Connect with us

COVER

Ex-INEC Chairman, Iwu, in EFCC Net Over N1.23bn Fraud

Published

on

INEC makes U-turn, admits ownership of server
Share

By Jude Opara, Abuja

The Economic and Financial Crimes Commission (EFCC) yesterday arraigned a former Chairman of the Independent National Electoral Commission (INEC), Maurice Iwu, for an alleged fraud of N1.23bn.

Iwu was arraigned on a four-count charge bordering on money laundering before a Federal High Court, Lagos State.

He pleaded not guilty to the charges.

According to sources, Iwu is alleged to have aided the concealment of the sum of N1,203,000,000 between December 2014 and March 2015.

The source said monies were in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, (UBA) Plc.

Chuka Obiozor ordered that Iwu be remanded in the custody of the EFCC while he adjourned the case till Friday (today).

Recall that Iwu conducted the controversial 2007 general elections where the incumbent President, Muhammadu Buhari was defeated by the late President Umaru Yar’Adua of the Peoples Democratic Party (PDP).

While Yar’ Adua despite his victory admitted that the process that led to his was defective, Buhari who then contested on the platform of the All Nigerian Peoples Party (ANPP) approached the electoral tribunal seeking the nullification of the victory of the Yar’Adua.

The president then set up the Justice Mohammed Uwais Electoral Reforms Committee which was to among other things fashion the modalities of conducting credible elections in the country subsequently.

However, one instructive attribute of the Iwu era is that he conducted the election where the first civilian-to-civilian handover of power in the nation’s history took place.

The latest brush of Iwu with the anti-graft agency may not come as a surprise to many analysts because in 2016, the Imo State born pharmacologist was said to have been arrested and whisked away to Abuja by the EFCC.

But the then Imo State Commissioner of Police, Dasuki Galadanchi had said that a Iwu, wasonly invited and granted bail on self-recognition.

The CP said then; “The EFCC operatives from Lagos arrived in Owerri and reported in my office that they came to arrest Prof Maurice Iwu based a petition against him. This happened on the election day which was on Saturday.

“I called Prof Maurice Iwu who came over to my office. I asked him to make a statement which he did. He was immediately granted bail on self-recognition based on his age and personality and as a man who has served this country as National Chairman of INEC.”

COVER

NUPRC Sets 2026 Oil Output Target at 2.5m Barrels Daily

Published

on

Share

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country is on track to achieve a crude oil production target of 2.5 million barrels per day by 2026.NUPRC Chief Executive, Gbenga Komolafe, said this yesterday in Abuja during the 4th PENGASSAN and Labour Summit (PEALS 2025).

The summit was themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment and Incremental Production.
”He noted that Nigeria’s current oil output had increased from 1.46 million barrels per day in Oct. 2024 to 1.8 million barrels per day, with momentum building toward the 2026 target.He credited the recent Presidential Executive Orders under the Petroleum Industry Act (PIA) 2021 for shortening contracting cycles, reducing investment risks, and encouraging upstream projects.
Komolafe highlighted the commission’s efforts in deepwater exploration, reactivation of dormant fields, and adoption of enhanced recovery techniques.He also referenced a recent Deepwater Technical Stakeholders’ Workshop, which focused on unlocking more than 810,000 barrels per day in new production.He outlined a cluster development strategy aimed at reducing costs, sharing infrastructure, and strengthening investor confidence.On sustainability, Komolafe said the NUPRC’s Upstream Decarbonisation Framework targeted the elimination of routine gas flaring by 2030 and a 60 per cent reduction in methane emissions by 2031.Nigeria’s 210 trillion cubic feet of gas reserves, he added, would play a key role in the energy transition.He called for stronger collaboration between government, industry, and labour, stressing that resilience in the sector must be a deliberate effort.Managing Director of ExxonMobil, Jagie Baxi identified four critical factors for boosting Nigeria’s oil production: geology, cost, risk, and reward.He warned that in spite of Nigeria’s vast hydrocarbon resources, natural production decline, especially in deepwater operations, remained a challenge, with operators losing about 15% per cent output annually.Baxi noted that high drilling and operational costs in Nigeria deterred fresh investment.He stressed the need for risk-adjusted incentives to retain investor interest and urged improved collaboration among stakeholders to resolve disputes and revive underperforming fields. (NAN)

Continue Reading

COVER

Voter Registration:Northern CAN Mobilises Christians for Turn Out

Published

on

Share

By David Torough, Abuja

The Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT) has urged Christians to seize the ongoing Continuous Voter Registration (CVR) exercise by the Independent National Electoral Commission (INEC) as an opportunity to prepare for active participation in the 2027 general elections.

In a statement by its Chairman, Rev.
Yakubu Pam, Northern CAN described voter registration as both “timely and crucial,” stressing that obtaining a Permanent Voter’s Card (PVC) remains the gateway to effective participation in the democratic process.
“As responsible citizens and followers of Christ, we have a moral and civic duty to contribute meaningfully to the future of our nation.
Democracy thrives when the voices of the people are heard. We must not sit on the sidelines,” Rev. Pam stated.He called on Christians of voting age, especially first-time voters, those who have relocated, or those yet to register, to turn out en masse for the exercise, adding that silence or indifference only empowers “the wrong forces to take control of the destiny of our nation.”The statement further urged churches, Christian organisations and community leaders across the North to mobilise their members for the registration, emphasising that the 2027 elections will be a defining moment for Nigeria.Meanwhile, INEC has clarified that the approved voting age under the Electoral Act remains 18, stressing that persons below that age cannot register even if they would have turned 18 by 2027.At separate engagements in Yobe and Sokoto states, Resident Electoral Commissioners (RECs) assured citizens that the CVR will be conducted smoothly, with security agencies fully mobilised to provide safety in identified flashpoints.INEC also restated that both online and physical registration will run for one year, targeting new voters, those with invalid PVCs, and citizens seeking transfers or corrections of details, while warning against multiple registrations.

Continue Reading

COVER

Nigeria’s External Reserves Hit $41bn, Highest in 44 Months

Published

on

Share

By David Torough, Abuja

Nigeria’s external reserves have surged to a four-year high of over $41 billion, a development the Presidency has hailed as a major economic milestone while taking a swipe at opposition leaders; Atiku Abubakar, Peter Obi and Nasir El-Rufai.According to the Central Bank of Nigeria (CBN), the gross reserves stood at $41,001,830,139.

96 as of August 19, 2025, with net reserves at $40.
3 billion, a level last seen in 2021, 44 months ago.
Presidential spokesman Bayo Onanuga in a post on his official X handle yesterday described the achievement as evidence of “Prudent economic management” under President Bola Tinubu, adding that the increase was attained despite falling global oil prices.
“The latest milestone was reached without massive inflows from oil sales. It’s all about the prudent management of the economy by President Bola Tinubu,” Onanuga wrote on X, noting that opposition leaders were unlikely to acknowledge the progress.He accused Atiku, Obi, El-Rufai and Babachir Lawal of being “blinded” by what he called a “doomed campaign to discredit Tinubu’s government.”The rise in reserves has been attributed to increased foreign exchange inflows, modest crude oil output gains, and recent CBN reforms, including the unification of exchange rate windows that boosted investor confidence.According to a report, the reserves’ strength now provides cover for more than 10 months of import needs, bolstering Nigeria’s foreign liquidity position.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS14 hours ago

UCare, ECOWAS Extend Lifeline to Displaced Families in Abagana Camp

ShareBy David Torough, Abuja UCare Nigeria, with support from the ECOWAS Peace Fund, on Friday expanded its humanitarian pilot programme...

NEWS1 day ago

Julius Berger Joins Forces With FRIN, NCF to Plant 20,000 Trees at FCT Army Cantonment

ShareBy Mike Odiakose, Abuja In a landmark move towards environmental sustainability, engineering construction company, Julius Berger Nigeria Plc, in partnership...

NEWS1 day ago

FG, States, LGCs Share N2.001trn July, 2025 Revenue

ShareBy Tony Obiechina Abuja A total sum of N2.001 trillion, being July 2025 Federation Account Revenue, has been shared to...

BUSINESS1 day ago

Moniepoint, NBCC Push for Transparent Financing to Unlock SME Growth

ShareMoniepoint Inc. and the Nigerian-British Chamber of Commerce (NBCC) have urged faster, transparent and human-centered financing models to unlock growth...

BUSINESS1 day ago

FG’s Loan Facilities Viable to Boost Export Trade – NEPC

Share The Nigerian Export Promotion Council (NEPC) has described loan and grant facilities provided by the Federal Government as viable...

POLITICS1 day ago

INEC Presents Certificates of Return to By-elections Winners

ShareThe Independent National Electoral Commission (INEC) has presented Certificates of Return to senators-elect and members-elect of the House of Representatives...

POLITICS1 day ago

Activist joins ADC, Urges Nigerians to Unite Against APC

ShareA popular human rights and anti-corruption activist, Comrade Ibrahim Garba Wala, popularly known as IG Wala, has snubbed the ruling...

POLITICS1 day ago

Obi Mocks Critics as Homosexuality Allegation Trends

ShareThe 2023 presidential candidate of the Labour Party (LP), Peter Obi, has dismissed a viral photo trending online which some...

NEWS1 day ago

Wike Reaffirms Support for Tinubu 2027 Re-election

ShareBy Laide Akinboade, Abuja The Minister of Federal Capital Territory (FCT), Nyesom Wike yesterday said he will support any politician...

NEWS1 day ago

Over 1,016 NYSC Members Complete Orientation Course in Abia

ShareNo fewer than 1,016 Batch ‘B’ Stream I National Youth Service Corps (NYSC) members deployed in Abia for 2025 have...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc