News
MBA Forex Victims: Can EFCC Deliver Justice?
Port Harcourt is known to bust with a Ponzi scheme from time to time, and the lesson is hardly learnt. From the days of Umana Umana bank where lives were ruined when important persons banked and crashed with them, to the MBA Forest of recent, it has been same tale.
Port Harcourt is an oil zone and so a mega bucks zone. People earn big and lose big because they invest big; in good and bad.
So, when a scheme came called MBA Forex emerged, big investors poured in billions of naira, and when it crashed, souls went aflame and ablaze. Many had hoped and prayed that government agencies could intervene and save what is left of their souls. It was late in coming because the suspects usually plan ahead.
Now, the Economic and Financial Crimes Commission (EFCC) has in Port Harcourt arraigned a director for alleged N13.8bn fraud.
The EFCC arraigned the director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, Precious Williams before Justice S. I . Mark of the Federal High Court, sitting in Port Harcourt, the Rivers State capital.
Williams is being prosecuted on a 14-count charge, bordering on conspiracy, advance fee fraud, obtaining money under false pretence and money laundering to the tune of N13.8 billion.
One of the charges reads: “That you, Precious Williams of Glossolalia Nigeria Limited; Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited, sometime between the 24th day of August, 2019 and 15th day of February, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (N10bn) only from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) through your Sterling Bank PLC Account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadag Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest. There were other charges that ran contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
She pleaded “not guilty” to all the charges, prompting the prosecution counsel E. K. Bakam to ask for a trial date and to apply for the remand of the defendant in a correctional center, while counsel to the defendant, Tochukwu Maduka, SAN, informed the court of the defendant’s bail application and prayed the court to grant her bail to enable her to prepare for her trial.
In his ruling, the judge held that the defendant be remanded in the Port Harcourt Correctional Center and adjourned the matter till June 17, 2025 for the hearing of the bail application.
The defendant was arrested when petitioners alleged that she received money from over 3000 victims by false pretence and laundering the money for personal use sometime in April 2021.
The petitioners alleged that sometime in 2019 and 2020, the defendant alongside MBA Trading and Capital.
Businessday.ng
News
BREAKING: INEC Makes Major Announcement Ahead of 2027 Election
The Independent National Electoral Commission (INEC) has extended the deadline for political parties to submit the names and particulars of their candidates for the 2027 Presidential and National Assembly elections by three days.
The commission announced on Sunday that the deadline, which was initially scheduled to end on Saturday, July 11, 2026, has now been extended to midnight on Tuesday, July 14, 2026.
INEC said the decision followed an appeal by the Inter-Party Advisory Council (IPAC) on behalf of political parties that encountered difficulties uploading the names and personal particulars of their candidates through the commission’s nomination portal.
In a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna, the electoral body said the extension was intended to ensure that all parties are given a fair opportunity to complete the nomination process.
“The decision to extend was based on appeal by the Inter-Party Advisory Council, on behalf of political parties who were unable to upload the names and personal particulars of their candidates within the scheduled timeline,” the statement read.
According to the commission, the extension reflects its commitment to inclusivity and adherence to the provisions of the law governing the electoral process.
“The extension underscores the Commission’s commitment to ensuring inclusivity in its practices, while acting within the ambit of the law,” Haruna stated.
INEC urged political parties yet to complete the process to take advantage of the additional window and ensure that all required information is uploaded before the expiration of the new deadline.
The submission of candidates’ details marks a critical stage in preparations for the 2027 general election.
Under the revised timetable earlier released by the commission, political parties were required to upload nomination forms and candidates’ particulars for the Presidential and National Assembly elections between June 27 and July 11, 2026, through the dedicated Candidate Nomination Portal.
The revised electoral timetable was introduced after changes in the legal framework governing elections, which led to an adjustment of key pre-election activities and election dates.
Under the schedule, Presidential and National Assembly elections are slated for January 16, 2027, while Governorship and State Houses of Assembly elections will hold on February 6, 2027.
Following the close of nominations, INEC is expected to publish the personal particulars of candidates submitted by political parties, allowing members of the public and stakeholders to scrutinise the information as provided under the electoral process.
The publication of candidates’ particulars for the Presidential and National Assembly elections is scheduled for August 14, 2026.
INEC reiterated that no further delay should be expected and urged all parties to comply with the revised deadline to avoid disqualification from the nomination process.
News
JUST IN: FG Announces New Minimum Salary for Ministry in 2026
The Federal Government says it has doubled the minimum monthly salary of Nigerian soldiers from N49,000 to N100,000 in its latest effort to improve troop welfare and strengthen morale.
Minister of Defence, Christopher Musa, disclosed the salary review during an interview with News Central.
He described the development as one of the welfare improvements introduced by the current administration for military personnel.
“When they started, a soldier was collecting N49,000 monthly. We tried so hard, now he’s collecting N100,000,” the minister said.
For decades, concerns over poor salaries, inadequate accommodation, delayed benefits and rising living costs have dominated discussions on military welfare.
Musa also dismissed allegations that soldiers were being poorly fed, describing claims circulating on social media as misleading.
Referring to a viral video involving a military officer identified as Justice Crack, he alleged that the footage was deliberately manipulated to create a false impression about the quality of meals served to troops.
“The soldier’s food was okay. There was meat; there was all this. But he told them to pull out those things and make it look as if those things were not there,” he said.
The minister’s remarks come as the Federal Government continues to pursue a mix of welfare reforms, increased security spending and renewed military operations aimed at improving the effectiveness of troops battling insecurity across the country.
But calls persist for greater investment in equipment, intelligence gathering and personnel welfare.
Musa maintained that Nigeria’s defence allocation remains inadequate to meet the enormous demands placed on the Armed Forces.
Responding to a question on whether the current defence budget was sufficient, he replied, “It’s not enough.”
He noted, however, that the government would continue investing in the welfare and operational capacity of the military to enable personnel to respond more effectively to the country’s security challenges.
The minister also advocated tougher punishment for kidnappers, calling for the introduction of the death penalty to discourage the growing wave of abductions across the country.
According to him, existing sanctions have failed to deter perpetrators.
“I think we should do that. There must be deterrence. The laws are soft, and that’s why people take advantage. If they know once you commit an offence, there must be punishment,” he said.
News
Ex-Vice President Osinbajo Gets Fresh Appointment
Former Vice President, Yemi Osinbajo, has pledged to strengthen environmental conservation and climate action following his emergence as President of the Board of Trustees of the Nigerian Conservation Foundation (NCF).
Naija News reports that Osinbajo made the pledge on Wednesday while delivering his acceptance speech at the Foundation’s 37th Annual General Meeting in Lagos.
He paid tribute to the founding fathers of the NCF, particularly its President Emeritus, Chief Philip Asiodu, for their foresight in promoting environmental conservation decades before climate change became a global concern.
The former vice president also acknowledged the contributions of the late Chief S.L. Edu and other founding trustees, saying their vision laid the foundation for Nigeria’s environmental conservation movement.
According to him, the founders recognised the importance of biodiversity conservation long before climate change gained global prominence.
“They deserve our commendation and gratitude because, but for their vision, Nigeria would not have had the strong foundation it has today for climate action,” he said.
Osinbajo said the effects of climate change had become increasingly evident across Nigeria through flooding, rising temperatures and other environmental challenges.
He noted that parts of Europe were experiencing temperatures of between 38 and 41 degrees Celsius, a development he said underscored the urgency of collective climate action.
“There is no question that we are living in the most challenging times with respect to climate change,” he said.
The former vice president, however, expressed optimism that advances in technology, innovation and scientific knowledge would provide opportunities to tackle environmental problems more effectively.
According to him, Nigeria has the tools required to make significant progress in biodiversity conservation and environmental sustainability.
Osinbajo described the NCF as Nigeria’s foremost non-governmental organisation dedicated to environmental conservation and climate action.
He commended the Foundation’s trustees, members, management, staff, volunteers and development partners for sustaining its conservation programmes over the years.
Accepting his new role, Osinbajo pledged to build on the achievements of his predecessors and deepen collaboration with stakeholders.
“I accept this responsibility with great humility and gratitude.
“I look forward to working with the Board, management, staff, volunteers and partners to advance the Foundation’s mission and secure a healthier environment for future generations,” he said.
He also reaffirmed his commitment to strengthening the Foundation’s leadership role in biodiversity conservation and environmental sustainability in Nigeria.
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