14, which ended abruptly due to similar grievances over candidate selection.

On Tuesday, supporters of various chairmanship aspirants gathered at the APC party secretariat before marching to the council secretariat to express their dissatisfaction with the alleged candidate imposition.

Some protesters chanted slogans such as “He is not part of us, no room for strangers in our LCDA,” “Elders and leaders are to build things, not destroy them,” and “We want an indigenous leader, not a stranger.”

Others raised their fists in the air while chanting, “Don’t sell Ojokoro to strangers,” “Don’t give us a stranger,” and “We want people from within, not outsiders.”

Protesters also carried placards with messages like “We don’t want it, we don’t like it, strangers cannot lead us,” “Hon. Ojelabi, save APC Ojokoro,” “No imposition, Obasa is forcing it on us,” and “We demand a free and fair process.”

Speaking with the News Agency of Nigeria,  one of the protest leaders, Olusegun Akinoso-Olawaye, urged the party leaders not to ratify any imposed candidates.

He stated, “Don’t place a leader on the people. Let all aspirants go to the field for free and fair primaries. We are not for violence; we are APC members, and we will not allow imposition. Many of these aspirants have spent their hard-earned money on the party, and we cannot allow their aspirations to be scuttled. We cannot let our house be led by strangers.”

Akinoso-Olawaye emphasised the need for all aspirants to have the opportunity to test their political relevance in a fair contest.

He also drew attention to President Bola Tinubu’s participation in party primaries at the presidential level, stating that all aspirants should be allowed to test their popularity in the same way.

Another protest leader, Mrs Raimot Bello, added that the protest was aimed at preventing the installation of an unfamiliar figure as the next council chairman, which they believed would be detrimental to the party.

Other protesters, including Alhaji Karimu Yusuf and Prophet Kayode, alleged that APC leaders were planning to impose a “stranger” as the chairmanship candidate for the council.

Addressing the protesters, the Chairman of Ojokoro LCDA, Mr. Hammed Tijani, commended the demonstrators for their peaceful conduct and assured them that no one would be imposed as a candidate.

“There is nothing like imposition. Meetings are still ongoing. We are all APC members, and the party will not be destroyed. I want to assure you that there is nothing like imposition; we are sorting out a lot of things,” Tijani said.

Also speaking, the APC Chairman in the council, Mr. Jelili Oseni, assured the protesters that Ojokoro would not descend into violence.

“Those who have worked for the party will be rewarded. There is no imposition here,” Oseni stated.

NAN reported that during the protest, party leaders and stakeholders, including former Lagos Assembly member Mr. Ipoola Omisore and former House of Representatives member Mr. James Owolabi, were present at the council secretariat.

President Bola Ahmed Tinubu has entered a closed-door meeting with top security officials amid escalating violence in parts of the country.

The meeting, currently underway at the President’s official residence in the Aso Rock Presidential Villa, began shortly after 3:00 p.m. on Wednesday. It comes in the wake of growing insecurity, particularly in Plateau, Benue, and Borno States.

A heavy flow of vehicles carrying service chiefs, including heads of the Army, Navy, Air Force, and the Inspector-General of Police, into the Villa have been observed earlier in the afternoon.

The meeting follows Tinubu’s return to Abuja late Monday after an 18-day working visit and policy retreat in Paris and London. According to sources, the President had been closely monitoring developments back home and had been issuing directives to security agencies while abroad.

Human rights activist and lawyer, Deji Adeyanju has said that President Bola Tinubu would not lose an election he conducts.

Reacting to the defection of key members of the People Democratic Party (PDP) including the governor of Delta State, Sheriff Oborevwori, the lawyer said it is too late for Peter Obi and Atiku Abubakar to win the 2027 election.

According to Adeyanju, it will still be impossible to oust Tinubu in 2027 with Obi and Atiku on a joint ticket.

In a post in X, Adeyanju said, “Even if Atiku & Obi are on a joint ticket now, it’s too late.

“Tinubu will not lose an election Tinubu conduct,” he wrote.

He also stated that the luckiest opportunity the duo ever had against Tinubu was in 2023.

His words, “They had their luckiest chance in 2023 but they kept playing to the gallery and entertaining their supporters. And Buhari was ready to work with them.”

Recall that Atiku have been championing a coalition plan with key political leaders across the country.

Some of these leaders include a foemer governor of Kaduna State, Nasir El-Rufai who recently dumped the All Progressives Congress (APC) for the Social Democratic Party (SDP).

Benue State Governor, Hyacinth Alia, has appointed Nigerian music legend Innocent Idibia, popularly known as TuFace, as his Technical Adviser on Entertainment and Community Outreach.

In a viral video on Wednesday, Alia praised TuFace for all the support towards his administration.

The governor stated that TuFace can do more.

He stated, “On behalf of the Benue State government and our very good people, we want to give you some more responsibility plus the ones you have been doing because you have the capacity to do some more and help us chart a way forward to improve other people’s lives and to gain more from your wisdom and advise as well.

“So, I’m pleased to announce that we will make you a technical adviser to the governor on entertainment and community outreach.”

Delta State Governor, Sheriff Oborevwori, the immediate past governor, Ifeanyi Okowa, and all members of the Peoples Democratic Party in Delta State have defected to the All Progressives Congress.

The announcement was made on Wednesday in Asaba, the Delta State capital, by Senator James Manager, shortly after a meeting that lasted over six hours at Government House, Asaba.

Manager stated, “All PDP members in the state, including the governor, former Governor Okowa, the Speaker, the state party chairman, all the local government chairmen and others, have agreed to move to the APC.

“We cannot continue to be in a sinking boat,” he said.

The Delta State Commissioner for Information, Mr Aniagwu Charles, officially confirmed the governor’s defection and the collective decision of Delta PDP leaders and stakeholders to join the APC.

“There is a need for us to adjust our drinking patterns. And in adjusting that drinking pattern, we needed to make a decision that would further help to cement the development in our state, to build the court of law that has existed in our state, to further advance the cause of security and the welfare of our people, and, to a large extent, ensure that development in Delta is not truncated,” Aniagwu stated.

He continued, “In taking that decision, we concluded that leaving the PDP was very necessary for us to be able to collaborate and build a state that every Deltan will be proud of. We believe that what is happening, and the state of the PDP, is akin to that palm wine whose taste has changed — and there was a need for us to change the drinking party.”

Charles added that the decision was unanimously made by party leaders and stakeholders, hinting at a formal public declaration soon.

“By the grace of God, on Monday next week, we will be able to make a very big statement confirming that we are moving into the APC,” he said.

The move marks a significant turning point in Delta State politics, signalling a broader political recalibration that could reshape party dominance in the South-South region.

The commissioner for information in Akwa Ibom State, Aniekan Umanah has explained the rationale behind Governor Uno Eno’s support for President Bola Tinubu.

Umanah said reports of possible defection of the governor from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) is not feasible.

According to Umanah, Governor Eno’s endorsement of the President and Senator Godswill Akpabio is a strategic act of enlightened interest for the state.

He added that such moves by the governor are aimed at unlocking the federal collaborations and all benefits due to the people of Akwa Ibom state.

“This growing synergy has already begun yielding visible benefits and will further facilitate key initiatives like the Ibom Deep Seaport, and Ecological Remediation, amongst others.”

“These leaders have shown clear goodwill toward our State and have publicly acknowledged the Governor’s exceptional performance. This is leadership with foresight,” Umanah said.

The 2023 presidential candidate for the Labour Party, Peter Obi on Wednesday announced that he visited Rome to pay his final respect to the late Catholic Pontiff, Pope Francis.

In a post made on X, Obi said he joined Francis Cardinal Arinze and other global dignitaries and mourners at St. Peter’s Basilica.

Obi in the post titled, “Legacy of Light: What Pope Francis Taught the World” said the lying-in-state ceremony of the Pope was a moment of deep reflection.

He wrote, “Pope Francis was more than a Pontiff; he was a moral light in a world darkened by inequality and indifference. His life was a testament to leadership as a sacred duty, one rooted in compassion, truth, and service to the poor and marginalised. He lived for others, spoke for the voiceless, and reminded us all that leadership must be about lifting others, not self-exaltation.

“I came to truly appreciate what he stood for after my appointment as a member of Scholars Occultantes – an international circle of thinkers he founded during his time as Archbishop,” he said.

He added that the organisation has been dedicated to truth, ethical leadership and social justice.

According to Obi, his meeting with the late Pope before his passing was a blessing to him and had lasting impressions on him.

“He radiated peace and inspired faith, and his presence was a quiet yet powerful reminder of the divine responsibility that leadership entails. His humility was infectious, his vision deeply human.

“As we mourn this great soul, I urge political, religious, and community leaders, especially across Africa, to reflect on his life and commit to the values he upheld: justice, peace, and human dignity. Let this moment not just be one of mourning, but a call to lead with conscience, walk with the people and govern with love,” Obi wrote.