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EFCC: How Bawa Created N500m Severance Package for Self

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By Gom Mirian, Abuja

 Barely 24 hours after President Bola Ahmed Tinubu ordered the indefinite suspension of Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission(EFCC), information has emerged about his many wrong doings that may cost him the plum job.

DAILY ASSET investigations revealed that on Just three month into his tenure on assumption of office, Bawa created a severance package in which he as chairman would be rewarded with a handsome N500million by the commission at the end of his tenure.

 While the staff were happy for their own financial rewards, they frowned at the staggering sum, th Chairman recommended and approved for himself and those that will come after him.

Worse still was the arbitrariness in making the severance package, which took a retroactive effect for just one female staff, who had formally retired from the commission before the package took effect.

A source at the Commission familiar with the situation told DAILY ASSET that the said female staff was controversially retained by Bawa in what had spanned a three-year contract and made the only beneficiary in the package among those that retired with her in 2021.

The said female staff it was also learnt, hails from the same  Kebbi State with Bawa and has family bonds with  him through marriage.

Bawa’s suspension was allegedly greeted with jubilation by staff of the Commission both at the headquarters and the state offices over what a source described as his administrative high handedness.

 As the staff of the Commission erupted in celebration yesterday with the news of Bawa’s ouster, they sadly recall that he stopped the payment of their overtime entitlement which all of his predecessors authorise for the staff. The overtime allowance paid by the commission became necessary given that rather that close for work by 4pm going by Civil Service Rule, EFCC staff officially close by 5pm, meaning that they are compelled by the  Commission’s Staff Regulations to put in an extra hour daily.
Bawa took high-handedness to the next level in the commission, populating his office with a coterie of loyalists chosen on the basis of religion and ethnicity who on account of the rules he made brazenly interdict directors from seeing him.

DAILY ASSET was told that a Grade Level 17 Directors of the Commission were compelled to fill access form, vetted by his chief of staff, a junior officer before they could be granted passage to meet Bawa.


The only clear duty in the nebulous responsibility given to her by Bawa was evaluating the feasibility of the commission operating a radio station which Magu got its license about five years ago.

Though he was the leader of the country’s foremost anti-graft agency, integrity is hardly one of Bawa’s strongest points, investigations revealed.


As the then Head of Port Harcourt Zonal Office, now designated as zonal command, sources informed that over 50 trucks forfeited to the federal government by convicts of illegal oil bunkering went missing under his watch.

The missing trucks were said to be part of a larger whole, totalling over 400, which the then secretary of the commission, Mr Ola Olukayode had gone to Port Zonal Command to document, preparatory to their auctioning to members of the public.

The sudden disappearance of the trucks just two months after their documentation forced the then chair of the commission, Mr Ibrahim Magu to redeploy Bawa in anger to the commission’s Training School in Karu, Abuja.

 A more angered Olukayode was said to have  argued at the time that the redeployment was rather a slap on the wrist and that Bawa ought to be arrested and prosecuted.

However, left alone to float  in the Training School, Bawa ws said to have teamed with the commission’s supervising Minister and the Attorney General of the Federation(AGF),  Abubakar Malami, who also hails from the same Kebbi  state with him to disgrace  Magu out of office.

With Magu out and facing judicial investigation, Bawa was immediately rewarded by Malami with a posting to the premium Lagos Zonal Command as Head, from where he subsequently recommended him to former President, Muhammasu Buhari as chairman of the commission.

Sources at the  Commission said the development was clearly seen as quid pro quo for all the false and misleading testimonies Bawa provided for Malami in his witch hunt investigative judicial panel of inquiry against Magu.
Bawa’s days as Zonal Commander in Lagos were said to be only remarkable for his muck racking efforts against Alpha Beta company, a firm visible in revenue consultancy services to Lagos State Government believed then  to be linked to President Bola Ahmed Tinubu.

Though he was said to have realised nothing from all of he scavenged against the company, his efforts at seeking to tarnish Alpha Beta’s image later emerged as an attempt to prove that the ousted Magu was too “protective” of the company.

Another source revealed that Bawa was allegedly spending lavishly well beyond his capacity as a public servant.

A group, Coalition for Good Governance at a news conference in Abuja shortly  after his sack  alleged that he travelled to Saudi Arabia on pilgrimage with about 30 persons, mostly family members  on his sponsorship and that each was paid accommodation worth $15,000 for about 10 days during the religious trip.

The group alleged that he must shave spent about $300,000  during the trip, an amount the group claimed was far above his statutory income.

The above, coupled with the allegation of demand for $2million bribe levelled by the immediate past Governor of Zamfara State, Bello Muhammad Matawalle among other infractions may have left Tinubu with no option than axe the EFCC boss, investigatins showed.

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Jaiz Bank Attributes N1trn Asset Rise Perfirmance to Public Confidence

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By Tony Obiechina, Abuja

Jaiz Bank has expressed satisfaction with its financial performance of crossing the one trillion Naira threshold in total assets, which improved from N580bn in 2023 to N1.08trn in 2024, a significant growth of 86%.The pioneer non-interest bank’s profit before tax grew from N11.

05bn in 2023 to N24.
44bn in 2024, an increase of 121%.Managing Director/CEO of the Bank, Haruna Musa disclosed this after the successful conclusion of their 2024 Annual General Meeting on Wednesday.
Musa said the Cost-to-Income Ratio improved to 60.42% from 65.26%, reflecting enhanced efficiency in their operations, while customer deposits grew remarkably by 94% to N904bn, demonstrating increasing public confidence in Jaiz Bank.
He also pointed out that ‘Capital Adequacy Ratio strengthened to 23.87% from 17.96%, which further reinforced the stability and soundness of the bank, Net risk assets and investments rose by 88% to N671bn, while our Statutory Liquidity Ratio improved to 47.35% from 37.24%.’In addition, Gross earnings grew by 75%, rising to N82.87bn in 2024 from N47.24bn in 2023.The managing director posited that “These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.”Musa further noted ‘Our results reflect not only the resilience of our business model, but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders

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Armed Herders Launch Fresh Attack on Benue Communities, Kill Four

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By Attah Ede, Makurdi

Suspected armed herders yesterday launched fresh attacks on Egwuma and Ogbai communities in Agatu Local Government Area, killing a woman, her son and two others.Local sources said two more residents were still missing at the time of filing this report.

A resident, Inalegwu, told DAILY ASSET that the victims were attacked while working on their farms.
Confirming the incident, the Chairman of Agatu LGA, Melvin James, described the killings as “Senseless and barbaric.
”“This was an unprovoked attack on innocent villagers. A mother and her son were killed on their farm in Egwuma, while two others were killed in Ogbai,” he said, noting that security operatives were on surveillance in other areas when the attack occurred.
When contacted, the Police Public Relations Officer (PPRO), Udeme Edet said she was yet to receive the official report, while the governor’s Special Adviser on Security and Internal Affairs, Joseph Har, also requested confirmation from the affected council chairman.IGP Approves New Area Commands, Police DivisionsMeanwhile, the Inspector General of Police (IGP), Kayode Adeolu Egbetokun, has approved the creation of two additional Police Area Commands and the upgrading of five Police Stations to Divisional status in Benue State.This was disclosed in a statement issued on Wednesday in Makurdi by the Police Public Relations Officer (PPRO), DSP Udeme Edet.According to Edet, the new Area Commands are Daudu and Naka, while the upgraded Police Stations are Ayilamo, Yelwata, Jato-Aka, Okpokolo, and Agan.She explained that the restructuring was necessitated by the security challenges facing the state, particularly in troubled local government areas.The Daudu Area Command will oversee Guma, Daudu, Yelwata, and Agan Divisions, while the Naka Area Command will supervise Naka, Apa, Agatu, and Okpokolo Divisions.“This adjustment will help bridge gaps between the police and residents, improve response to distress calls, and enhance conflict resolution between farmers and herders,” Edet stated.The Commissioner of Police in the state, Emenari Ifeanyi, commended the IGP for the initiative and also praised Governor Hyacinth Alia for supporting security efforts in Benue.

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Nigeria Oil Output Lags Despite Huge Reserves, Says NNPCL

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By David Torough, Abuja

Nigeria’s crude oil production has continued to fall short of its vast reserves, a situation the Nigerian National Petroleum Company Limited (NNPCL) said must change urgently if the country is to achieve its full economic potential.Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari stated this yesterday at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS) in Abuja, where he emphasized that “Every barrel counts, every molecule of gas counts.

”Ojulari noted that despite Nigeria’s position as Africa’s top oil producer, its output still lags behind expectations. He stressed that the NNPCL is working to unlock stranded assets, secure facilities in the Niger Delta, and drive incremental growth through partnerships, innovation, and data-driven strategies.
He said resilience in the oil and gas industry is “A national responsibility,” anchored on operational excellence, fiscal discipline and regulatory compliance.According to him, the NNPCL is embedding a zero-harm culture, prioritizing host community safety, reducing carbon emissions and investing in gas as a transition fuel.The summit, themed; “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment and Incremental Production,” drew top government officials, labour leaders and industry stakeholders.PENGASSAN President, Festus Osifo, who doubles as the President of the Trade Union Congress (TUC), warned that no worker’s life should be sacrificed in the name of resilience.“The true measure of stewardship is ensuring every worker returns home safely,” Osifo said, condemning recent incidents where oil workers operated under unsafe conditions without proper gear. He demanded strict accountability from operators.On environmental concerns, Osifo declared: “Gas flaring must end. Polluted sites must be restored. Accountability must be enforced for today and for generations to come.”He added that protecting workers, communities and the environment must remain central to Nigeria’s energy development, warning against unsafe practices and calling for robust safety processes, transparent reporting, and advanced technologies across oil and gas installations.Ojulari urged stakeholders—government, labour and investors to align policies and create a stable environment that will attract both local and foreign capital, while Osifo insisted that resilience must be people-centered and environmentally responsible.The Abuja summit ended with a renewed call for collective action to ensure Nigeria not only meets its production targets but does so in a way that protects workers, communities and the environment.

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