The 50/30/20 rule is a straightforward method to manage your finances effectively by dividing your income into three key categories: needs, wants, and savings. Here’s how it works: Allocate 50% of Your Income to ‘Needs’ Start by setting aside half of your monthly income for essential expenses – the things you can’t live without. This includes housing costs like rent or mortgage payments, utility bills, transportation expenses, and groceries. The goal is to cover your fundamental needs first, providing a stable foundation for your financial planning. Spend 30% on ‘Wants’ Once your essential needs are accounted for, you can allocate…
Author: Adewale A.
Four individuals involved in internet fraud have been convicted and sentenced to various jail terms by two separate courts in Calabar and Uyo. Justices Ijeoma Ojukwu and M.A. Onyetenu of the Federal High Court sentenced the fraudsters after they pleaded guilty to offences related to cybercrime and fraud. The convicted individuals are: Abasiama Edet Ukana, Oko John Inya, Chidiebere Favour Onwukwu, and Onyekachi Elisha Madubuike. The cases, handled by the Economic and Financial Crimes Commission (EFCC), involved crimes such as criminal impersonation, identity theft, and obtaining funds under false pretences through the internet. In Uyo, Abasiama Edet Ukana and Oko…
A Federal High Court in Abuja has directed that a hearing notice be served on Yahaya Bello, the former governor of Kogi State after he repeatedly failed to appear in court for arraignment over a N101.4 billion fraud case. The ruling, made by Justice Maryanne Anenih on November 14, 2024, follows a series of absences by Bello in connection with charges brought against him by the Economic and Financial Crimes Commission (EFCC). In her ruling, Justice Anenih instructed that the hearing notice be affixed to Bello’s residence in Abuja, specifically at No. 9 Benghazi Street, Wuse Zone 4, and also…
Operatives from the Economic and Financial Crimes Commission (EFCC) in Enugu have arrested a man, Hussaini Ibrahim, in connection with a suspected currency racketeering scheme involving N460,000. Ibrahim, who was apprehended by the EFCC’s Special Task Force on November 13, 2024, was linked to the illicit trade following a tip-off that led to his arrest in the Emenite area of Enugu metropolis. The suspect was found in possession of N460,000, all in N200 denominations, which authorities believe was part of an illegal currency manipulation operation. The EFCC has stated that investigations are ongoing, and Ibrahim will face charges in court…
Operatives of the Economic and Financial Crimes Commission (EFCC) have apprehended two men in Uyo, Akwa Ibom State, for allegedly mutilating Nigerian Naira notes in violation of the country’s currency regulations. The suspects, identified as Ejiofor Joseph Abuju and Temple Sunday Kachi, were arrested by the EFCC’s Special Task Force on Dollarization and Currency Mutilation, following intelligence reports linking them to the illegal act. The arrests were made at the Flairmore Event Centre on Edet Akpan Avenue in Uyo. According to the EFCC, the suspects were involved in the mutilation of Naira notes, an offence punishable under Nigerian law, which…
A Federal High Court judge in Abuja has sharply criticised the defence counsel representing former Minister of Power, Olu Agunloye, for using delay tactics to hinder progress in his ongoing trial for alleged corruption. Justice Jude Onwuegbuzie expressed his frustration with the conduct of Adeola Adedipe, SAN, who is defending Agunloye in the case brought by the Economic and Financial Crimes Commission (EFCC). Agunloye is facing seven counts of official corruption and fraud related to the award of the Mambilla Power Project contract, a deal valued at a staggering $6 billion. The trial, which has attracted significant public and media…
The Managing Director of Echendu GPC Limited, Echendu Ndubuisi Endy, has been charged by the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding victims of nearly £9 million in a bogus visa scam. Endy was arraigned before Justice E.A. Obile of the Federal High Court in Port Harcourt, Rivers State, accused of deceiving several individuals into paying large sums of money for fraudulent visa services. Endy, who pleaded not guilty to the charges, faces three counts of obtaining money under false pretences and engaging in fraudulent activities, contrary to the provisions of the Advance Fee Fraud and Other Fraud…
In a major crackdown on cybercrime, the Economic and Financial Crimes Commission (EFCC) has arrested 43 individuals suspected of internet fraud in Port Harcourt, Rivers State. The arrests took place on 2nd October 2024, during a sting operation conducted by operatives from the EFCC’s Port Harcourt Zonal Directorate. The suspects were apprehended in the Rumuekeni and Iwofe areas of the city, following a detailed surveillance operation based on actionable intelligence regarding their involvement in computer-related offences. The EFCC recovered various items, including mobile phones, laptops, international passports, ATM cards from multiple banks, five vehicles, two motorcycles, and a Point of…
On 2nd October 2024, Justice I.O. Ijelu of the Lagos State High Court in Ikeja sentenced Abodurin Gerald Abozo to eight years in prison for defrauding a buyer of N62 million in a land deal scam. Abozo, who had been arraigned on 15th October 2023, faced a two-count charge for obtaining money by false pretence and stealing. The case centred around a fraudulent transaction in 2013, where Abozo, trading under the name S.G.B. & As Property Lines Company, falsely claimed to have two plots of land for sale in Chevy Estate Ojomu Chieftaincy Family land, Lagos. Engineer Samuel Segher paid…
On 3rd October 2024, Justice Maryanne Anenih of the Federal Capital Territory (FCT) High Court in Maitama, Abuja, issued a public summons against former Kogi State Governor, Yahaya Adoza Bello, following his absence at a scheduled arraignment. Bello, alongside co-defendants Shuabu Oricha and Abdulsalami Hudu, faces a 16-count charge brought by the Economic and Financial Crimes Commission (EFCC), involving conspiracy and criminal breach of trust related to N110.4 billion. The court’s decision came after an ex parte application by EFCC counsel, Rotimi Oyedepo (SAN), who requested that the charges be served via substituted means. This followed Bello’s failure to appear…
The world of reading is changing fast. As technology grows so does the way we experience books. For centuries books have been a gateway to new worlds and fresh ideas. Now interactive e-books are reshaping this experience by allowing readers to dive deeper into content. With interactive e-books, readers can engage in ways that traditional books never allowed. Read without limits with Zlib on your device as it brings this exciting new era of reading to you. What Are Interactive E-Books Interactive e-books do more than just present text on a screen. These digital books often include multimedia elements like…
The Director General and CEO of the National Oil Spill Detection and Response Agency (NOSDRA), Engineer Chukwuemeka Woke has put oil companies on notice, tasking them to comply with environmental regulations or face the full force of the law. Speaking during a familiarization visit to the Port Harcourt Zonal headquarters in Rivers State on Monday, Woke, while reacting to some of the challenges faced by the Agency in the Zone said as an agency established by Act of law, NOSDRA represents the Federal Government and has a sacred mandate to regulate the oil industry’s environmental impact and will not tolerate…
The Economic and Financial Crimes Commission (EFCC) in Gombe has launched an investigation into Solomon Yohana, who was apprehended for allegedly impersonating a member of the Commission’s staff. Yohana was arrested on 19th August 2024 in Guyuk Local Government Area of Adamawa State by the Department of State Services (DSS) and subsequently handed over to the EFCC for further investigation. At the time of his arrest, several items were seized, including a counterfeit EFCC identification card, forged EFCC letterheads, a fake EFCC polo shirt, and a bogus Special Control Unit against Money Laundering (SCUML) shirt. The EFCC has confirmed that…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Nigerian youths to harness their technological expertise for the betterment of the nation and their personal development, rather than engaging in fraudulent activities. Olukoyede’s message was delivered on Tuesday, 27th August 2024, during the Nigerian Youth Stakeholders’ Conversation, themed “Digital Economy Transition: Pathway to Global Competitiveness,” held in Abuja. Represented by the Commander of the EFCC’s Public Affairs Department, CE Wilson Uwujaren, Olukoyede highlighted the vast opportunities available for young Nigerians in the digital space. He urged them to focus on using their tech…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on legal professionals across Nigeria to consistently exercise due diligence in their practices. He emphasised the importance of understanding clients’ backgrounds to ensure compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations. Speaking during a panel discussion on money laundering at the 64th Annual General Conference of the Nigerian Bar Association (NBA) on Tuesday, 27th August 2024, in Lagos, Olukoyede highlighted the critical role of lawyers in maintaining the integrity of their profession. He underscored that while adhering to international conventions is important, the…
The Economic and Financial Crimes Commission (EFCC) has reaffirmed its unwavering commitment to tackling pension fraud across Nigeria, with a renewed focus on addressing issues in Akwa Ibom State. This pledge was made by Assistant Commander of the EFCC, Oshodi Johnson, during a recent courtesy visit by the Nigeria Union of Pensioners, Akwa Ibom State Chapter, to the Uyo Zonal Command. Speaking at the meeting, Johnson assured the pensioners that the EFCC would leave no stone unturned in rooting out corruption in the pension sector. He emphasised that senior citizens who have dedicated their lives to serving the nation deserve…
The Director General of the National Lottery Regulatory Commission (NLRC), Mr Lanre Gbajabiamila, has called for an urgent review of the Memorandum of Understanding (MOU) between his Commission and the Economic and Financial Crimes Commission (EFCC) to reflect the changing dynamics of the global gaming industry. During a courtesy visit to EFCC Chairman Mr Ola Olukoyede on Friday, 23rd August 2024, in Abuja, Gbajabiamila expressed his gratitude for the EFCC’s support in recovering unremitted lottery funds. He acknowledged that significant progress had been made thanks to the collaboration, but highlighted the necessity for an updated agreement that aligns with the…
The Economic and Financial Crimes Commission (EFCC) has been praised for its exceptional efforts in recovering more than N9 billion owed to the National Lottery Trust Fund (NLTF). The commendation came from the NLTF’s Executive Secretary and CEO, Tosin Adeyanju, during a courtesy visit to EFCC Chairman Ola Olukoyede on Friday, 23rd August 2024, at the Commission’s headquarters. Adeyanju hailed the recovery as a significant achievement that has enabled the NLTF to fulfil its mandate of supporting the federal government in delivering critical social and physical infrastructure across Nigeria. He attributed the successful recovery to the strong collaboration between the…
In a significant legal development, a court has ruled that Yahaya Bello must appear in court for his arraignment, dismissing claims that the case against him was an attempt to shield him from prosecution. The ruling, delivered on August 20, 2024, emphasises the importance of accountability and transparency in high-profile corruption cases. The court’s decision came after Yahaya Bello’s legal team argued that the case against him was intended to infringe upon his fundamental rights. However, the court described these claims as “scandalous” and emphasised that the true aim of the legal proceedings was to ensure that Bello faced justice…
The Network of Anti-Corruption Institutions in West Africa (NACIWA) has called for the creation of detailed guidelines to ensure the full implementation of the ECOWAS Protocol in the fight against corruption. This resolution was announced in a communique issued in Abuja on Tuesday, August 20, 2024, following a three-day Annual General Assembly. The communique, adopted and signed by all NACIWA member states, emphasised the importance of developing guidelines that align with international frameworks such as the United Nations Convention Against Corruption (UNCAC) and the African Union (AU) Convention on Preventing and Combating Corruption. These guidelines are seen as critical for…