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Reps Asks EFCC, NFIU to Protect Economy against Financial Crimes

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By Ubong Ukpong, Abuja

The House of Representatives on Monday, lamented that financial crimes were the major drain on the nation’s economy, asking the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU), to step up their fight to protect the country.

Its Committee on Financial Crimes, raised this alarm during the 2026 budget defence exercise with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).

Chairman of the Committee, Hon. Ginger Onwusibe, while conveying the feelings of the House in his remarks, assured the agencies of the House’s support to enable them achieve impactful results that would enhance Nigeria’s standing on the global stage.

Onwusibe explained that the 2026 budget prioritised infrastructure development and food security, with key objectives including macroeconomic stability, an improved business environment, job creation and human capital development. He stressed that effective execution of the budget is crucial and would require timely implementation, increased oil production and sustained growth in non-oil revenues.

He noted that Nigeria is currently facing significant economic challenges, with many citizens grappling with hardship, underscoring the urgent need for effective solutions to stimulate growth, create jobs and improve living standards.

“As patriots, we must summon our patriotic zeal. Hopes are not lost, as Nigeria’s economy is showing signs of cautious optimism—transitioning from post-reform stabilisation to modest recovery.

“The International Monetary Fund (IMF) projects a 4.4 per cent growth in 2026, driven by improved macroeconomic stability, structural reforms and a rebound in domestic demand,” Onwusibe said.

He emphasised the critical roles played by the EFCC and the NFIU in combating financial crimes, describing such crimes as a major drain on the economy. According to him, the agencies’ work in recovering stolen assets, deterring corruption and financial malfeasance, and enhancing financial stability and security is indispensable.

Onwusibe reiterated the House’s commitment to making effective and impactful legislative interventions, stressing its resolve to enact laws that are robust, coherent and responsive to evolving criminal tactics.

He disclosed that the House is currently considering four key bills aimed at promoting transparency, protecting public resources, restoring confidence in the financial system and aligning Nigeria with global best practices. The bills include: a Bill for an Act to Establish the Economic and Financial Crimes Commission (EFCC); a Bill to Amend the Money Laundering (Prevention and Prohibition) Act, 2022; a Bill to Amend the EFCC Act, 2004; and a Bill to Amend the Proceeds of Crime Act. Collectively, he said, the bills are designed to modernise existing laws, bridge operational gaps, strengthen enforcement mechanisms and ensure that crime does not pay, regardless of its sophistication.

He commended the EFCC and the NFIU for their tireless efforts, particularly Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list, which he described as a significant milestone reflecting the government’s commitment to strengthening the anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

According to him, the development is expected to enhance Nigeria’s international reputation and credibility, boost foreign investment and trade opportunities, improve access to international financing and credit, and strengthen the country’s financial stability and security.

Onwusibe noted that as of October 2025, the EFCC had recorded significant achievements, including the recovery of over ₦566 billion, $411 million and 1,502 properties, as well as securing 3,175 convictions. He also highlighted the NFIU’s crucial role in strengthening financial intelligence, describing the achievements as a clear demonstration of the agencies’ capacity and dedication.

“These achievements, and your uncommon leadership trajectory, are a testament to the leadership of the EFCC Chairman, Ola Olukoyede, and the NFIU Director, Hajia Hafsat Abubakar Bakari. I strongly commend your efforts and those of your teams,” he said.

He added that while reviewing the agencies’ budgets, the Committee would acknowledge the critical role they play in safeguarding Nigeria’s economy and citizens, while also ensuring that their operations are guided by professionalism, transparency and accountability. The Committee, he said, would scrutinise the budgets to ensure alignment with legislative priorities and optimal use of resources.

Onwusibe explained that the budget defence would focus on strengthening investigative and prosecutorial capacities, enhancing international cooperation and information sharing, improving asset recovery and management, building internal capacity and expertise, and addressing emerging threats such as cybercrime and virtual assets.

He concluded by reaffirming the Committee’s commitment to supporting the EFCC and the NFIU in their critical mandate, stressing that their work is central to Nigeria’s economic stability and security. He urged that the agencies be provided with the necessary resources and support to continue their vital work, while upholding the highest standards of professionalism and accountability.

Foreign News

US to Stop Funding HIV Programmes in South Africa

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The US government says it will stop funding programmes in South Africa intended to tackle the spread of HIV and Aids.

More than eight million South Africans are living with HIV – the highest number of any country in the world.

The US State Department appeared to link the decision to South Africa’s alleged failure to protect the white-minority Afrikaner community – an allegation the South African government has repeatedly rejected.

South Africa’s health ministry responded by saying that though it had not been informed of this decision, it had “long been working on a self-reliance plan”.

Until 2025, the US was supporting South Africa’s efforts to deal with the virus with an estimated $400m (£300m) a year through the President’s Emergency Fund for Aids Relief (Pepfar).

But since the inauguration of President Donald Trump, relations between the two countries have increasingly soured.

Shortly after he came into office, Trump issued an executive order alleging that “countless” South African policies dismantled equal opportunities and fuelled violence “against racially disfavored landowners”.

This is disputed by the South African government, which says its Black Economic Empowerment policy is needed to correct economic inequality dating from the apartheid era.

The executive order also highlighted South Africa’s case against Israel at the International Court of Justice and its links to Iran.

The White House said that given these “unjust and immoral practices”, further aid to South Africa would not be provided.

Trump has also alleged that there is a “white genocide” taking place in South Africa, which has led to the administration setting up a refugee programme for Afrikaners – descendants of western Europeans who settled in southern Africa in the 17th Century. They are now just about the only refugees being allowed into the US.

The genocide claim has been widely discredited.

Pepfar funding, which had been providing about a fifth of South Africa’s total spending on HIV programmes, got a reprieve last October with what was called a “bridge plan”.

But a US State Department official has confirmed that a “phased drawdown” of Pepfar funding would now start.

This was because of “South Africa’s failure to make demonstrable progress on policy requests by the administration”, the official said.

The intention of the US government was to “foster self-reliance” and reduce dependency on American funding, they added, pointing out that “South Africa is a middle-income country and is more than capable of supporting its own health programs”.

South Africa’s health ministry has said that while Pepfar contributed to the country’s HIV programme, the provision of life-saving antiretroviral drugs was funded entirely separately, with most coming from the government.

Attempts to mend US-South Africa relations have floundered. These include a high-profile White House meeting between Trump and South African President Cyril Ramaphosa just over a year ago when the US president confronted his counterpart with his claims of white persecution.

The US also boycotted the G20 meeting, a gathering of the world’s major economies, hosted by South Africa last November.

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 Expands Presence in Nigeria with New Kaduna Office Launch

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New office Reinforces OPay’s Commitment to Financial Inclusion, Customer Support across Nigeria

OPay, a leading fintech company in Nigeria, officially launched its new office in Kaduna State on Wednesday, 10th June 2026, marking another important milestone in the company’s commitment to expanding access to secure, convenient, and inclusive financial services across the country.

The event brought together community and business leaders, local merchants, and members of OPay’s senior leadership team.

The new Kaduna office reflects OPay’s continued investment in bringing financial services closer to customers, merchants, agents, and businesses.

It also strengthens the company’s ability to provide localised support, deepen community engagement, and contribute to economic growth in Nigeria.

Over the years, OPay has played a significant role in advancing financial inclusion by providing tens of millions of Nigerians with access to digital payments, transfers, savings, and other financial services through technology-driven solutions. The launch of the Kaduna office further demonstrates the company’s dedication to ensuring that individuals and businesses, regardless of location, can participate fully in the digital economy.

“Today is more than the opening of a new office. It reflects our long-term commitment to Kaduna State and to the millions of Nigerians who trust OPay every day for their financial needs. Kaduna is a city of enterprise, innovation, and opportunity, and we are proud to strengthen our presence here as we continue to make financial services more accessible to individuals, businesses, and underserved communities, said Dotun Adekunle, Chief

Operating and Technology Officer of OPay at the Kaduna office official launch event. “Trust remains the foundation of everything we do at OPay. Every day, millions of Nigerians choose our platform because they know they can rely on us for secure transactions, innovative solutions, and dependable service. As we continue to grow, we will keep investing in technology, security, customer experience, and local partnerships to ensure that financial inclusion reaches every corner of Nigeria,” he continued.

The new office will serve as a key hub for customer engagement, merchant support, business partnerships, and operational activities within Kaduna State and neighbouring communities.

Kaduna continues to play an important role in Nigeria’s economic landscape, with a vibrant population of entrepreneurs, traders, and small businesses. By establishing a physical presence in the state, OPay aims to further support these communities with reliable, secure, and innovative financial solutions designed to meet their evolving needs.

As Nigeria’s trusted digital bank, OPay remains committed to building a more inclusive financial ecosystem where every Nigerian can access and benefit from modern financial services.

About OPay

OPay was established in 2018 as a leading fintech company in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, card service, airtime and data purchase, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customers; funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

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Domestic Refiners Lift Paltry  28.5m Barrels Crude Despite 61.9m Allocation

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By David Torough, Abuja

Nigeria’s domestic refiners lifted less than half of the crude oil allocated to them in the first quarter of 2026, despite increased volumes made available by producers under the Domestic Crude Supply Obligation framework, according to data from the Nigerian Upstream Petroleum Regulatory Commission.

The commission’s figures showed that oil producers offered a total of 68.

7 million barrels of crude during the period, exceeding the 61.9 million barrels allocated to local refiners. However, actual crude uptake remained low, with refiners receiving only 28.
5 million barrels. This translated to a supply conversion rate of between 36 and 46 per cent.

The figures highlight a continuing disconnect between crude availability and refinery intake, raising concerns about the adequacy of feedstock supplies needed to support Nigeria’s drive to expand local refining capacity.

Despite the shortfall, the Nigerian Upstream Petroleum Regulatory Commission reiterated its commitment to enhancing crude supply to domestic refineries in line with the Federal Government’s energy security objectives.

Meanwhile, the Crude Oil Refiners Association of Nigeria said the Dangote Petroleum Refinery’s growing dependence on imported crude is largely driven by commercial pricing considerations and differences in crude grades available in the domestic market.

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