Economy
EFCC Hands Over Recovered N140m to Loan Firm in Lagos
EFCC Hands Over Recovered N140m to Loan Firm in Lagos
The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, Okotie-Eboh, Ikoyi, Lagos, on Thursday, September 17, 2026, handed over the sum of N140,000,000.00 (One Hundred and Forty Million Naira) to an investment and money-lending company, B4 Sail Limited.
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The recovery of the funds, handed over in bank drafts by the Acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, followed investigations into an alleged case of obtaining money by false pretence and diversion of funds involving one Jacob Oyebola Esan and companies linked to him.
In a petition submitted on April 20, 2026, B4 Sail Limited alleged that Esan, on behalf of his company, Geo Fields Plc, had approached the company in August 2025 for a N500,000,000.00 (Five Hundred Million Naira) loan facility to boost his business.
The loan facility, according to the petitioner, attracted an interest rate of 15 per cent per month and had a tenor of one month.
Investigation revealed that Esan, who is the first suspect, had previously obtained other loan facilities from the company, bringing his total loan exposure to N1,065,000,000.00 (One Billion, Sixty-Five Million Naira).
It was also revealed that Esan pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the stocks, with the understanding that the shares would be subject to a lien in favour of B4 Sail Limited and that the company would have the first right of payment upon the sale of the shares.
The lien, investigation revealed, was communicated to B4 Sail Limited through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director, Calyx Securities Limited.
Further investigation, however, revealed that the shares pledged as collateral had been sold without the knowledge of the petitioner, resulting in the suspect’s alleged default in repaying the facilities.

EFCC
Consequently, the outstanding loan and accrued interest had risen to N2,250,500,000.00 (Two Billion, Two Hundred and Fifty Million, Five Hundred Thousand Naira).
Speaking during the handover ceremony, Kaltungo stated that the recovery “represents a further step in the Commission’s efforts to ensure that funds and assets recovered in the course of its investigations are appropriately returned to legitimate owners and victims in accordance with due process.
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Economy
Nigeria Customs Commissions Healthcare Rehabilitated Facility to Boost Community Development in Rivers
Nigeria Customs Commissions Healthcare Rehabilitated Facility to Boost Community Development in Rivers
The Nigeria Customs Service (NCS) has commissioned the rehabilitated Ebubu Primary Healthcare Centre in Eleme, Rivers State, as part of its Corporate Social Responsibility initiative, known as ‘Customs Cares’, aimed at supporting communities and contributing to their social development.
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The Comptroller-General of Customs, Adewale Adeniyi, who spoke on Tuesday, 15 September 2026, during the commissioning of the facility, said the intervention reflected the Service’s responsibility to contribute to the wellbeing of communities beyond its statutory mandates of revenue collection, trade facilitation and border security.
CGC Adeniyi, who recalled how NCS officially launched the CSR Programme in March 2025, said “School renovations, scholarships, medical outreaches, healthcare facility rehabilitation, food distribution, agricultural initiatives, skills acquisition, solar-powered lighting, borehole projects and other community infrastructure as areas where Customs Cares had made interventions.”
He said the Ebubu project was particularly significant because healthcare was fundamental to human dignity, productivity and community development, noting that the condition of the centre before the intervention had affected the delivery of quality primary healthcare services to residents and surrounding communities, adding that, “What we have achieved here is therefore more than physical rehabilitation. We have invested in access, dignity and hope.”
He, however, stressed that the rehabilitation of the facility would only achieve its purpose if the centre were properly managed and maintained, adding that its sustainability would require adequate staffing, regular maintenance and continued support from relevant government institutions and the community.
The CGC also appreciated the traditional rulers, community leaders, Rivers State Government, Rivers State Primary Health Care Board, Eleme Local Government Council, healthcare professionals, and other stakeholders who contributed to the project’s success.
The Customs Area Controller, Port Harcourt II Area Command, Onne, Comptroller Aliyu Alkali, said the Service’s impact should not be measured only by revenue figures or enforcement statistics, but also by the positive difference its presence makes in the communities where it operates.

Nigeria Customs
Also speaking, the Comptroller in charge of the Corporate Social Responsibility Unit, Comptroller Patience Ibrahim, said the initiative reflected the Service’s belief that its responsibility to Nigerians extended beyond revenue collection to making a meaningful difference in the communities it serves.
Meanwhile, dignitaries who attended the function said the rehabilitated centre would bring quality healthcare closer to residents, while urging the community and other stakeholders to take ownership of the facility and ensure its continued usefulness.
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Economy
NANS Applauds Tinubu, Umahi Over Kano Northern Bypass
NANS Applauds Tinubu, Umahi Over Kano Northern Bypass
The National Association of Nigerian Students, on Friday, commended President Bola Tinubu and the Minister of Works, David Umahi, for the ongoing construction of the Northern bypass in Kano State.
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The students’ body said the project, which it described as a major intervention in the North-West, would ease traffic congestion and improve access to campuses and communities across the region when completed.
The NANS President, Akinteye Afeez, in a statement issued in Ibadan, the state capital, said the commendation followed an inspection of the ongoing road project by a delegation of the association.
Afeez said the inspection formed part of NANS’ nationwide tour of federal road projects leading to tertiary institutions, aimed at assessing the quality and progress of infrastructure directly affecting students.
According to him, “The Northern bypass stretches through parts of the North-West and connects ten institutions in the region. The project is particularly important to students who frequently travel through Kano and neighbouring states to access their campuses.
“Before now, there have been several reports of heavy traffic in the heart of Kano, particularly along routes connecting different states, as well as distress reports from Nigerian students travelling from various locations to their respective campuses.
“However, upon completion, this bypass is expected to ease traffic congestion in the heart of Kano, particularly for students and other commuters plying the route to connect different states.
“We therefore commend President Bola Tinubu and the Minister of Works, David Umahi, for the ongoing project.”
He said the project comprised a 69.4-kilometre dual carriageway, three flyovers and seven bridges, adding that the association was impressed by the quality and pace of construction observed during its inspection.
Afeez also praised the Tinubu administration for what he described as its investment in infrastructure and efforts to improve road connectivity across the country.
He said the consideration given to access to tertiary institutions in the planning of road projects was particularly significant to students.
The student body also commended the government for compensating farmers whose agricultural land was acquired for the construction of the bypass.

Tinubu, Umahi
NANS said the payment of compensation was important in addressing the impact of the project on affected communities and their livelihoods.
The association, however, urged the Federal Government to sustain the pace of work and ensure the timely completion of the project.
“We therefore call on the government to intensify efforts and ensure that this road project is completed in earnest,” Afeez added.
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Economy
CGC Adeniyi Commends BAT’s Compliance, Urges Investors to Emulate Its Business Model
CGC Adeniyi Commends BAT’s Compliance, Urges Investors to Emulate Its Business Model
The Comptroller-General of Customs (CGC), Adewale Adeniyi, has commended British American Tobacco (BAT) for its strong regulatory compliance and contribution to Nigeria’s economy, urging other investors to emulate the company’s business model.
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The CGC gave the commendation on Monday, 14 September 2026, during his visit to the BAT manufacturing factory in Ibadan, Oyo State, saying that the facility represents the type of investment needed to drive economic diversification.
“As a customs officer, I cannot but notice the high level of commitment to compliance. So I’m indeed very, very grateful. And I would say that this is one investment that Nigeria got right, and I wish we could have so many companies giving this kind of opportunity and giving back this much to Nigeria,” Adeniyi said.
He noted that the company contributes to government revenue through multiple streams while also creating jobs and supporting local agriculture. According to him, Customs generates revenue from the company through customs duties on imports and excise duties on goods manufactured within the country.
The CGC linked the visit to the Federal Government’s drive to build a non-oil, export-led economy under President Bola Ahmed Tinubu, noting that the Nigeria Customs Service (NCS) had repositioned itself to support the policy.
“We have established a terminal, a command that is specifically looking after issues of exports. So that’s the only thing they do in that particular command in Lagos. We have a number of exports processing terminals in and around Lagos that are tied to that command where exports are being processed,” he noted.
The Customs boss further urged other investors to emulate BAT’s model of compliance, integrity and community impact. “In terms of size, this is probably the biggest in terms of size of operation in Africa. So we invite other investors; they should take their cue from here.
And as we invite them, we’re also asking them to play according to the rules, the way BAT is doing it, a company that is committed to a high level of compliance, a high level of integrity in their operations, and making a significant impact in the society where they serve.”

Customs
He said this approach would create a “win-win situation” for investors and Nigeria by promoting investment, increasing government revenue, creating employment, and strengthening the wider economy.
As part of the visit, the CGC participated in a tree-planting exercise to support BAT’s environmental sustainability initiative, as well as a guided tour of the factory.
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