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General News

Buhari Queries NNPC’s Multiple Accounts

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President Muhammadu Buhari was visibly angry when he revealed that the Nigerian National Petroleum Corporation (NNPC), has too many bank accounts, describing it as “improper”.

Buhari said either the Ministry of Finance or the corporation itself has lost track of some of the numerous bank accounts.

Buhari, a former petroleum minister and former Nigerian military head of state, spoke in Johannesburg, South Africa

As petroleum minister during the Chief Olusegun Obasanjo military regime, (1976-1979), Buhari, said NNPC had only three accounts, in contrast to what the former President Jonathan government bequeathed: “too many accounts such that the NNPC and the ministry of finance did not know how many accounts they had.”

Meanwhile, Buhari, will meet the head of a leading global watchdog on corruption to see how billions of dollars in oil revenue leakage can be curbed.

Reuters reports that the head of Oslo-based Extractive Industries Transparency Initiative (EITI) is expected to meet Nigeria’s president or vice president this week, its local arm said on Monday.

Stamping out corruption was one of the main pledges of new President Muhammadu Buhari’s campaign.

Clare Short, the head of EITI, has come to see how its recommendations can be implemented and help with long-term reforms. The intiative sets global standards for openness in the natural resources industries.

The executive secretary of EITI’s Nigerian arm (NEITI) said last week that over $7.5 billion between 1999-2011 still needed to be recovered from oil and gas companies in Nigeria.

“The amount represents clear cases of underpayments, under-assessments of taxes, royalties, rents…which have not been adequately addressed in the past,” Zainab Ahmed said.

NEITI has suggested selling the state oil company’s stakes in producing joint ventures to fix its budget woes, a call echoed by many in the new administration, as well as scrapping the expensive and graft-riddled fuel subsidy.

The government relies on oil sales for the bulk of its revenues but there has been little oversight of how these are handled.

Central bank governor Lamido Sanusi was sacked under former president Goodluck Jonathan after he said that up to $20 billion in oil revenues between 2012 and 2013 had not been remitted to the government by the state oil company NNPC. Buhari said he would re-examine this allegation.

Ahmed also said NEITI audits showed that some $11.6 billion of dividends between 1999 and 2012 from the government’s investment in the Nigerian Liquefied Natural Gas (NLNG) company were not remitted by the state oil company.

“NNPC was unable to provide any evidence that the funds were remitted to the federation as required by law,” she said.

NNPC said the issue of reconciling accounts had been raised at a previous Inter-Ministerial Task Team and would be discussed at one this week. The team was designed to implement NEITI’s findings.

NEITI has also said the sale of eight oilfields to NNPC’s upstream arm in 2010-2011 should be reviewed, as they were sold at $1.85 billion of which only $100 million was remitted to the federation account in February 2014.

Before his sacking, Sanusi also criticised some of these deals for being awarded non-competitively to companies that supplied no services. 


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General News

NITDA Inaugurates Start-up Consultative Forum

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Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.

While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.

“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.

He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.

Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.

The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.

Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.

The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.

While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.

He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”

Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”

She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.

She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.

With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.

The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.


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NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams

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The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.

These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.

Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.

Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.

Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.

The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.

It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.


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EFCC Declares Foreigner Wanted for Alleged CBEX Cryptocurrency Scam

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Economic and Financial Crimes Commission has declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.

According to an official bulletin issued by the Commission, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.

“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.

The Commission disclosed that Bitar’s last known address is at Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.

The EFCC has urged anyone with useful information regarding Bitar’s whereabouts to contact any of its zonal offices in Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja.

The public can also reach the commission via the phone number 08093322644 or email at info@efcc.gov.ng.

CBEX emerged in the wake of Nigeria’s growing appetite for cryptocurrency investments.

It promised users quick and high returns through crypto trading and investments but soon drew suspicion over its lack of regulatory compliance and transparency.

The EFCC’s investigation into CBEX has reportedly uncovered a trail of transactions linked to Bitar and individuals, some of whom have been arrested.

Head of Media and Publicity at the EFCC, Dele Oyewale, signed the wanted notice, reaffirming the agency’s commitment to tracking down individuals exploiting Nigerians through financial fraud schemes.


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