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The Economic and Financial Crimes Commission has handed over two cheques totalling N11.9 million to a parish of the Redeemed Christian Church of God in Rivers State.

The amount was said to have been stolen by a deacon of the RCCG, Cyril Idakwoji.

The South-South Zonal Head of the EFCC, Ishaq Salihu, explained on Wednesday that Idakwoji, a former employee of Access Bank, was the account officer of the church for the bank.

Salihu said the suspect diverted the church funds to private use instead of transferring them to the church’s bank account.

Handing over the cheques to the Pastor-in-Charge of Province 4 of the RCCG, Mark Barango, Salihu said: “He (suspect) forged the letterheads of the church’s Region 5 and the signature of the Pastor-in-Charge of the region.

“He also forged the signature of the church’s accountant to execute his criminal schemes in the RCCG.”

The stolen funds were paid back by the bank, which had sacked the suspect.

Speaking after receiving the cheques from the anti-graft agency, Barango commended the EFCC for ensuring that the money was recovered.

Expressing surprise that Idakwoji, who was a deacon in the RCCG, could be involved in fraud, Barango said: “He (suspect) was the account officer assigned by the bank to us.

“He was also a member of the church.

“EFCC is an agent of transformation.

“I thank the EFCC for helping us to recover the money.”

Salihu also said the EFCC had earlier recovered N36 million belonging to Jephthah International School, which was also stolen by Idakwoji.

Idakwoji, according to the EFCC zonal head, was also the account officer to the school.

Salihu said the stolen money was paid back in bonds by the bank to the private school through the EFCC.

He noted that the bank had reported the employee to the EFCC immediately it discovered the fraud.

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UPDATE: Friends Of Late Band Boy Insist “Overnight Beating” Led To His Demise, Not Suicide [VIDEOS]

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Friends and acquaintances of the late 26-year-old Lagos-based guitarist, Lekan, have raised new concerns regarding the circumstances of his tragic death, claiming that it was the severe beating he endured, rather than suicide, that ultimately led to his passing.

Lekan was found lifeless inside his room after allegedly consuming an insecticide liquid, sniper, following accusations of stealing money from his band leader, Sam Omo-Oba.

While initial reports suggested that Lekan took his own life in the wake of the allegations, his friends believe the brutal torture he faced at the hands of his boss is to blame for his untimely death.

According to a close friend of the deceased, who spoke in a video by a social media personality “Dr. Oyinlomo Diamond”, the beating began late at night and continued throughout the following morning.

A friend of the late guitarist also mentioned that there was no Snipper in the room where Lekan was found dead.

Recall that in a video that circulated on social media, Lekan is seen denying the theft allegations while being repeatedly slapped and punched by Sam Omo-Oba and other members of the band.

Despite the physical assault, Lekan maintained his innocence, but it appeared that the torture only intensified after his refusal to confess.

 

See videos below:

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Nigeria’s Crude Oil Production Now 1.8million Barrels Per Day (BPD) — NNPCL

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The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s oil production has reached 1.8 million barrels per day (bpd).

According to NAN, Lawal Musa, NNPC chief production war room officer, spoke during a briefing on the national oil company’s production on Thursday.

Musa, who doubles as a senior business advisor to Mele Kyari, NNPC group chief executive officer (GCEO), said the increased oil production followed the continuous dislodgement of pipeline vandals and crude oil thieves.

He said the achievement was based on the partnership between the leadership of the company, stakeholders, and security agencies.

“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said.

On November 11, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s current production level, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September.

Enorense Amadasu, executive commissioner of development and production at NUPRC, said there are plans to raise the figure to 2 million bpd by year-end.

Amadasu said the country’s crude oil and condensate output is expected to increase amid a plan to open bids for 31 onshore and offshore oil blocks.

The next day, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production, excluding condensates, increased marginally to 1.33 million bpd in October.

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FEC Approves $2.2bn Borrowing Plan To Support Economic Reforms

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The federal executive council (FEC) has approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.

Wale Edun, the minister of finance and coordinating minister of the economy, spoke to journalists at the end of the FEC meeting on Thursday, presided over by President Bola Tinubu.

The minister said the financing package will be raised through a combination of eurobonds and sukuk.

He said approximately $1.7 billion is expected from the eurobond offer and $500 million from the sukuk financing.

The minister disclosed that the borrowing would happen this fiscal year, stressing that the ultimate funding arrangement would be decided by market conditions and the transaction adviser’s counsel.

“The first objective is to complete the federal government’s external borrowing programme with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds —approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing,” Edun said.

“The actual composition of the financing will be finalised once the national assembly has considered and approved the borrowing plan.

“After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.

“The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.

“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”

Edun said the success of the domestic dollar bond demonstrates the Nigerian financial market’s tenacity.

He said the most recent overseas borrowing was “made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods.”

The minister said the council also approved the establishment of a N250 billion real estate investment fund with the goal of addressing Nigeria’s housing deficit.

“Approval has been granted for the Ministry of Finance Incorporated (MOFI) real estate investment fund,” he said.

“This fund will serve as the basis for the revival of long-term mortgage financing in the Nigerian economy.

“The MOFI real estate investment fund will initially amount to N250 billion and will provide low-cost, long-term mortgages to Nigerians who wish to acquire homes. It will help address part of the 22 million-unit housing deficit.

“Of course, it will create jobs, stimulate economic growth, and pave the way for other private sector investors to participate in the housing construction industry, with significant benefits for the broader economy.

“The concept is long-term. Investors will have the opportunity to earn market rates of interest and returns on investment, blended with seed funding of N150 billion.”

Edun said the initiative will provide Nigerians with the opportunity to secure mortgages at interest rates significantly lower than the current market rates, which can exceed 30 percent, with tenures that could extend up to 20 years or more.

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