To Him who sits on the throne and unto the Lamb.. To the name above every name that is named To the King of Kings and the Lord of Lords.. I lift my hands in Thanksgiving.. I am still standing here only because of your immeasurable grace and mercy... I am grateful for an amazing family, great, supportive, and solid friends, my career, and much more than I can count.. I choose joy and gratitude for the rest of my days..
Thank you, Almighty God, for another year loaned.🙏🏻
Wole Soyinka GCON (born 13 July 1934) is a Nigerian author, best known as a playwright and poet. He has written three novels, ten collections of short stories, seven poetry collections, twenty five plays and five memoirs.[1] He also wrote two translated works and many articles and short stories for many newspapers and periodicals. He is widely regarded as one of Africa's greatest writers and one of the world's most important dramatists. He was awarded the 1986 Nobel Prize in Literature for his "wide cultural perspective and poetic overtones fashioning the drama of existence".
Early life
Soyinka was born into a Yoruba family in Abeokuta, Nigeria. In 1954, he attended Government College in Ibadan, and subsequently University College Ibadan and the University of Leeds in England. After studying in Nigeria and the UK, he worked with the Royal Court Theatre in London. He went on to write plays that were produced in both countries, in theatres and on radio. He took an active role in Nigeria's political history and its campaign for independence from British colonial rule. In 1965, he seized the Western Nigeria Broadcasting Service studio and broadcast a demand for the cancellation of the Western Nigeria Regional Elections. In 1967, during the Nigerian Civil War, he was arrested by the federal government of General Yakubu Gowon and put in solitary confinement for two years, for volunteering to be a non-government mediating actor.
Soyinka has been a strong critic of successive Nigerian (and African at large) governments, especially the country's many military dictators, as well as other political tyrannies, including the Mugabe regime in Zimbabwe. Much of Soyinka's writing is concerned with "the oppressive boot and the irrelevance of the colour of the foot that wears it". During the regime of General Sani Abacha (1993–98), Soyinka escaped from Nigeria on a motorcycle via the Benin border. Abacha later proclaimed a death sentence against him "in absentia". With civilian rule restored to Nigeria in 1999, Soyinka returned there.
From 1975 to 1999, Soyinka had been Professor of Comparative literature (1975–1999) at Obafemi Awolowo University, then called the University of Ifẹ̀, and in 1999, he was made professor emeritus. While in the United States, he taught at Cornell University as Goldwin Smith professor for African Studies and Theatre Arts from 1988 to 1991 and then at Emory University, where in 1996 he was appointed Robert W. Woodruff Professor of the Arts. He has been a Professor of Creative Writing at the University of Nevada, Las Vegas, and has served as scholar-in-residence at New York University's Institute of African American Affairs and at Loyola Marymount University in Los Angeles, California. He has also taught at the universities of Cambridge, Oxford, Harvard and Yale, and was a Distinguished Scholar in Residence at Duke University in 2008.
In December 2017, Soyinka received the Europe Theatre Prize in the "Special Prize" category, awarded to someone who has "contributed to the realization of cultural events that promote understanding and the exchange of knowledge between peoples".
Literary work
A descendant of the rulers of Isara, Soyinka was born the second of his parents' seven children, in the city of Abẹokuta, Nigeria. His siblings were Atinuke "Tinu" Aina Soyinka, Femi Soyinka, Yeside Soyinka, Omofolabo "Folabo" Ajayi-Soyinka and Kayode Soyinka. His younger sister Folashade Soyinka died on her first birthday. His father, Samuel Ayodele Soyinka (whom he called S.A. or "Essay" ), was an Anglican minister and the headmaster of St. Peters School in Abẹokuta. Having solid family connections, the elder Soyinka was a cousin of the Odemo, or King, of Isara-Remo Samuel Akinsanya, a founding father of Nigeria. Soyinka's mother, Grace Eniola Soyinka (née Jenkins-Harrison) (whom he dubbed the "Wild Christian" ), owned a shop in the nearby market. She was a political activist within the women's movement in the local community. She was also Anglican. As much of the community followed indigenous Yorùbá religious tradition, Soyinka grew up in a religious atmosphere of syncretism, with influences from both cultures. He was raised in a religious family, attending church services and singing in the choir from an early age; however, Soyinka himself became an atheist later in life. His father's position enabled him to get electricity and radio at home. He writes extensively about his childhood in his memoir Aké: The Years of Childhood (1981).
His mother was one of the most prominent members of the influential Ransome-Kuti family: she was the granddaughter of Rev. Canon J. J. Ransome-Kuti as the only daughter of his first daughter Anne Lape Iyabode Ransome-Kuti, and was therefore a niece to Olusegun Azariah Ransome-Kuti, Oludotun Ransome-Kuti and niece in-law to Funmilayo Ransome-Kuti. Among Soyinka's first cousins once removed were the musician Fela Kuti, the human rights activist Beko Ransome-Kuti, politician Olikoye Ransome-Kuti and activist Yemisi Ransome-Kuti. His second cousins include musicians Femi Kuti and Seun Kuti, and dancer Yeni Kuti. His younger brother Femi Soyinka became a medical doctor and a university professor.
In 1940, after attending St. Peter's Primary School in Abeokuta, Soyinka went to Abeokuta Grammar School, where he won several prizes for literary composition. In 1946 he was accepted by Government College in Ibadan, at that time one of Nigeria's elite secondary schools. After finishing his course at Government College in 1952, he began studies at University College Ibadan (1952–54), affiliated with the University of London. He studied English literature, Greek, and Western history. Among his lecturers was Molly Mahood, a British literary scholar. In the year 1953–54, his second and last at University College, Soyinka began work on Keffi's Birthday Treat, a short radio play for Nigerian Broadcasting Service that was broadcast in July 1954. While at university, Soyinka and six others founded the Pyrates Confraternity, an anti-corruption and justice-seeking student organisation, the first confraternity in Nigeria.
Later in 1954, Soyinka relocated to England, where he continued his studies in English literature, under the supervision of his mentor Wilson Knight at the University of Leeds (1954–57). He met numerous young, gifted British writers. Before defending his B.A. degree, Soyinka began publishing and working as editor for a satirical magazine called The Eagle; he wrote a column on academic life, in which he often criticised his university peers.
Early career
After graduating with an upper second-class degree, Soyinka remained in Leeds and began working on an MA. He intended to write new works combining European theatrical traditions with those of his Yorùbá cultural heritage. His first major play, The Swamp Dwellers (1958), was followed a year later by The Lion and the Jewel, a comedy that attracted interest from several members of London's Royal Court Theatre. Encouraged, Soyinka moved to London, where he worked as a play reader for the Royal Court Theatre. During the same period, both of his plays were performed in Ibadan. They dealt with the uneasy relationship between progress and tradition in Nigeria.
In 1957, his play The Invention was the first of his works to be produced at the Royal Court Theatre. At that time his only published works were poems such as "The Immigrant" and "My Next Door Neighbour", which were published in the Nigerian magazine Black Orpheus. This was founded in 1957 by the German scholar Ulli Beier, who had been teaching at the University of Ibadan since 1950.
Soyinka received a Rockefeller Research Fellowship from University College in Ibadan, his alma mater, for research on African theatre, and he returned to Nigeria. After its fifth issue (November 1959), Soyinka replaced Jahnheinz Jahn to become coeditor for the literary periodical Black Orpheus (its name derived from a 1948 essay by Jean-Paul Sartre, "Orphée Noir", published as a preface to Anthologie de la nouvelle poésie nègre et malgache, edited by Léopold Senghor). He produced his new satire, The Trials of Brother Jero in the dining-hall at Mellanby Hall of University College Ibadan, in April 1960. That year, his work A Dance of The Forest, a biting criticism of Nigeria's political elites, won a contest that year as the official play for Nigerian Independence Day. On 1 October 1960, it premiered in Lagos as Nigeria celebrated its sovereignty. The play satirizes the fledgling nation by showing that the present is no more a golden age than was the past. Also in 1960, Soyinka established the "Nineteen-Sixty Masks", an amateur acting ensemble to which he devoted considerable time over the next few years.
Soyinka wrote the first full-length play produced on Nigerian television. Entitled My Father's Burden and directed by Segun Olusola, the play was featured on the Western Nigeria Television (WNTV) on 6 August 1960. Soyinka published works satirising the "Emergency" in the Western Region of Nigeria, as his Yorùbá homeland was increasingly occupied and controlled by the federal government. The political tensions arising from recent post-colonial independence eventually led to a military coup and civil war (1967–70).
With the Rockefeller grant, Soyinka bought a Land Rover, and he began travelling throughout the country as a researcher with the Department of English Language of the University College in Ibadan. In an essay of the time, he criticised Leopold Senghor's Négritude movement as a nostalgic and indiscriminate glorification of the black African past that ignores the potential benefits of modernisation. He is often quoted as having said, "A tiger doesn't proclaim his tigritude, he pounces." But in fact, Soyinka wrote in a 1960 essay for the Horn: "the duiker will not paint 'duiker' on his beautiful back to proclaim his duikeritude; you'll know him by his elegant leap." In Death and the King's Horsemen he states: "The elephant trails no tethering-rope; that king is not yet crowned who will peg an elephant."
In December 1962, Soyinka's essay "Towards a True Theater" was published in Transition Magazine. He began teaching with the Department of English Language at Obafemi Awolowo University in Ifẹ. He discussed current affairs with "négrophiles", and on several occasions openly condemned government censorship. At the end of 1963, his first feature-length movie, Culture in Transition, was released. In 1965, his book The Interpreters, "a complex but also vividly documentary novel", was published in London by André Deutsch.
That December, together with scientists and men of theatre, Soyinka founded the Drama Association of Nigeria. In 1964 he also resigned his university post, as a protest against imposed pro-government behaviour by the authorities. A few months later, in 1965, he was arrested for the first time, charged with holding up a radio station at gunpoint (as described in his 2006 memoir You Must Set Forth at Dawn) and replacing the tape of a recorded speech by the premier of Western Nigeria with a different tape containing accusations of election malpractice. Soyinka was released after a few months of confinement, as a result of protests by the international community of writers. This same year he wrote two more dramatic pieces: Before the Blackout and the comedy Kongi's Harvest. He also wrote The Detainee, a radio play for the BBC in London. His play The Road premiered in London at the Commonwealth Arts Festival, opening on 14 September 1965, at the Theatre Royal. At the end of the year, he was promoted to headmaster and senior lecturer in the Department of English Language at University of Lagos.
Soyinka's political speeches at that time criticised the cult of personality and government corruption in African dictatorships. In April 1966, his play Kongi's Harvest was produced in revival at the World Festival of Negro Arts in Dakar, Senegal. The Road was awarded the Grand Prix. In June 1965, his play The Trials of Brother Jero was produced at the Hampstead Theatre Club in London, and in December 1966 The Lion and the Jewel was staged at the Royal Court Theatre.
Civil war and imprisonment
After becoming Chair of Drama at the University of Ibadan, Soyinka became more politically active. Following the military coup of January 1966, he secretly met with Chukwuemeka Odumegwu Ojukwu, the military governor in the Southeastern Nigeria in an effort to avert the Nigerian civil war.
He was later arrested by federal authorities and imprisoned for 22 months, as civil war ensued between the Federal government of Nigeria and the secessionist state of Biafra. He wrote a significant body of poems and notes criticising the Nigerian government while in prison.
Despite his imprisonment, his play The Lion and The Jewel was produced in Accra, Ghana, in September 1967. In November that year, The Trials of Brother Jero and The Strong Breed were produced in the Greenwich Mews Theatre in New York City. Soyinka also published a collection of his poetry, Idanre and Other Poems, which was inspired by his visit to the sanctuary of the Yorùbá deity Ogun, whom he regards as his "companion" deity, kindred spirit, and protector.
In 1968, the Negro Ensemble Company in New York produced Kongi's Harvest. While still imprisoned, Soyinka translated from Yoruba a fantastical novel by his compatriot D. O. Fagunwa, entitled The Forest of a Thousand Demons: A Hunter's Saga.
Two films about this period of his life have been announced: The Man Died, directed by Awam Amkpa, a feature film based on a fictionalized form of Soyinka's 1973 prison memoirs of the same name; and Ebrohimie Road, written and directed by Kola Tubosun, which takes a look at the house where Soyinka lived between 1967 when he arrived back in Ibadan to take on the directorship of the School of Drama and 1972 when he left for exile after being released from prison.
Release and literary production
In October 1969, when the civil war came to an end, amnesty was proclaimed, and Soyinka and other political prisoners were freed. For the first few months after his release, Soyinka stayed at a friend's farm in southern France, where he sought solitude. He wrote The Bacchae of Euripides (1969), a reworking of the Pentheus myth. He soon published in London a book of poetry, Poems from Prison. At the end of the year, he returned to his office as Chair of Drama at Ibadan.
In 1970, he produced the play Kongi's Harvest, while simultaneously adapting it as a film of the same title. In June 1970, he finished another play, called Madmen and Specialists. Together with the group of 15 actors of Ibadan University Theatre Art Company, he went on a trip to the United States, to the Eugene O'Neill Memorial Theatre Center in Waterford, Connecticut, where his latest play premiered. It gave them all experience with theatrical production in another English-speaking country.
In 1971, his poetry collection A Shuttle in the Crypt was published. Madmen and Specialists was produced in Ibadan that year. Soyinka travelled to Paris to take the lead role as Patrice Lumumba, the murdered first Prime Minister of the Republic of the Congo, in the production of Murderous Angels, Conor Cruise O'Brien's play about the Congo Crisis.
In April 1971, concerned about the political situation in Nigeria, Soyinka resigned from his duties at the University in Ibadan, and began years of voluntary exile. In July in Paris, excerpts from his well-known play The Dance of The Forests were performed.
In 1972, his novel Season of Anomy and his Collected Plays were both published by Oxford University Press. His powerful autobiographical work The Man Died, a collection of notes from prison, was also published that year. He was awarded an Honoris Causa doctorate by the University of Leeds in 1973. In the same year the National Theatre, London, commissioned and premiered the play The Bacchae of Euripides, and his plays Camwood on the Leaves and Jero's Metamorphosis were also first published. From 1973 to 1975, Soyinka spent time on scientific studies. He spent a year as a visiting fellow at Churchill College, Cambridge University 1973–74 and wrote Death and the King's Horseman, which had its first reading at Churchill College.
In 1974, his Collected Plays, Volume II was issued by Oxford University Press. In 1975, Soyinka was promoted to the position of editor for Transition Magazine, which was based in the Ghanaian capital of Accra, where he moved for some time. He used his columns in the magazine to criticise the "negrophiles" (for instance, his article "Neo-Tarzanism: The Poetics of Pseudo-Transition" ) and military regimes. He protested against the military junta of Idi Amin in Uganda. After the political turnover in Nigeria and the subversion of Gowon's military regime in 1975, Soyinka returned to his homeland and resumed his position as Chair of Comparative Literature at the University of Ife.
In 1976, he published his poetry collection Ogun Abibiman, as well as a collection of essays entitled Myth, Literature and the African World. In these, Soyinka explores the genesis of mysticism in African theatre and, using examples from both European and African literature, compares and contrasts the cultures. He delivered a series of guest lectures at the Institute of African Studies at the University of Ghana in Legon. In October, the French version of The Dance of The Forests was performed in Dakar, while in Ife, his play Death and The King's Horseman premièred.
In 1977, Opera Wọnyọsi, his adaptation of Bertolt Brecht's The Threepenny Opera, was staged in Ibadan. In 1979 he both directed and acted in Jon Blair and Norman Fenton's drama The Biko Inquest, a work based on the life of Steve Biko, a South African student and human rights activist who was beaten to death by apartheid police forces. In 1981 Soyinka published his autobiographical work Aké: The Years of Childhood, which won a 1983 Anisfield-Wolf Book Award.
Soyinka founded another theatrical group called the Guerrilla Unit. Its goal was to work with local communities in analysing their problems and to express some of their grievances in dramatic sketches. In 1983 his play Requiem for a Futurologist had its first performance at the University of Ife. In July, one of his musical projects, the Unlimited Liability Company, issued a long-playing record entitled I Love My Country, on which several prominent Nigerian musicians played songs composed by Soyinka. In 1984, he directed the film Blues for a Prodigal, which was screened at the University of Ife. His A Play of Giants was produced the same year.
During the years 1975–84, Soyinka was more politically active. At the University of Ife, his administrative duties included the security of public roads. He criticized the corruption in the government of the democratically elected President Shehu Shagari. When he was replaced by the army general Muhammadu Buhari, Soyinka was often at odds with the military. In 1984, a Nigerian court banned his 1972 book The Man Died: Prison Notes. In 1985, his play Requiem for a Futurologist was published in London by Rex Collings.
Crisis At University Of Calabar As VC Sends Home Many Students Including Finalists After School Admitted More Than Quota
Confusion has erupted at the University of Calabar (UNICAL) after the Vice Chancellor, Prof Florence Banku Obi, sent hundreds of students in the Faculty of Dentistry and Dental Surgery home due to over-admission beyond the approved quota by the Nigerian Medical and Dental Council.
SaharaReporters gathered that the Vice Chancellor took the decision during a meeting with the students and their parents on Thursday.
A memo from the office of the Provost College of Medical Sciences University of Calabar., with Ref: UC/CMS/PO/209 to all Dental Students dated 7th July, 2025, invited all the students and their parents to a meeting with the Vice Chancellor on July 10 at the College meeting hall.
Although the agenda of the meeting was not stated, the memo copied to principal officers of the College was signed by Deputy Registrar/College Secretory, Mrs. Anita B. Eyo.
The letter which was tilted: "Notice of Meeting with the Vice - Chancellor," partly read: "I am directed to invite all the Dental Students and their parents to a meeting with the Vice-Chancellor, University of Calabar as scheduled, - Thursday, 10th July, 2025, time 2:00 PM."
After the meeting, the students from 200 to 600 levels were asked to go home with their parents until the university sorts out over-admission of students into the faculty, SaharaReporters was told.
One of the affected students lamented that the students were asked to go home despite paying millions in tuition fees, accommodations, and other charges.
"There's a huge injustice going on in the University of Calabar Faculty of Dentistry and Dental Surgery," he said.
According to him, the university admitted more students than the quota given by the Medical Council of Nigeria, and now all students from 200 to 600 levels have been told to go home.
"The school out of greed admitted a lot of students in that faculty as against the quota given to them by the Medical Council of Nigeria," he alleged.
The students are said to be helpless, and the Vice Chancellor has banned any form of protest against her drastic and inhumane decision.
Another student questioned why the university would admit over 300 students in a class when the quota is just 10 graduate dentists per year.
She collaborated her colleague, stating that what happened in the university is a huge injustice.
She said: "The school out of greed admitted a lot of students in that faculty as against the quota given to them. Now they have asked the students to go home when they cannot maneuver their fraudulent admission. All these students have been paying school fees, house rent, textbook fees, feeding.
"And just today the the Vice Chancellor called all the students in the faculty of Dentistry with their parents in a meeting and the matter that was raised is that the over-admission."
The development has sparked outrage among students, who are demanding justice and a reversal of the decision.
The situation remains tense, with the students awaiting a resolution to the crisis.
Guaranty Trust Holding Company made history on Thursday by becoming the first West African financial institution to have its shares listed on the London Stock Exchange.
The development has made GTCO to be dual-listed on the LSE and the Nigerian Exchange Limited.
At a ceremony to mark the listing at the LSE, stakeholders highlighted the transformation that this transaction would bring to Nigeria and the African continent.
Earlier in the month, GTCO disclosed that it would be raising about $100m from the international capital market as well as listing its securities on the London Stock Exchange’s Main Market. In a corporate disclosure filed on the NGX on Wednesday, the lender revealed that its entire issued share capital, consisting of 36,425,229,514 shares, has been admitted to the equity shares (international commercial companies secondary listing) category of the Official List of the United Kingdom Financial Conduct Authority and is trading on the London Stock Exchange’s main market for listed securities.
GTCO cancelled its Global Depository Receipts representing a certain security (depositary receipt) category of the Official List of the United Kingdom Financial Conduct Authority, and in place of the GDRs, the company’s ordinary shares were listed on the LSE main market.
Speaking at the official listing ceremony, the Group Chief Executive Officer of GTCO, Segun Agbaje, noted that investors can now benefit from the best of both worlds with this listing.
He said, “We have delisted the GDR, which means it is now listed on the secondary market like the new shares. It means that anytime you want to raise capital, you can come back to the London Stock Exchange. We have created another backroom for you to raise capital. That is why we call it the best of both worlds; you have the Nigerian Exchange Limited, and we have the LSE. We want to unlock Nigeria and Africa. We wanted to see whether the macro story of Nigeria has changed and whether you can go out and raise money in the international market.
It is always good to have options.
“I want to start by thanking the London Stock Exchange. I want to thank everybody who has joined us today. It always reminds me that it is never an easy road. It’s always the right road that gets you where you’re going. I think, for my board and all those who have been with me, one of the most important things to us is always to play by the rules. Tell it like it is, and then we will live with whatever the outcome is.”
According to the GTCO GCEO, the company has plans to use part of the capital raised from outside the country to boost its expansion in international markets especially African countries.
Specifically, he said plans were being made to increase GTCO branch networks in its international markets.
He also spoke about ensuring better returns on investments for both its local and international shareholders.
The Head of International Primary Markets, London Stock Exchange Group, Tom Attenborough, in his comments, noted that this was a welcome back to the LSE for GTCO, which first listed its GDR in 2007.
Attenborough said, “We are really delighted to welcome you all to open the market to celebrate the recent fundraising and, of course, the listing of your ordinary shares. You know, there is photographic evidence of the original Global Depository Receipt listing back in 2007. A few more of you, of course, were here in 2017 at the facility celebrating the 10th anniversary of GDR.
“Over those years since the original listing, you have continued to absolutely blaze a trail as a business. And you know, we’re here to celebrate that, I think, as much as the listing itself today. We look back to 2007; you were the first Nigerian company and the first African bank to list GDRs on the London Stock Exchange. Now, fast forward 18 years, and you’re the first West African financial institution to have its shares dual-listed on London and, of course, the NGX, with our friends here from the Nigeria Stock Exchange here today.”
He commended the lender for blazing the trail to transform the proposition from GTBank, a Nigeria-only bank, to now a financing powerhouse operating across the continent, living up to the motto of being truly international and most certainly proudly African.
Chief Executive Officer of NGX, Mr. Jude Chiemeka, in his comments, noted that the strong governance outlook of the company had attracted investors and that this dual listing would strengthen GTCO’s position.
He said, “From a governance perspective, I think GTCO has demonstrated a strong governance structure. Even as a listed entity on the NGX, you see that a lot of internationals buy their shares because of the heightened level of corporate governance the company undergoes. And now that they are listed on the London Stock Exchange, we see it as a good thing in terms of the level of governance that will go through here. But beyond that, we think it will also help create more liquidity for the shares that we have. We have Seplat, and we have Airtel Africa. You can see the level of liquidity those companies continue to enjoy.
“We congratulate GTCO for taking this initiative to list on the London Stock Exchange. We believe that it will position them to attract more international capital, which is, at the end of the day, the essence of exchange listing.
“You will recall that the bank had done a GDR that led to the metamorphosis of this initiative. What GTCO has done is good, not just for the exchange but for the entire country. It puts Africa in a good light because it’s a proudly Nigerian company with an international focus. And we do have a lot of companies, even in the banks, that also have an international focus. So, we think that this will open up more opportunities in that space.”
Also speaking, Managing Director, Capital Markets, Chapel Hill Denham, the Nigerian transaction adviser to the GTCO on the LSE transaction, Mr. Lanre Buluro, said the listing is transformational for Nigeria’s capital market.
He thanked GTCO for giving Chapel Hill Denham the opportunity to serve as the Nigerian Financial Adviser on the capital raise and listing on the LSE.
Meanwhile, GTCO has listed its public offer of 2,288,250,000 ordinary shares of 50 kobo each at N70.00 per share.
According to a market bulletin signed by the Head of the Issuer Regulation Department, Godstime Iwenekhai, with the listing of the additional shares, the total issued and fully paid-up shares of Guaranty Trust Holding Company Plc have now increased from 34,136,979,514 to 36,425,229,514 ordinary shares of 50 kobo each.
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised the alarm that some corrupt Nigerian politicians are now hiding their illicit wealth in cryptocurrencies to evade scrutiny and detection by anti-graft agencies.
The EFCC boss said the agency had uncovered a growing trend where fraudulent public officials now used cryptocurrency wallets to stash stolen public funds and conduct illicit transactions.
Olukoyede made the revelation on Thursday at an event commemorating Africa Anti-Corruption Day.
The event was held simultaneously and monitored by The PUNCH in Abuja, Lagos and Ibadan, Oyo State.
Other speakers at the event lamented that Nigerians usually fell victim to crypto fraud, including the recent CBEX scam, where Nigerians lost over N1.3tn.
Olukoyede said, “Virtual asset fraud is on the rise. Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative blackness of anti-corruption agencies.
“Stolen funds and unexplained wealth are being warehoused in wallets and payment for services are being done through this window,” he said.
Olukoyede warned that while the rise of virtual assets had transformed financial transactions globally, it had also created new avenues for money laundering and financial crimes.
He said, “Technology is moving at a supersonic speed around the world.
“The advent of virtual assets is a response to one of the qualities of money as a store of value like it is known in our elementary economies.”
“However, as with every progressive innovation, fraud starts to usually evolve, evolve ways of perverting their genuine purposes,” he said.
He added that the EFCC was not helpless in the face of the sophisticated schemes, noting that proactive training and intelligence sharing had enabled the commission to identify and investigate such cases.
“But for us in the EFCC, virtual asset fraud and investment scams are not hard nuts to crack.
“Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he said.
At the Lagos event, Olukoyede, represented by the Chief of Staff/Lagos Zonal Director, Lagos Zonal Directorate 1, C. E. Michael Nzekwe, said virtual assets had become a dangerous tool in the hands of fraudsters and dishonest public officials.
He warned that virtual assets fraud was on the rise in Nigeria and across the continent, with fraudsters exploiting the anonymity and borderless nature of blockchain-based platforms.
He lamented that while virtual assets were created for convenience and as a store of value, bad actors had twisted their purpose for illicit gain.
At the event held at the Conference Hall of the Jagz Hotel in Ibadan, the Oyo State, Olukoyede, represented by the Acting Zonal Director, Ibadan Zonal Directorate, Hauwa Ringin, said investment fraud, like virtual assets fraud, was spreading like wildlife across Africa.
Representing the Central Bank of Nigeria Governor, Yemi Cardoso, in Abuja, the Deputy Governor of Economic Policy, Muhammad Abdullahi, said Nigeria had recorded a surge in cryptocurrency transactions, which had exposed the financial system to new risks.
He said in Nigeria, over $56bn in crypto-related transactions were recorded between July 2022 and June 2023.
The CBN governor said, “In Nigeria, over $56bn in crypto-related transactions were recorded between July 2022 and June 2023, making the country Africa’s digital transaction leader.”
He, however, said the growth was not without consequences.
According to him, the CBN’s 2024 Financial Stability Report indicated a 45 per cent rise in financial fraud cases, with 70 per cent of the losses linked to digital platforms and unregulated virtual asset services.
“Furthermore, over 30 Ponzi-style investment schemes exploiting digital currency narratives have been flagged by the SEC and other agencies,” he said.
He warned that this could damage the reputation of Nigeria on the global financial stage.
“These developments pose major risks, including loss of consumer confidence, weakening of financial integrity, and reputational challenges for Nigeria in the global financial system,” he said.
Cardoso said the CBN and the Securities and Exchange Commission had set up a joint committee to regulate the virtual asset space, with support from the EFCC and the Nigerian Financial Intelligence Unit.
He said, “We have intensified our regulatory and supervisory responses in several critical areas. Namely, on virtual accounts, following an extensive review of the operations of virtual accounts by deposit money banks and their fintech partners, we uncovered systemic weaknesses.
“These include poor KYC, knowing of customer practices, and insufficient transaction monitoring.
“We have acted to ensure that all firms strengthen KYC processes, improve oversight of fintech partnerships, and adhere to AML-CFT obligations,” he said.
The CBN governor also announced that the apex bank was in talks with the EFCC to create a National Virtual Asset Wallet to warehouse seized digital assets.
He stressed that Nigeria’s response must include public education, especially targeting young people who are often lured by fake investment schemes.
“Technology-driven financial crimes are borderless, faceless, and fast-moving. Combating them requires strong institutions and coordinated action,” he said.
In a lecture delivered in Lagos, an anti-fraud expert, Kaina Garba, outlined key definitions and terminology underpinning the virtual asset space.
He described virtual assets, such as cryptocurrencies and tokens, as digital representations of value that could be transferred online, but distinct from fiat money or traditional securities like stocks.
Garba warned that the rise of digital finance had also ushered in new forms of criminality, such as Ponzi schemes disguised as crypto investments, fake initial coin offerings, phishing attacks on crypto wallets, and money laundering via crypto mixers.
“Criminals now exploit virtual assets to defraud unsuspecting investors. Many disappear with people’s hard-earned money after marketing fictitious tokens or projects,” he said.
Garba noted that although cryptocurrencies were previously unregulated in Nigeria, the recently passed Investment and Securities Act 2025 provided a legal framework for the sector.
The EFCC, he said, had responded by strengthening cybercrime units, investing in digital forensics, and enhancing local and international collaborations.
Speaking on behalf of the SEC, the Divisional Head of Legal and Enforcement, John Achile, reaffirmed the commission’s regulatory role under the 2025 Investment and Securities Act.
“The SEC has a dual responsibility: investor protection and market development. With digital assets now legally recognised, we are regulating this space through structured incubation programmes and licensing procedures,” Achile stated.
He said SEC had created a Digital Asset Division and developed two incubation streams: accelerated and managed, to better understand applicants’ business models before issuing licences.
“We do not just issue licences. We engage prospective exchanges or service providers to understand their operations and determine compliance before approval,” he explained.
In his lecture in Ibadan, themed, “Understanding Virtual Asset and Investment Fraud,” a professor of Criminology, Oludayo Tade, said, “People fall victim to fraud. What can we do?
“We need to ensure that anything too good to be true is a red flag. It’s a red flag because you know that we are in Nigeria and you know the condition of things.
“You know that even if you invest in a bank, the returns cannot be 50 per cent and somebody is offering you that to happen within a week.
“Another thing that they do is also to use the image, the reputation of individuals and organisations to launder their fraudulent tactics.
“But to prevent virtual fraud, virtual assets, you need to increase and improve on awareness level.
“How many Nigerians are aware of it? I’m very sure that those who fell victim to CBEX would find another scheme that is coming and will still join because people are looking for opportunities.”
In his goodwill message, the Oyo State Sector Commander of the Federal Road Safety Corps, Rosemary Alo, represented by DCC OPS, Olugbesan, said the joint efforts in monitoring and controlling the movement of vehicles, especially in curbing the use of unregistered, fake, or cloned number plates, had significantly aided in the disruption of illicit financial flows and the recovery of proceeds of crime.
Former President Goodluck Jonathan, on Thursday, said shortly after his tenure ended in 2015, the succeeding administration — led by President Muhammadu Buhari — targeted several key officers in his government.
Jonathan remarked in Abuja, during the public presentation of a memoir titled “OPL 245: Inside Story of the $1.3bn Nigerian Oil Block,” authored by former Attorney-General of the Federation, Bello Adoke.
He was represented at the event by a former Senate President, Pius Anyim.
The OPL-245 case, also known as the Malabu Oil deal scandal, centres on the acquisition of Oil Prospecting Licence 245 — an oil block in Nigeria — by Shell and Eni in 2011 for $1.3bn.
The controversy stems from allegations that a significant portion of the payment, specifically $1.1bn, was channelled through intermediaries as bribes to Nigerian officials and politicians.
OPL 245 was initially awarded to Malabu Oil and Gas in 1998 by the Gen Sani Abacha administration.
However, the block became the subject of global corruption investigations, criminal prosecutions, and civil lawsuits after Malabu sold its entire stake to Shell and Eni in 2011.
Adoke, who was initially accused of wrongdoing by the Buhari administration, was eventually discharged and acquitted both in Nigeria and abroad.
In his address, Jonathan recalled how Adoke was hunted globally over the OPL-245 matter.
Speaking further, he said Adoke’s memoir upholds the truth.
“Shortly after my tenure ended in 2015, the succeeding government launched what many saw as a manhunt against key officers of my administration.
“The author of this memoir, Mr Bello Adoke, was the Attorney-General of the Federation at that time. He was hunted across the globe,” Jonathan said.
He continued: “But today, he is alive, he is healthy, and he is here to tell his story. Let me, therefore, use this occasion to congratulate Mr Bello Adoke, my friend and brother, for his doggedness, and to say that I am pleased to join you in celebrating this victory. I urge all of us to remain conscious of the fact that power belongs to God.”
Jonathan added that the best anyone entrusted with public office can do is commit to the assignment and use the opportunity to uphold truth, justice, and fairness.
“I must state, as always, that it is widely acknowledged among all civilisations that any society or organisation that does not promote justice and fairness will neither have peace nor make progress,” he said.
He further noted that the essence of Adoke documenting his memoir was not only to set the record straight but to contribute to the cause of truth and justice, which he described as the foremost pillars of nation-building.
Adoke, at the event, said he had forgiven all individuals involved in the legal and political controversies surrounding his role in the OPL-245 oil block case.
Adoke, whose memoir recounts his experience with legal proceedings and public scrutiny over the 2011 oil block deal, which involved the transfer of the OPL 245 licence to Shell and Eni, explained that the purpose of the book was to provide clarity and personal context, not to attack anyone.
“This book is not written to denigrate anyone. It is meant to set the record straight and offer my account of what transpired,” he said.
He noted that he was mindful of the fact that events would eventually outlive individuals and that documenting such events was a more reliable way of preserving them.
Adoke alleged that former President Buhari was driven by a sense of vengeance on behalf of the late Gen Sani Abacha’s family.
He said the former President believed he had treated the Abachas unfairly concerning the OPL-245 deal.
He clarified that he was never a party to the OPL-245 transaction but merely carried out a presidential directive in 2011 to resolve issues relating to the deal.
He lamented the obscene amount of public funds spent on what he described as his needless and malicious prosecution, stressing that Nigerian taxpayers should never be burdened with such costs.
Adoke further stated that while an Italian prosecutor involved in the case was punished and sentenced to eight months in prison, his Nigerian counterparts at the Economic and Financial Crimes Commission, who allegedly lied under oath, faced no consequences.
He cautioned that prosecutors must never become persecutors.
Despite everything, Adoke said he had forgiven all those responsible for his ordeal, including the former EFCC Chairman, Ibrahim Magu, who he said had apologised to him.
He added that although the court cases and surrounding controversy had taken a toll on his life, he had chosen to move on.
“I have forgiven everyone behind my ordeal. After the verdicts of the various courts, I initially returned to exile. It was Vice President Kashim Shettima who encouraged me to return and bring closure to the matter,” he said.
Shettima, in his address, commended Adoke for what he described as a reconciliatory gesture in forgiving those who contributed to his ordeal in the OPL-245 case.
“I commend you for forgiving all those who offended you during your ordeal. I admire Adoke for standing by his convictions,” Shettima said.
He went on to acknowledge the presence of numerous dignitaries across the political spectrum.
“So many dignitaries are here, reflecting the eclectic crowd of friends that Mohammed Bello Adoke maintains.
“We have the PDP, the new PDP, and the coalition heavily represented by my elder brother, Malam Nasir Ahmed El-Rufai.
“We also have the NNPP, APP, and APC. This gathering is a kaleidoscope of colours. What binds us together surpasses whatever divides us,” he said.
Shettima recalled being demonised during the Jonathan administration, stating that he was labelled Public Enemy Number One.
However, he said he had since reconciled with the former President, describing him as a man who respected the rule of law.
He shared an account of how former President Jonathan had considered removing him as Governor of Borno State but was dissuaded by Adoke’s legal counsel.
“President Jonathan attempted to remove me as Borno Governor, but he heeded the superior legal advice of Mr Adoke,” Shettima said.
Quoting the late American civil rights leader, Martin Luther King Jr., Shettima said: “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”
He continued, “In the last four years of the Jonathan administration, I was the most demonised individual — the public enemy number one. At one such high-level meeting involving the President, Vice President, Senate President, and Speaker of the House of Representatives, former President Jonathan — with whom I have since reconciled — mooted the idea of removing ‘this Borno Governor’.
“But Aminu Waziri Tambuwal, then Speaker of the House of Representatives, boldly told the President: ‘Your Excellency, you don’t have the power to remove an elected councillor’.
“Still unconvinced, President Jonathan raised the issue at the Federal Executive Council. I admire Mr Mohammed Bello Adoke profoundly for his courage, conviction, and willingness to stand for what he believes in. He told the President bluntly: ‘Mr President, you do not have the power to remove a sitting governor, not even a councillor’.
“They later sought the opinion of another Senior Advocate of Nigeria in the cabinet, Kabiru Turaki, who concurred with Adoke’s position. That was how the matter was laid to rest, and it was the beginning of my lifelong bond with both Adoke and Tambuwal.”
Shettima urged Nigerian leaders to document their experiences for posterity, rather than suppressing events that occurred during their time in government.
“Our public service is a territory governed by silence. There is silence to protect relationships; silence to protect secrets too delicate to disclose; silence for memories we would rather forget,” he said.
“As a generation of leaders, we must summon the courage to document our journeys,” he said.
Oyo State Governor, Seyi Makinde, commended Adoke for bringing together politicians of different affiliations — including the APC, PDP, the Coalition, and the NNPP — at the launch of his memoir, describing the event as a valuable opportunity to build elite consensus for the future of Nigeria.
He stated, “History must not only be recorded, it must also be contested, clarified, and understood,” praising Adoke for recounting his side of events.
Highlighting the significance of the oil block in question, Makinde said the OPL-245 contains over nine billion barrels of crude oil — a volume substantial enough to impact the country’s GDP — hence the intense interest the case had generated.
“Up till now, the issue surrounding OPL 245 is still unresolved,” he added.
Former Senate President, Bukola Saraki, also spoke at the event, emphasising the central theme of the book as the importance of the rule of law.
The former Kaduna State Governor, Nasir El-Rufai, said books like Adoke’s were essential not only to set the record straight and offer perspective but also to promote a culture of memoir writing in public service.
“We don’t do it enough in this country,” he observed.
El-Rufai urged those currently in positions of power to be mindful of the future, noting that like himself and Adoke, their time would also come.
“I appeal to those in power today to remember that their turn will come. Our turn always comes,” he said.
El-Rufai further stated that Adoke was one of those who stood by President Goodluck Jonathan and persuaded him to concede defeat to Muhammadu Buhari after the 2015 general election.
He questioned why someone who played such a stabilising role in the nation’s democratic process would later be persecuted.
“I intend to read this book thoroughly to gain more insight.
“We should actually thank him, as the APC government of 2015, not persecute him.
“I had several discussions with President Buhari — as you know, I was very close to him — and I never saw that he had any personal interest in the matter beyond upholding the rule of law,” El-Rufai added.
Exactly one year after the Supreme Court granted full autonomy to the 774 local government areas, the Federal Government has continued to channel allocations through state governments.
An analysis by The PUNCH shows that state governors retained control of council allocations totalling N4.5tn, defying the landmark judgment that mandated direct funding to local governments.
On July 11, 2024, the apex court ruled that local governments must receive their allocations directly from the Federation Account, describing the long-standing practice of routing the funds through state governments as unconstitutional.
In response, the Federal Government constituted an inter-agency panel to oversee the implementation of the ruling and directed the Central Bank of Nigeria to open individual accounts for each of the 774 local government councils across the country to facilitate direct disbursements.
However, one year after the judgment, findings by The PUNCH show that the process remains largely unimplemented.
Local government allocations have continued to pass through state governments amid delays and disputes between the Central Bank, state governments, local government authorities, and other relevant agencies.
An analysis of data from the Federation Account Allocation Committee reveals that between July 2024 and June 2025, the sum of N4.496tn was disbursed to local government councils.
This represents 24.87 per cent of the N18.074tn shared among the three tiers of government over the 12-month period.
According to the monthly communiqués released by FAAC, N337.02bn was allocated to LGs in July 2024, N343.70bn in August, N306.53bn in September, N329.86bn in October, and N355.62bn in November.
In December, local governments received N402.55bn, followed by N361.75bn in January 2025, N434.57bn in February, and N410.56bn in March.
Subsequent allocations included N387bn in April, N406.63bn in May, and N419.97bn in June.
Although the percentage of the total allocation going to local governments has remained steady, ranging between 24 and 25 per cent each month, the method of disbursement continues to breach the Supreme Court’s judgment.
An official at the Office of The Attorney General of the Federation, told The PUNCH that the AGF had done his bit, stating that the FG set up a committee to work on ensuring that the LGs were granted full autonomy.
Our source said, “The Attorney General is not the one in charge of disbursing of funds. The implementation committee raised by the Federal Government is chaired by the Secretary to the Government of the Federation. AGF is just a member there and he is not even the secretary. The Minister of Finance is there.
“The AGF has already gone to court and won the case and the moratorium, which was given to the governors before, was for them to conduct their local government elections, which I think all of them have complied with.
“The committee that was raised, ALGON is part of it, Labour is part of it. Those are the people to direct some of these questions to.”
The General Secretary of the Association of Local Governments Employees, Muhammed Abubakar, while speaking with The PUNCH on Thursday evening said the association was patiently waiting on the Office of the Secretary to the Government of the Federation to give updates on the documents submitted to President Bola Tinubu.
According to Abubakar, Tinubu listened to the concerns of the governors and mandated the Secretary to the Government of the Federation, George Akume, and the Attorney General of the Federation, Lateef Fagbemi (SAN) to work on the bottlenecks affecting the implementation of the judgment.
“No one has gone quiet. The process is still ongoing. The governors had some concerns and the President gave a listening ear to the governors. The President then mandated the SGF and AGF to work on the bottlenecks and concerns raised by the governors. They have communicated it to the Presidency. We are just waiting for the SGF to share updates on whether the President has received all the details.”
Confirming the delay in implementing the court ruling, the Gombe State, NLC chairman, Yusuf Bello, said nothing has changed nationwide.
He noted that appointed chairmen still lacked control over funds, while autonomy remained elusive.
According to him, only local government elections conducted by the FG can bring meaningful change and improve grassroots governance.
He said, “Does any chairman have the right to touch the money? It’s still pocketed, it’s the same scenario all over the nation.”
A source at the NULGE Gombe office, who spoke on condition of anonymity, told The PUNCH that the challenge of implementation is nationwide.
He said, “I can confirm that all paper works have been completed. Implementation is not only a Gombe issue, it’s nationwide. Gombe is not one of the states where the executive puts eyes on the resources each LGA is allowed to spend freely.”
The PUNCH also learnt that the 16 LGs in Kwara State were yet to open accounst with the CBN.
The Chairman, NULGE, Kwara chapter, Seun Oyinlade, disclosed this in a telephone conversation with Punch correspondent in Ilorin on Tuesday.
“The local government chairmen are yet to open accounts with the CBN.”
Chairman of the state branch of the Nigeria Labour Congress, Comrade Saheed Olayinka said he was not aware that the LGs had opened the CBN account, adding that the accounts might be opened this month.
The PUNCH further learnt that the 44 LGs in Kano State were yet to comply with the directive of the CBN on the opening of accounts at the apex bank.
A reliable source at the Ministry for Local Government and Chieftaincy Affairs, who spoke on condition of anonymity, told The PUNCH, “To my knowledge, none of the 44 councils in the state has opened accounts with the CBN.
“We heard that the apex bank has opened an account for each of the local governments and what remains is to regularise the accounts, which is yet to be done,” the source said.
Our source accused the local government council chairmen and the NULGE officials of not making moves or efforts to ensure that the councils opened the accounts as directed by the apex bank because of what he described as personal benefits.
The Kano State Commissioner for Information and Internal Affairs, Ibrahim Waiya, confirmed that local governments in the state were yet to begin receiving statutory allocations directly from the FG.
He described the issue as national, adding that most northern states had not completed the internal requirements needed for full compliance, including setting up LG service commissions.
Waiya said Kano has made progress by establishing its own commission, chaired by Malam Ibrahim Jibrin.
He added that Governor Abba Kabir Yusuf had granted LGs autonomy to manage resources independently.
The Chairman, NULGE, Bayelsa State, Comrade ThankGod Singer, says states and local government councils all over Nigeria operated the Joint Account Allocation Committee.
Singer said several local government councils were yet to open dedicated accounts with the CBN but added that there was no problem in Bayelsa as the state government and the local government councils sat at JAAC to manage the allocations.
“JAAC is still being operated all over the country and here in Bayelsa State, we have no problem. Salaries are being paid, projects are going on and the state government is assisting the local governments in the payment of teachers’ salaries,” he stated.
The PUNCH also leant that the Benue State Government was yet to comply with the Supreme Court ruling.
Despite public claims by the government that autonomy had been implemented, findings by our correspondent indicated otherwise, with several local government chairmen in the state dismissing such claims as false and misleading.
Three council chairmen, who spoke on condition of anonymity, said the administration’s declaration of local government autonomy was a mere facade.
One chairman from Benue North East expressed disappointment with the recent statement by the state ALGON chairman, Maurice Orwourgh, who claimed that local councils in the state operated autonomously.
He stated, “If autonomy truly exists, why does the state government still allocate us N10m monthly as security votes? The least LGs receive is N385m monthly from federal allocation—why do we need state subvention?”
Another chairman from Benue North West lamented that none of the 23 LGAs has executed any meaningful project since the current administration came on board.
“Not even a culvert has been constructed,” he said, describing the government’s position as lip service.
From Benue South, a chairman linked the denial of LG funds to rising insecurity.
“What can N10m do as security vote in a month? It can’t even cover fuel costs,” he said.
Former governor Samuel Ortom also criticised the incumbent Governor Hyacinth Alia for flouting the Supreme Court judgment.
In a statement issued through his media adviser, Terver Akase, Ortom questioned why the governor is still controlling council finances, despite the court’s directive.
“That none of the 23 LGAs has constructed even a single culvert shows how starved they are of their funds,” he said.
The NULGE in Nasarawa State said the 13 LGs in the state had long opened their accounts, and ready to receive direct allocation from the FG.
The chairman of NULGE in the state, Adamu Sharhabilu, however, noted that the local councils were yet to receive their allocations directly from the FG.
He said, “At the moment, there are currently no obvious plans by the Nasarawa State government to shortchange the local government workers or frustrate the LG Autonomy implementation in the state.
“I can inform you that Governor Abdullahi Sule has been expressing his commitment to work towards ensuring that local government workers get what is due to them and also enjoy all the benefits of the LG autonomy.
“However, the FG has not given the LGs a single Kobo in Nasarawa. The money has always been sent to the joint accounts. No local government has received funds directly from the Federation Account.”
The Bauchi State chapter Chairman of NULGE, Muhammad Yunusa, said despite the Supreme Court’s judgment, local governments in the state have also not been able to open bank accounts with CBN.
He explained that the union was working tirelessly to ensure the implementation of the judgment.
“The union has submitted a memorandum to the Senate and plans to do the same with the House of Representatives, all on the matter.”
Also, the Jigawa State NLC chairman, Sanusi Maigatari, said LGs in the state had been receiving their funds from federal allocation prior to the apex court order.
However, he couldn’t shed light on whether the LGs had opened bank accounts with the CBN for direct allocation reception.
Maigatari advised the state government to fill gaps necessary for enhancement of financial and administrative autonomy of LGs for state development.
On his part, the NULGE chairman in Jigawa, Abubakar Shitu, echoed similar sentiments, stating that the state had almost achieved 95 per cent LG autonomy.
“Unlike in some other places, here in Jigawa, we don’t have issues with LG financial autonomy but administrative autonomy,” he said.
He highlighted some deductions made by the state government, including two per cent contribution to Sule Lamido University and one per cent to the state Local Government Service Commission, which he clarified were duly recognised by the law of the state.
“These deductions include 2.5 per cent for the Ministry of Local Government. Despite these deductions, Jigawa State LGs seem to be functioning relatively autonomously,” he stated.
Shitu also emphasised that the problem with LG autonomy lied with the FG, citing the lack of a Certified True Copy of the Supreme Court judgment.
However, while other LGs lament the delay in implementation of the ruling, the Adamawa State Chairman, ALGON, and Chairman, Toungo LG, Suleiman Gankuba, confirmed to The PUNCH that councils received federal allocations directly from the FG.
“Governor Ahmadu Fintiri granted local governments autonomy before the Supreme Court judgment, so for us in Adamawa, councils’ autonomy is not a new issue to us,” he said.
The state’s Commissioner of Finance, Augustina Wandamiya, told The PUNCH, “Adamawa is the first state to implement local autonomy without waiting for the Supreme Court judgment because Governor Fintiri believes in the rule of law and separation of powers,” she said.
SANs fault non-implementation
Some of Nigeria’s most prominent constitutional lawyers have faulted the continued disregard for the Supreme Court’s ruling on local government autonomy, one year after the landmark judgement was delivered.
Senior Advocates of Nigeria, in separate interviews, described the non-compliance as a blatant affront to the rule of law, with some calling out both the Federal and state governments for frustrating enforcement.
Professor Mike Ozekhome (SAN) condemned what he described as a deliberate effort by state governors to circumvent and disobey the Supreme Court’s judgement.
He noted that the ruling was unambiguous in declaring that allocations from the Federation Account under Section 162 of the 1999 Constitution should no longer be routed through the State Joint Local Government Account, but paid directly to the councils.
“The judgment was clear, as clean as a whistle. It was meant to end the practice where governors deduct funds at source, starving the third tier of government of the resources needed to serve grassroots communities,” he said.
Ozekhome also pointed to the power imbalance between state governors and local government chairmen, many of whom, he argued, never truly won elections but were appointed and remain beholden to the governors.
“The story has not changed. The Supreme Court judgement is so far consigned to mere Law Reports,” he added.
Femi Falana (SAN) took aim at the Federal Government, particularly the Attorney General of the Federation, Mr Lateef Fagbemi (SAN), whom he accused of failing to enforce the very judgment he once celebrated. Falana questioned why the AGF had not invoked the provisions of the Constitution to compel compliance, especially after publicly warning that non-compliance would amount to treason.
“The Central Bank asked LGs to open accounts, and they did. Then they were told to provide two years of audited reports. But how can councils produce audit reports for periods when they never directly handled funds?” he queried.
Citing Section 287 of the Constitution, Falana maintained that judgments of the Supreme Court are binding on all persons and authorities and must be obeyed regardless of convenience or politics.
In contrast, Professor Itse Sagay (SAN) offered a nuanced view, admitting that while the judgment had good intentions, it contradicted existing constitutional provisions.
He explained that the Constitution currently recognises the State Joint Local Government Account, and until an amendment is made, direct payment to LGs may technically breach the law.
“The Supreme Court meant well, but it ignored the reality of what the Constitution provides. The Constitution has to be amended before that judgment can be fully and legitimately enforced,” he said.
Another senior lawyer, Adedayo Adedeji (SAN), described the ruling as a landmark affirmation of local government autonomy but lamented its hollow implementation.
He said that state governments remain unwilling to give up their control, both politically and financially, over local councils.
“The states are still running caretaker committees and controlling joint accounts in violation of both the Constitution and the judgment,” he stated.
Adedeji also placed part of the blame on the Federal Government, noting that it is the constitutional duty of the Attorney General to ensure enforcement.
“What we are seeing is a lack of political will by both tiers of government. Until they commit to respecting constitutional governance, this ruling will remain a legal milestone with no practical impact,” he added.
Also, Paul Obi (SAN) stated, “It’s quite unfortunate that despite the clear provisions of the constitution on this subject matter and the extant judgment of the Supreme Court on this, the governors are deliberately and intentionally kicking against the judgment and observing the directives more in breach than in conformity.
“It’s quite sad, but that’s what happens when you have politicians that are self-centered and fight only for their personal interest and not the common good. Truly sad.”
Banks To Report Monthly Transactions Exceeding ₦5 Million — New Tax Law Enforcement By FIRS Begins In 2026
Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities, according to the latest update from the National Orientation Agency (NOA).
This directive was part of a sweeping tax reform signed into law, aimed at improving tax compliance, curbing financial irregularities, and aligning Nigeria’s fiscal structure with global standards.
The new requirement, outlined in Section 30 of the 2025 Tax Reform Act, places commercial banks at the forefront of a major financial transparency push. Banks will be required to monitor and report high-value transactions on a monthly basis to the Federal Inland Revenue Service (FIRS) and other relevant tax bodies.
Announcing the update via its official X (formerly Twitter) handle, the NOA stated that this measure is part of broader reforms to ensure that taxable income does not escape regulatory oversight.
Analysts said the move could significantly improve the government’s ability to track unreported income and enhance revenue generation from the informal and high-net-worth segments of the economy.
In addition to mandatory transaction reporting, the reform introduces several taxpayer-friendly provisions aimed at easing the burden on low- and middle-income Nigerians:
Individuals earning up to N800,000 annually (N66,667 per month) are now exempt from personal income tax, up from the previous threshold of N500,000. This change is designed to protect low-income earners and support cost-of-living relief.
It further explains that Section 31 of the Act now exempts capital gains on the sale of a primary residence. Additionally, under Section 50, compensation up to ₦10 million for injury, job loss, or defamation is excluded from taxable income, offering broader financial protection to affected individuals.
The reform also introduces a new value-added tax (VAT) distribution model, starting in 2026:Federal Government: 10 percent (reduced from 15%); State Governments: 55 percent (up from 50%); Shared 50 percent equally, 20 percent based on population, 30 percent based on consumption; Local Governments: 35 percent (unchanged)
This shift rewards high-consumption states like Lagos and Rivers, encouraging subnational governments to grow their local economies through increased internal revenue generation.
Stakeholders believe that the combination of mandatory bank transaction reporting and revenue redistribution based on consumption marks a significant shift in Nigeria’s tax administration philosophy. It prioritizes transparency, fairness, and economic activity as key drivers of national development.
Financial experts have praised the move as a bold step toward expanding the tax base without imposing undue burdens on low-income citizens. However, privacy advocates and financial institutions have
called for clear guidelines to ensure data protection and prevent potential abuse of the reporting system.
As implementation begins in 2026, stakeholders will be watching closely to gauge the impact on compliance rates, government revenue, and consumer behavior.
KERRVILLE, Texas (AP) — Flash floods in Texas killed more than 100 people over the Fourth of July holiday weekend and left others still missing, including girls attending a summer camp. The devastation along the Guadalupe River, outside of San Antonio, has drawn a massive search effort as officials face questions over their preparedness and the speed of their initial actions.
Here’s what to know about the deadly flooding, the colossal weather system that drove it in and around Kerr County and ongoing efforts to identify victims.
Massive rain hit at just the wrong time, in a flood-prone place
The floods grew to their worst at the midpoint of a long holiday weekend when many people were asleep.
The Texas Hill Country in the central part of the state is naturally prone to flash flooding due to the dry dirt-packed areas where the soil lets rain skid along the surface of the landscape instead of soaking it up. Friday’s flash floods started with a particularly bad storm that dropped most of its 12 inches (30 centimeters) of rain in the dark early morning hours.
After a flood watch notice midday Thursday, the National Weather Service office issued an urgent warning around 4 a.m. that raised the potential of catastrophic damage and a severe threat to human life. By at least 5:20 a.m., some in the Kerrville City area say water levels were getting alarmingly high. The massive rain flowing down hills sent rushing water into the Guadalupe River, causing it to rise 26 feet (8 meters) in just 45 minutes.
Death toll is expected to rise and the number of missing is uncertain
In Kerr County, home to youth camps in the Texas Hill Country, searchers have found the bodies of 84 people, including 28 children, Sheriff Larry Leitha said Monday afternoon. Fatalities in nearby counties brought the total number of deaths as of Monday afternoon to at least 104.
Ten girls and a counselor were still unaccounted for at Camp Mystic, a Christian summer camp along the river.
Yinka Theisen has disclosed that she started a relationship with Linc Edochie after he told her that his estranged wife cheated on him.
DAILY POST reports that Linc Edochie got married to his estranged wife, Amaka Paula, in December 2010, and they shared two children together.
In May 2025, Linc Edochie got engaged to his new partner, Yinka Theisen.
A month after their engagement, Linc broke up with Yinka for getting involved in Queen May and Yul Edochie’s divorce drama on social media.
However, reacting to the controversy in an interview with actor Uche Maduagwu, Yinka Theisen narrated that she started a relationship with Linc after he accused his ex-wife of cheating on him and smoking weed.
“What Linc did to me, I’m shocked. I can’t lie to you, I’m shocked. This is a man a lot of people don’t know, the family (Edochie) had a tragic event recently. And I was there for him. I came to stay with him in Lagos, I supported him. I will just leave it at that because it’s a sensitive thing, and I don’t want to bring out a family secret that a lot of people don’t know about.
“I started a relationship with him after he told me a very, very sad thing about how his wife was sleeping around in Abuja with all the Alhajis, all these things I have text messages of and that she’s a weed head. She smokes weed every day, and that she withdraws the medication of their last child that had seizures.
“So we became very close in the sense of just emotionally supporting him because I couldn’t believe that a woman would repeatedly cheat on such an awesome man.”
Cristiano Ronaldo's absence from the funeral of Diogo Jota and brother Andre Silva has generated intense debate in Portugal. The Al-Nassr striker, who shared a dressing room for years with Jota in the Portuguese national team, did not attend the ceremony held in Gondomar, which earned him numerous criticisms justifying that, at least as captain, he should have been present.
However, his entourage justifies the decision: Ronaldo has avoided attending funerals for years for personal reasons and so as not to distract attention with his presence. The Portuguese newspaper Record revealed that Ronaldo has been suffering from a trauma with this type of public event since 2005, when his father, Jose Dinis Aveiro, passed away.
Since then, the player prefers to stay out of the media spotlight in situations of mourning. According to this information, Cristiano himself wanted to avoid his presence turning the farewell into an event focused on him.
His sister Katia defends him In any case, in response to criticism over Cristiano's absence, his sister Katia Aveiro reacted harshly on social media: "We all have family. It is absurdly shameful to see how television channels, commentators and social networks emphasize an absence instead of honoring with respect the pain of a mutilated family, destroyed by the loss of two brothers. It even embarrasses me to see it. It is unfortunate".
"About pain, family and real support... You will never know what it means until you experience it.When my father died, in addition to the pain of the loss, we had to deal with an avalanche of cameras and onlookers at the cemetery and wherever we went," she added. A clear message that seeks to settle the controversy at a time marked by pain.
"It is absurdly embarrassing to see how television channels, commentators and social networks emphasize an absence instead of respectfully honoring the pain of a mutilated family
Despite not being physically present at the Igreja da Lapa in Porto, Ronaldo did pay public tribute through his social networks: "It doesn't make sense, we were still together in the national team... Rest in peace, Diogo and Andre. We will miss you." Also, according to the local press, he sent a private message of support to the family of the Liverpool footballer.
Other members of the Portuguese national team such as Bruno Fernandes, Bernardo Silva, Ruben Dias and Ruben Neves were present at the funeral, as well as former Liverpool teammates such as Van Dijk. Neves, in fact, took part as a pallbearer despite having played a match with Al-Hilal just hours earlier
Cristiano Ronaldo holidays on a yacht in Mallorca with partner Georgina Rodriguez amid questions over why he didn't attend team-mate Diogo Jota's funeral for 'personal reasons'
*Ronaldo opted not to attend the funeral and is holidaying in Mallorca with family
Cristiano Ronaldo has been pictured for the first time since opting not to attend the funeral of Diogo Jota, who tragically passed away following a traffic accident last week.
One day on from the funeral, Ronaldo was pictured holidaying on a yacht in Mallorca with Georgina Rodriguez as he continues to come to terms with Jota's passing.
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