Debt Accumulation: Tinubu Running Ponzi Economy, Says ADC

The African Democratic Congress (ADC) has accused the Tinubu administration of running a “Ponzi economy” following the Federal Government’s move to seek another fresh $1.25 billion World Bank loan, despite Nigeria’s rising debt profile of about N159.28 trillion.

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In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the government was taking new loans to service old debts while Nigerians continue to suffer rising food prices, unemployment, insecurity, business closures, and worsening inflation.

The full statement read:

The African Democratic Congress (ADC) is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 billion World Bank loan, coming barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.

At this point, Nigerians must ask a simple question: if this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?

Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed. Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under the weight of inflation and poor economic conditions.

This is why the ADC says the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden.

It is noteworthy that President Bola Tinubu himself has declared that Nigeria will spend about $11.6 billion, over N15 trillion, on debt servicing alone in 2026. In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into paying creditors and servicing old loans.

Even more disturbing is the speed and scale of the borrowing. Since assuming office in May 2023, the Tinubu administration has pursued or secured multiple World Bank facilities and external loans running into several billions of dollars.

Each time they want to borrow money, this government invents a new acronym. From ARMOR to RESET, HOPE, or SPIN, these are merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians.

The government removed fuel subsidy, devalued the Naira, increased electricity tariffs, and imposed painful economic policies on citizens, promising that temporary sacrifice would lead to long-term recovery. Some of the loans are ostensibly obtained to cushion the impacts of these harsh policies. Instead, Nigerians have continued to suffer one of the worst cost-of-living crises in recent history, while the government continues to pile on more debts.

A serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways that citizens can actually feel. But after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of the debt being accumulated in their name.

The ADC is equally concerned that the National Assembly, which should serve as checks on executive excesses, has been reduced to a mere rubber stamp, approving massive borrowing requests with little resistance or serious public scrutiny, even as debt servicing continues to consume an increasingly unsustainable portion of government revenue.

ADC

Nigeria cannot continue mortgaging the future of unborn generations simply to keep the present administration politically afloat. At some point, somebody will pay for all this borrowing, and sadly, ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures, and a collapsing standard of living.

What Nigeria needs right now is the ADC’s leadership, which is focused on production, security, industrialization, agriculture, stable electricity, support for local businesses, and real job creation.

Signed:

Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)

Court Jails Businessman Seven Years For $247,390 Fraud In Lagos

Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, on May 14, 2026, convicted and sentenced a businessman, Kingsley Obasi, to seven years imprisonment for a $247,390 fraud.

Obasi, alongside his company, Great King Parkson Industrial Company, was arraigned by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1, on February 22, 2023, on a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.

The charge reads:

“That you, Kingsley Obasi and Great King Parkson Industrial Company, sometime in 2021, at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of $162,615 (One Hundred and Sixty-Two Thousand, Six Hundred and Fifteen United States Dollars), property of Vasworld Power Company Nigeria Limited, being the balance sum realised from the sale of car batteries supplied to you for sale and onward remittance to Vasworld Power Company Nigeria Limited.”

The defendant, who represented the company in court, pleaded “not guilty” to the charge, thereby leading to a full trial.

During the trial, the prosecution counsel, M. K. Bashir called two witnesses and tendered several documents, which were admitted in evidence by the court.

The first defendant testified in his own defence.

Delivering judgment, Justice Mojisola Dada held that the prosecution proved its case beyond reasonable doubt and consequently found the defendants guilty.

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The defence counsel, Suleiman Etuzogie, in his allocutus, urged the court to temper justice with mercy, stating that the convict had learned lessons about doing business in Nigeria.

Justice Dada subsequently sentenced Obasi to seven years’ imprisonment, with an option of N5 million fine.

The court also directed the convict to restitute the outstanding sum of $247,390, being proceeds from the sale of batteries belonging to Vasworld Power Company Nigeria Limited, to the complainant through the Commission.

The court further ordered that Great King Parkson Industrial Company pay a N5 million fine and be wound up, with its assets forfeited to the Federal Government.

Obasi’s began her journey to the Correctional Centre when he was arrested based on claims of a petitioner, Vasworld Power Company Nigeria Limited alleging that he obtained goods by false pretence and stealing.

Court

The petitioner stated that Obasi frequently travelled to China and expressed interest in purchasing batteries from the company.

He reportedly requested custom-made batteries, which were shipped in the name of his company and received by him in Nigeria.

The petitioner further alleged that batteries worth N150 million were supplied to Obasi, who sold the products but failed to remit the proceeds to Vasworld Power Company Nigeria Limited.

Nigeria Police Extradites Wanted Cyber Fraud Suspect To United States

The Nigeria Police Force, through the INTERPOL National Central Bureau (NCB) Abuja, has successfully extradited one Samuel Ugberease, also known as “Putsammy”, “Putput”, and “Sammy”, to the United States of America to face charges bordering on online romance scam, wire fraud, and related financial crimes.

The suspect, who was based in South Africa prior to his arrest, was extradited on Wednesday, 14th May 2026, following the conclusion of extradition proceedings and coordinated engagements between Nigerian and United States law enforcement authorities.

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Investigations revealed that between 2014 and 2018, the suspect and his accomplices operated a criminal syndicate involved in online romance scams targeting female victims in the United States, particularly within the Eastern District of North Carolina. The syndicate reportedly created fake online identities and dating profiles to establish fraudulent emotional relationships with victims before manipulating them into sending large sums of money under false pretences and fabricated emergencies.

Further investigations established that proceeds of the fraud were laundered through multiple bank accounts used to receive, process, and conceal illicit funds. In one of the reported cases, the suspect was linked to the defrauding of a victim of over One Million Five Hundred Thousand United States Dollars ($1.5 million USD).

The fugitive was initially arrested by operatives of INTERPOL NCB Abuja at the Murtala Mohammed International Airport, Lagos, on 14th December 2025 upon his arrival from South Africa, following a INTERPOL Red Notice issued by authorities in the United States.

Subsequently, extradition proceedings were instituted at the Federal High Court, Lagos Judicial Division, where the Court granted the application for his extradition in accordance with the provisions of the Extradition Act, CAP E25, Laws of the Federation of Nigeria, 2004.

Cyber Fraud

The Nigeria Police Force reiterates its commitment to leveraging INTERPOL tools, international partnerships, and intelligence-led policing to combat cybercrime, financial fraud, and other transnational organised criminal activities, while assuring both local and international partners of its continued cooperation in advancing global security.

DCP ANTHONY PLACID, psc (+), mnipr, mni
Force Public Relations Officer
Force Headquarters, Abuja
14th May, 2026