General News
Reps Seek Sanction for PwC over Missing $20Bn

House of Representatives Committee on Public Accounts has urged the incoming government of President-elect Muhammadu Buhari and regulators of the accounting profession to probe and sanction PricewaterhouseCoopers (PwC) over “unprofessional auditing” of the alleged missing $20 billion oil funds.
Solomon Adeola, is chairman, added that any amount paid to the company for the audit of the accounts of the Nigeria National Petroleum Corporation (NNPC) should be recovered by the Federal Government “because no auditing was done”.
Adeola, who spoke in Abuja with reporters on the purported release of the forensic audit report by the firm, said it was meant to mislead, deceive and to send wrong signal to the citizens.
He hailed Gen. Buhari for signaling his resolve to probe the alleged missing oil money after taking over from President Goodluck Jonathan’s government at the end of the month.
He said: “There is need for us to revisit and know the truth behind this particular issue. Where is this $20 billion? Is it really missing? This is not N20 billion; it is billions of dollars, which represent more than two years’ budget of this country in terms of funding.
“If you could remember, there was a press statement by this committee, where we requested that this all important forensic report be laid before the National Assembly, and a copy sent to this committee within a specified period of time.
“This was because we noticed there was some foul-play in that particular report as submitted by this reputable firm, the PricewaterhouseCoopers, where in that report it was adjudged that the amount of money that the NNPC ought or need to pay back was just $1.485 billion.
“Now, the PwC has said there was no report and that what they did was not a forensic audit, but just gathering of information; that a lot of documents were not released to them to carry out this exercise.
“But prior to now, all these were not brought to the notice of this country and the country has been deceived all along.
“And if a reputable firm like PricewaterhouseCoopers can go to that level, I think it’s only fair and proper for such body to be reported to the International Federation of Accounting, Association of Conference, and also to the Institute of Chartered Accountants of Nigeria; and to face disciplinary action of all these bodies by explaining their role in this $20 billion saga.”
He called on the incoming government “to henceforth suspend PricewaterhouseCoopers from carrying out any financial audit or investigation on behalf of the Federal Government or into any of its agencies with immediate effect.
“And not only that, it has collected audit fees from the Federal Government. If there was no audit carried out and if there was no report submitted, I think they should go ahead and refund back into the Federal Government coffers the amount collected in carrying out this exercise; failure which should be met with very stiff disciplinary action from the Federal Government and relevant professional bodies.”
He said for a highly rated firm like PwC to be allegedly involved in such financial saga showed that “there is more to it”.
Adeola said all audit exercises and investigations that have been carried out by PwC in the past few years should be revisited by the incoming government.
According to him, this should include the oil subsidy report tendered by PwC.
“Don’t forget during the oil subsidy issue, PricewaterhouseCoopers was engaged to carry out audit exercise. I also implore the incoming administration to carry out verification of the report submitted on the issue of the oil subsidy,” he said.
The lawmaker said his committee and the National Assembly have been vindicated in their insistence that the report was fraudulent.
“We must get to the root of this matter, and we must address this issue once and for all,” he said.
General News
MTN Nigeria’s AGM Highlights Strong Q1 2025 Performance and Future Growth

MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.
The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.
This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.
The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.
“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.
“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”
Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.
“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.
“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”
However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.
Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.
Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.
“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”
During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.
The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.
General News
NITDA Inaugurates Start-up Consultative Forum

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.
General News
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams

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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