🗞️ "Protest is an act of impatience"
Arrests have been made: oil fraud, CBEX; The Ogun State Government’s embezzlement activities at the gateway games; How the United States’ new rule can affect Nigerian students
Hi!
If you know anybody who has the power to make it rain, please send them my way. I need rain on a specific day at a specific time this week, and I cannot rely on just manifestation.
This edition was written by Rosemary, and edited by Adetomiwa.
That New News is an independent self-funded project by me (Adetomiwa). Thank you for reading, sharing and donating. I love you like I birthed you 😘
In this edition
Arrests have been made: oil fraud, CBEX
The Ogun State Government’s embezzlement activities at the gateway games
How the United States’ new rule can affect Nigerian students
This edition is 1,800 words (approx. 5 min read)
Money Matters
Nigeria Loan Wahala
The World Bank wants the Federal Government to issue a presidential order raising excise duties on “sin goods”, alcohol, tobacco, and sugary drinks, as a key condition for Nigeria to get that $750m loan to fix its non-oil revenue issues. Strange condition, almost like they’re trying to control the government 🤔but the World Bank wouldn’t do that… right?
The loan is divided into two main components:
$1.5 Billion: Allocated under the Reforms for Economic Stabilisation to Enable Transformation (RESET) program, this portion aims to support economic reforms, including the removal of fuel subsidies and the introduction of comprehensive tax policies.
$750 Million: Designated for the Accelerating Resource Mobilisation Reforms (ARMOR) program, this segment focuses on enhancing tax and customs compliance, safeguarding oil revenues, and implementing new fiscal measures.
And before the Federal Government can meet the conditions of the ARMOR program, they need to consider several tax reforms, like:
Value Added Tax increase: Plans are underway to raise the VAT rate from 7.5% to 10% by 2025, with a potential increase to 15% by 2030.
Reintroduction of telecom tax: A previously suspended 5% excise duty on telecommunications services may be reinstated.
Electronic Money Transfer levy: The government is contemplating the reintroduction of levies on electronic money transfers through the Nigerian banking system.
FG Electricity Subsidy
The Federal Government’s outstanding debt to electricity distribution companies in subsidy payments increased by N5.3 billion (2.7%) in the first five months of 2025. The debt is now N982.4 billion, even after tariff hikes that were supposed to cut spending on power subsidies.
This is despite tariff hikes aimed at reducing government expenditure on power subsidies.
The federal government currently spends approximately ₦200 billion monthly on electricity subsidies
The federal government says the tariffs are to help the poor, but somehow the top 25% of Nigerians are getting most of the juice (literally).
This has raised concerns about the effectiveness of the subsidy in reaching those who truly need assistance.
To address the financial strain on the power sector, the government increased the cost of electricity for Band A customers (those receiving up to 20 hours of electricity daily) from ₦68 to ₦225 per kilowatt-hour in April 2024.
This move has not reduced the subsidy burden due to large economic challenges, like foreign exchange instability, which have driven up the cost of power generation.
The Nigerian government plans to implement a targeted subsidy system to ensure that low-income households receive the most support, aiming to make electricity more affordable and accessible for millions of Nigerians.
CBEX
The Chairman of the EFCC, Mr Ola Olukoyede, says the agency has recovered some money from the digital investment platform CBEX.
We reported in previous editions that CBEX a crypto investment company that popped out of nowhere earlier this year and started promising its investors unreasonable returns, had disappeared with all its investors’ money.
At the time, the Nigerian Securities & Exchange Commission said there was nothing they could do about it, but EFCC promised to help bring justice, arrest the owners or CBEX and hopefully get some of the money back.
Now, the EFCC has successfully recovered a portion of the stolen funds and made several arrests.
Turns out they funnelled the money into crypto wallets in Europe and Cambodia, making recovery even harder.
So, EFCC has partnered with Interpol to track and apprehend suspects involved in the scam. In a separate operation, the EFCC arrested 792 individuals, including 148 Chinese and 40 Filipinos, involved in cryptocurrency and scams.
Fraud
Petrol-related fraud
The Nigerian National Petroleum Corporation (NNPC) recently announced the shutdown of Unit 10 in Area 5 of the Port Harcourt Refinery (PHRC), officially citing sustainability concerns.
However, internal sources attribute the shutdown to the poor performance of the operations and maintenance contractor, EPROM.
Allegations include failure to maintain product quality, inadequate routine maintenance, and non-compliance with Nigeria’s Local Content policies.
EPROM is reported to employ predominantly foreign staff, many allegedly without valid work permits, with minimal local hiring.
Unit 10 had only recently resumed operations following rehabilitation by Italian firm Tecnimont in 2024. The shutdown has disrupted production and delayed the commissioning of other units (12, 14, and 17), raising concerns over the broader PHRC rehabilitation efforts and Nigeria’s refining strategy.
Last month, we reported that the EFCC arrested the recently sacked managing directors and some top officials of the refineries under NNPCL’s watch. Port Harcourt Refining Company ex-MD, Mr Ibrahim Onoja and Warri Refining and Petrochemical Company Ltd ex-MD Efifia Chu are in EFCC custody, while Kaduna Refinery MD (Mustapha Sugungun) is under investigation.
They were fired because their refineries were underperforming, then arrested because investigations found out that the underperformance was everyone — the government, the refinery’s management etc, were just lying to us. Almost nothing was functional and everybody was eating the money allocated for refinery maintenance.
More Petrol-related fraud
The Lagos Special Offences Court has sentenced two oil marketers, Mamman Nasir Ali and Christian Taylor, to 14 years imprisonment each for their part in a N2.2bn oil subsidy fraud.
The EFCC successfully prosecuted the duo, who planned a scheme involving phantom fuel imports and forged documents to divert funds from the government's subsidy program.
The convicted individuals, alongside their company, Nasaman Oil Services Limited, were found guilty on multiple counts, including conspiracy to obtain money by false pretences and forgery.
Their elaborate scheme involved claims of importing millions of litres of petrol from the high seas, complete with counterfeit shipping documents and fictitious suppliers from the British Virgin Islands.
Gateway Games: the government 🤝 Embezzlement
ICYMI, the 22nd edition of Nigeria’s National Sports Festival is happening in Ogun State this year. And as always, when the Nigerian government sees money, cutting costs to pocket most of it becomes the main focus. Here’s all the fraud that has happened so far:
The Government hates everyone
Athletes
The government refused to pay the athletes their stipends, which the FG allocated to the athletes.
As a result, the athletes protested. They blocked the entrance of the Games Village at Babcock University, causing disruption to athletes heading to competition venues.
Despite appeals from the Local Organising Committee, the athletes demanded payment before leaving, insisting on meeting with the governor or a responsible party to resolve the issue.
The Ogun State Government described the protest as “an act of impatience”, stating that plans to pay their allowances were already in place.
They eventually ended the 7-hour protest (from 5 am - 12 pm) after receiving N50,000, as earlier promised by the governor, plus an additional N140,000. However, they maintained that the agreed amount was N210,000, based on N15,000 daily for 14 days.
Governor Abiodun’s media aide, Kayode Akinmade, criticized the protest, calling it unfortunate and inconsistent with the state’s values, noting that the governor is “committed to athletes’ welfare”.
Caterers
A group of women under the National Caterers Association of Nigeria (NCAN) protested peacefully at the MKO Abiola Stadium in Abeokuta on Thursday, alleging they were unfairly excluded from catering contracts for the upcoming “Gateway Games 2025” National Sports Festival.
The caterers, who were initially enlisted by the Local Organising Committee, said they were later dropped without notice, despite assurances and recent contact from the committee. Many had already bought food items with their own money and transported them to Ogun State, some from as far away as Port Harcourt, in preparation.
NCAN President Francisca Ojo expressed disappointment, noting that over 80 members, many of them widows and sole breadwinners, were now stranded.
The association said the contract had allegedly been awarded to Babcock University instead, and nobody had the decency to inform the caterers before they came
The Government allocated around 15 million to food for athletes and other staff members during the games, and only a fraction of this was paid to Babcock (where did the rest go?).
Flooding Season
Mokwa
At least 115 people have died and many others are missing after a devastating flood hit Mokwa in Niger State following heavy rainfall from Wednesday night into Thursday morning. The flood, worsened by a nearby dam collapse, washed entire homes and people into the River Niger.
Rescue efforts are ongoing, but officials warn the death toll may continue to rise. The Nigerian Meteorological Agency had issued storm warnings for Niger and 14 other states, yet the flood still caught many by surprise.
Members of the community, including traders and civil servants, have shared heartbreaking accounts of losing family members and homes. With the rainy season still in its early stages, experts are warning of more extreme weather ahead, pointing to climate change, poor drainage systems, and lack of preparedness as major factors.
This is the sixth flood in Niger State this year. In April, the dam water destroyed over 5,000 farms in the area. Similar tragedies have struck other parts of the country in recent years, with last year’s floods killing over 1,200 people nationwide.
Nigerians are calling for more proactive planning and better emergency response systems, as attempts to “train people on how to evacuate” are clearly not going well.
Trigger Warning: Rape
National Agency for the Prohibition of Trafficking in Persons has summoned Speed Darlington over what was a confession on his on his Instagram Live live raping a 15-year-old girl
In his words, he just finished sleeping with a virgin and gave her 2k to go home.
Speed Darlington later retracted the statement - he said it was a publicity stunt to promote his new song (right).
NAPTIP isn't amused. The agency, tasked with combating human trafficking and child abuse, has initiated an investigation into the matter. And have “summoned” Speed Darlington
The rapist has ignored their invitation, and they have not yet arrested him.
The U.S. has zeroed in on Harvard
The U.S. has paused all new student and exchange visa appointments following an order from Secretary of State Marco Rubio. The move comes as part of a wider crackdown by the Trump administration on foreign students, especially those involved in Gaza-related campus protests.
Harvard has been a key target. The government is canceling $100 million in contracts with the university and has revoked its right to admit foreign students, who make up 27% of its student body. Officials accuse protesting students of supporting Hamas and are increasing social media checks on international applicants.
Harvard is fighting back in court, and a judge has issued a temporary restraining order. Alumni are also preparing a separate lawsuit.
The impact: Nigerian and other foreign national students applying for new F-1 or J-1 visas (for academic or exchange programs) may face indefinite delays, as embassies and consulates globally have been told to suspend issuing new appointments.
Students admitted to Harvard or other institutions under scrutiny may be directly affected. If these universities lose the right to sponsor international students, admitted Nigerians may have to defer, transfer, or forfeit their offers.
Students already in the U.S. might also face visa revocations if they are perceived as participating in protests or violating visa terms, even unintentionally.
Wild times.
Other news
The Oyo State Government has announced that it has so far paid a total of N5bn to the Osun State Government, as part of the agreement for the sole ownership of the Ladoke Akintola University of Technology, Ogbomoso – Punch
The House of Representatives has withdrawn a controversial bill seeking to amend the Electoral Act 2022 to make voting compulsory and penalise eligible Nigerians who fail to vote in elections – Guardian NG
Traders inside the popular Ogbo-Ogwu Drug Market in Onitsha, Anambra State, are demanding that NAFDAC reopen the market, which the agency shut since February 15, 2025 because they sold a lot of fake things - Punch
First stealing from NELFUND, then JAMB false results, now this: Viral videos on Wednesday showed candidates sitting for the 2025 WASSCE English Language examination late at night without electricity, using lanterns and mobile phone flashlights - Punch
Thank you for reading! If you found this edition useful, please share and/or donate