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BDC with links to Magu Transacted 500 Billion Naira

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Former EFCC Chairman Ibrahim Magu

The offices of the Nigerian Financial Intelligence Unit (NFIU) were vandalized on Thursday night after the presidential panel probing Ibrahim Magu requested for the transaction history of a Kaduna-based bureau de change (BDC), sources familiar with the investigation unraveled the issue

In a report filed by the cable, an online News Medium said the panel was told that the BDC, which allegedly has links to the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), has recently transacted businesses worth over N500 billion in different currencies — N336 billion, $435 million and €14 million.

 Read also: EFCC: Who succeeds Magu?

However, there was a twist in the tale when the panel asked that the transaction history of the BDC be made available by NFIU, the central national agency that handles disclosures and intelligence in the financial sector.

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Its offices were then vandalized, forcing members of the panel to seek an audience with President Muhammadu Buhari, who immediately approved the suspension of Magu from office and the overhaul of EFCC security personnel to avoid interference with the investigations.

Magu had been suspended by Abubakar Malami, the attorney-general of the federation, since Monday with the tacit approval of Buhari but it was not officially announced.

There is an unresolved controversy on the extent of the supervisory powers of the AGF over the EFCC — which is one of the grievances Malami listed in his memo to the president — but Buhari’s approval has finally sealed Magu’s fate.

Presidency suspends Magu

The panel, led by Isa Ayo Salami, former president of the court of appeal, was also told that an unknown Lagos-based pastor who is very close to Magu has N573 million in his bank account.

The pastor will be invited and questioned by the panel, it was learned.

Magu was arrested on Monday by a combined team of officials of the Department of State Services (DSS) and force criminal investigation department (FCID) after failing to honor two invitations from the panel.

He has been detained since then and the police authorities on Thursday withdrew his security.

Magu is a commissioner of police by rank.

 

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Nigeria’s GDP Growth, Drop in Inflation Not Translating into Poverty Reduction – BUK Deputy VC

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The Deputy Vice-Chancellor (Academics) of Bayero University Kano (BUK), Professor Ahmad Muhammad Tsauni, has said that Nigeria’s recent economic growth and decline in inflation have yet to translate into a meaningful reduction in poverty among citizens.

Professor Tsauni, an economist, made this observation during a gathering organised by the Non-Formal Development for Education and Health Initiative, with the theme, “Nigeria at a Crossroad: Who Is to Fix It?”

He said that although Nigeria had recorded some level of growth in its Gross Domestic Product (GDP) and improvements in certain economic indicators, the development had not significantly improved the living conditions of ordinary Nigerians.

According to him, the country continues to grapple with complex economic and social challenges that require collective efforts and practical solutions to overcome.

“We want to show that Nigeria is a country that, in spite of its challenges, has complex problems that will not really allow it to address them easily. Recently, we have been experiencing some level of growth in GDP, but those indices are not translating into a reduction in poverty, and so we are at a crossroads,” he said.

The BUK Deputy Vice-Chancellor explained that addressing the country’s challenges required more than government interventions, stressing that every Nigerian had a responsibility to contribute to rebuilding the country.

He maintained that the responsibility of finding solutions to Nigeria’s problems should not be left to individuals, political leaders or organisations alone, but should involve citizens from all sectors of society.

Professor Tsauni also called on the government to formulate and implement pragmatic policies capable of addressing the country’s challenges, while emphasising the importance of building public trust.

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He, however, identified negative societal attitudes and a lack of commitment to national development as some of the major obstacles preventing Nigeria from achieving the desired results from its policies.

According to him, Nigeria has developed several sound policies over the years, but poor attitudes and the failure of citizens to demonstrate the necessary commitment have continued to undermine their implementation.

“We have beautiful policies in Nigeria, but they cannot work because of our attitude. We should not apportion blame to anybody because we created the problem together, so everybody should contribute,” he said.

The university don urged Nigerians across different professions and institutions to examine their conduct and take responsibility for improving the country.

He specifically noted that classroom teachers, judges, public servants and other professionals must reflect on their individual responsibilities, adding that positive changes in societal attitudes were essential to national development.

Professor Tsauni further stressed that Nigeria’s current situation required collective reflection and a change in citizens’ approach to public responsibilities rather than continuous blame-shifting.

Earlier, the Technical Lead of the Non-Formal Development for Education and Health Initiative, Dr Auwal Halilu, called on Nigerians to demonstrate patriotism and contribute towards revitalising the country.

Dr Halilu said Nigeria was facing numerous challenges as the country approached the 2027 general elections, stressing the need for citizens to reflect on how to secure the country’s future through responsible participation in the electoral process.

He urged Nigerians to embrace positive values, transparency and accountability, noting that national development could only be achieved when citizens and leaders demonstrated genuine commitment to the country’s progress.

“We should take into consideration that we are going to revitalise this country. Every Nigerian should be patriotic. There are a lot of challenges in Nigeria as we approach the 2027 elections. How can we help to get the best in Nigeria? We should change our values for good and be transparent,” he said.

Dr Halilu also challenged Nigerians to consider how they could support leaders in addressing the country’s challenges, rather than leaving the responsibility of national development entirely to those in government.

He emphasised that rebuilding Nigeria required a collective commitment to good values, transparency and patriotism, particularly as the country prepares for another general election in 2027.

The gathering provided an opportunity for discussions on Nigeria’s economic and social challenges, the responsibilities of citizens and the need for collective action towards national development.

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Dala Chairman Marks Two Years In Office With Prayers For Peace,Leaders

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By Abdu Saidu

The Chairman of Dala Local Government Area of Kano State, Hon. Suraj Ibrahim Imam, has marked his second anniversary in office with a special prayer session for peace, stability and good governance in Dala, Kano State and Nigeria at large.

The prayer session, held on Saturday at the local government secretariat, featured the recitation of the Holy Qur’an by about 60 Islamic scholars and Qur’anic memorizers drawn from different parts of the council area.

The participants offered prayers for divine guidance, wisdom and success for Governor Abba Kabir Yusuf, President Bola Ahmed Tinubu, members of the National Assembly and the Kano State House of Assembly, as well as other political leaders.

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Speaking at the event, Imam said the prayer session was organised to express gratitude to Almighty Allah for the opportunity to serve the people of Dala for two years and to seek His continued guidance and blessings for the council, the state and the country.

He added that the gathering was also an opportunity to pray for the success of Governor Yusuf and other political leaders in their future political engagements.

On his administration’s performance, the chairman disclosed that several development projects had been executed across the 12 wards of Dala Local Government Area within the past two years, with the support and approval of Governor Yusuf.

He commended the governor for his development initiatives across the state’s 44 local government areas, particularly in healthcare, education, security, road construction, potable water supply, agriculture and employment generation.

According to Imam, the interventions have contributed to improving the living conditions of residents and strengthening development at the grassroots.

He expressed confidence in the governor’s leadership and called on residents and political stakeholders to support his re-election in 2027. He also expressed support for President Tinubu and other APC candidates ahead of the next general elections.

The event was attended by Alhaji Bashir Ibrahim Al-Mustapha, OON, councillors, Islamic scholars, Qur’anic memorizers, political advisers, the local government secretary and other stakeholders from across Dala Local Government Area.

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NNPC Confirms Gas Supply & Network Availability

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NNPC Limited confirms that gas transportation network operated by its subsidiary, NNPC Gas Infrastructure Company Limited (NGIC), remains available to support deliveries to power generating stations Nationwide without any constraints. NGIC’s operational records do not indicate transportation-related constraints within its network that explain the current decline in electricity generation.

NNPC Limited is focussed on actualizing the Federal Government’s gas development and monetization agenda which has led to about 10% growth in gas production volumes 2026 year to date. Gas supply availability is therefore not a challenge as NNPC remains committed to supporting efforts to improve electricity generation through safe, reliable and efficient gas supply and transportation.

This clarification follows the Nigerian Independent System Operator’s (NISO) statement of 5 November 2026, which cited limited gas availability and reduced water inflows to hydroelectric stations as causes of lower generation. NNPC Limited’s clarification concerns the operational status of NGIC’s transportation network. Gas production, commercial supply arrangements and actual deliveries to individual power plants must be assessed separately from the availability of transportation infrastructure.

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A comprehensive assessment must also consider the availability and operational readiness of generating units, plant maintenance schedules and actual gas offtake. These factors determine whether gas supplied can be converted into electricity. They should be verified alongside gas supply data to establish the causes of the shortfall.

NNPC Limited supports a coordinated review of operational data by gas suppliers, transporters, power generators and NISO to identify specific constraints and guide effective interventions. Accurate reporting across the gas-to-power value chain is essential to resolving the challenges and sustaining public confidence.

Our focus remains on dependable energy infrastructure and constructive collaboration that helps translate Nigeria’s gas resources into more reliable electricity for Nigerians.

Andy Odeh
Chief Corporate Communications Officer
NNPC Limited
Abuja

6 November 2026

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