The Central Bank of Nigeria (CBN) has denied allegations that it diverted $5bn from the federation account. Background: A member of the House of Representatives, Ayo Omidiran had raised the issue during plenary. She said the CBN took advantage of being the custodian of the account to “manipulate the system by opening various accounts not known... Read More

5bn, CBN, divert, Reps, secret account

October 4, 2017

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Why governors can’t be blamed for diverting bailout funds – Reps member

Lawmaker representing Akure North/South Federal Constituency of Ondo State in the House of Representatives, Hon. Ajisafe Olowookere has supported governors who divert part of their bailout funds for other projects. Bailout funds are usually given to states, especially those who owed several months of salaries and pensions to the workers and retirees. In an interview... Read More

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Bailout funds, blame, divert, governors

July 11, 2017

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How ex-NIMASA DG’s aide diverted N745m – EFCC

The Economic and Financial Crimes Commission (EFCC) on Monday told a Lagos State High Court in Ikeja how Vincent Udoye, who is standing trial alongside a former Director General of Maritime Administration and Safety Agency, Patrick Akpobolokemi, allegedly diverted part of N745m belonging to NIMASA into investments in Forever Living Products. Chukwuma Orji, an investigative... Read More

The News Blog

aide, DG, divert, N745m, NIMASA, Patrick Akpolobokemi

July 10, 2017

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How soldiers, bankers diverted military funds into 33 bank accounts – Magu

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has narrated how two army officers allegedly colluded with two employees of the United Bank for Africa Plc to divert the sum of N339m from the account of the Military Pensions Board. Magu in a letter to the Chief of Defence Staff,... Read More

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33 accoubts, bankers, divert, ibrahim magu, military pension, soldiers

May 19, 2017

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How Ifeanyi Ubah stole N11bn PMS, NNPC tells court

by Azeez Adeniyi The Nigerian National Petroleum Corporation (NNPC) has opposed a suit filed by Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, asking for his release from the custody of the Department of State Services (DSS). NNPC lawyer, K.T Turak on Thursday said Ubah’s company diverted 84,891,730 litres of Premium Motor Spirit... Read More

The News Blog

divert, Ifeanyi Ubah, N11bn, nnpc, PMS

We have no secret account | CBN denies diversion of $5bn

Why governors can’t be blamed for diverting bailout funds – Reps member

How ex-NIMASA DG’s aide diverted N745m – EFCC

How soldiers, bankers diverted military funds into 33 bank accounts – Magu

How Ifeanyi Ubah stole N11bn PMS, NNPC tells court

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