The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270 million) from international airline accounts.

CSP Benjamin Hundeyin, command’s spokesperson, disclosed the arrests on Monday during a press briefing at the state police headquarters in Ikeja.

According to CSP Hundeyin, “The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

“The fraud was uncovered when the affected bank detected unauthorized transactions and alerted the police.”

Explaining further, the spokesperson said: “Subsequent investigations led to the arrest of the following suspects: Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.

Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.

Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being transferred to multiple other accounts, making it harder to trace. Authorities are now working to track down additional accomplices and recover the remaining funds.

“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.

Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

Tony Elumelu, founder, TEF, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.

He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.

Elumelu, who is also chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change,” he said.

He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.

Somachi Chris-Asoluka, chief executive officer (CEO), TEF, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

According to Chris-Asoluka, these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.

“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.

She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.

National Environmental Standards and Regulations Enforcement Agency (NESREA) has urged Nigerians to dispose of used batteries responsibly to prevent environmental and health hazards.

Innocent Barikor, director-general of NESREA, stressed the need to upgrade the lead-acid battery recycling sector in Nigeria and Africa.

He told Vanguard Newspaper recently that improper disposal of batteries poses severe risks to public health and called for strict adherence to environmental regulations.

He noted that Nigeria had already introduced regulations for the battery sector and emphasized the need for enforcement.

Barikor also highlighted the importance of standardizing battery recycling regulations across Africa, stressing that non-uniform policies hinder progress.

He further noted that the recent international conference was organized to bring together stakeholders and experts from other countries to discuss solutions and best practices for improving lead-acid battery recycling in Africa.

He said, “Nigerians should simply avoid breaking batteries. There are registered collectors trained to handle used batteries. If you’re through with your battery, send it to the people who know how to collect and dispose of it properly.

“The regulation is not meant to shut down businesses but to ensure batteries are handled responsibly. More batteries will be needed due to the transition to green energy, but we must prevent lead contamination.

“Part of the challenge we have today is the lack of standardization among African countries. If regulations are uniform, companies will have no choice but to comply,” he said.

Also speaking, Dr. Leslie Adogame, executive director, Sustainable Research and Action for Environmental Development (SRADeV), called for cleaner recycling technologies in the lead-acid battery sector.

According to Adogame, a policy framework was developed following global concerns over Nigeria’s lead recycling practices, which led to increased scrutiny from international investors.

He explained that European investors buying lead from Nigeria had cut ties with some facilities due to pollution concerns, which prompted regulatory changes.

He said, “When we examined the industry, we found many sharp practices under the guise of recycling. While recycling is good, brown recycling—where pollution is not controlled—is harmful.

“You cannot put the economy above people’s health. If facilities must be shut down to protect lives, then that’s what should be done,” he stated.

On the adoption of cleaner technologies, Adogame added, “We are not promoting a particular technology, but industries must embrace best practices. If you must recycle, use equipment that does not pollute the environment.”

Meanwhile, Andreas Manhart, coordinator of the Partnership for Responsible Battery and Metal Recycling (ProBaMet),  highlighted efforts to improve lead-acid battery recycling in Nigeria.

He noted that informal recycling practices contribute to severe pollution and called for sustained efforts to protect public health.

“The project has introduced improved recycling technologies, trained recyclers, and worked with government agencies to enforce stricter regulations.

“Continuous enforcement of environmental laws, investment in modern recycling facilities, and stronger collaboration between stakeholders are necessary to minimize lead contamination,” he added.