• Saturday, April 20, 2024
businessday logo


Five things to know to start your Tuesday



The Economic and Financial Crimes Commission (EFCC) revealed that Nigerian banks are involved in 70 percent of financial crimes.

Chairman Ola Olukayode stated this at a meeting in Abuja, stressing the rise of fraudulent activities in the banking sector.

He emphasised the need for joint efforts from authorities and audit executives to combat fraud, highlighting various types like customer deposit misuse, loan authorizations, hacking, and collusion between insiders and outsiders.


Lagos lawyer Olukoya Ogungbeje filed a N10billion suit against the Nigerian Communications Commission (NCC) and its CEO, Aminu Maida, over the inconvenience caused by the NIN-linked line blocking.

The suit demands a public apology and includes telecom giants MTN, Airtel, Globacom, and 9Mobile.

Despite a court order to halt line deactivation, NCC enforced the February 28 deadline for NIN linkage, claiming non-involvement in the lawsuit.


Despite Nigeria’s ongoing power crisis, power distribution companies failed to distribute 1,769.91 megawatts of electricity from February 1 to 14, 2024.

The Transmission Company of Nigeria data revealed excessive electricity allocation to some firms, yet many failed to utilise it fully.

Adebayo Adelabu, Minister of Power   summoned power entities to explain the worsening situation. Investigations cited deliberate rejection of power by some firms and vandalism of power lines in Abuja, Benin, Port Harcourt, and Ibadan regions.

Oil bunkering

The Nigerian Navy conducted raids on illegal oil refining sites in Rivers, Bayelsa, and Ondo States, destroying four sites between Saturday and Sunday.

The operations were part of Operation Delta Sanity targeting oil thieves in the Niger Delta.

The Navy seized and destroyed illegal refining equipment and confiscated large quantities of stolen crude oil.

These actions are crucial in combating illicit activities that harm the environment and national resources.

UK Politics

British Prime Minister Rishi Sunak faces setbacks as Parliament’s upper house demands increased protections for asylum seekers bound for Rwanda.

Proposed legislation aims to deem Rwanda a “safe country” for deportations, countering legal challenges.

The House of Lords insists on legal safeguards and compliance with international law before deportation flights can proceed.

Despite this, the House of Commons retains authority to reverse amendments, potentially allowing the legislation to pass unchanged.