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EFCC Chairman Olukoyede Vows To Prosecute Banks Top Officials
The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has reiterated the commission’s commitment to rigorously enforcing financial laws, focusing on cleansing the banking sector and insulating it from rogue activities, JomogNews Nigeria reports.
This Nigeria news platform understands that Olukoyede made this declaration on Tuesday at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference, held at the Congress Hall, Transcorp Hilton Hotel, Abuja.
In his address, Olukoyede stated that the EFCC would no longer tolerate malpractices in the financial sector.
“I boldly state with every sense of humility that we are no longer folding our arms,” he declared.
He emphasised the critical role the banking industry plays in some of the country’s most significant financial fraud cases.
“Some of the mind-boggling, major financial frauds and onslaughts that have been carried out against the economy have run through the banking industry,” he added, affirming the Commission’s commitment to working with the CIBN to sanitise the sector.
Olukoyede outlined the Commission’s approach, stressing the importance of penal sanctions for criminal infractions.
“When there are criminal infractions, penal sanctions will follow. We have compiled our documents, conducted the necessary investigations, and very soon, you will see some banks and top officials prosecuted,” he said.
He also highlighted specific malpractices undermining the financial system, including forex round-tripping, phantom charges, and complicity in money laundering.
According to Olukoyede, these activities are eroding trust in the sector.
“Operators secretly devise means to circumvent regulations and rules in a desperate bid for higher yields… Look at yourselves in the mirror and leave this place with a renewed commitment to professionalism,” he urged banking executives.
Speaking on behalf of President Bola Tinubu, Vice President Kashim Shettima outlined the broader economic challenges Nigeria faces, noting that issues such as inflation, rising living costs, and infrastructural deficits are interlinked.
Despite these challenges, Shettima expressed optimism about growth opportunities, saying, “The challenges also present opportunities for growth and development.”
He emphasised that sustainable economic growth would require collaborative efforts across government, private industries, and civil society.
“To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape,” he remarked, adding that the government is committed to implementing reforms to enhance macroeconomic stability and support infrastructure development.
He also tasked the private sector with contributing to the nation’s development by investing strategically in key growth areas and prioritising innovation.
He stated, “The future of the Nigerian economy lies in the hands of our youths, and we must equip them with the skills, knowledge, and opportunities needed to drive our nation forward.”
In his opening remarks, the President of the CIBN, Pius Olanrewaju, emphasised the need for actionable outcomes that would contribute to the evolution of the banking sector and the broader economy.
Additionally, the keynote speaker, Tony Elumelu, Chairman of Heirs Holdings, reflected on the economic difficulties Nigeria has faced in 2024, characterised by inflation and trade imbalances.
“2024 has been a tough year for the country,” he said, advocating for long-term solutions over quick fixes. Elumelu called on stakeholders to focus on sustainable economic policies that will provide a solid foundation for future growth.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
News
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
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