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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

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Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,, United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

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According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

He commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

In his words, “Since its establishment in 2003, the Commission has recorded no less tha  3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

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Reps Summons Finance, Agriculture Ministers, Auditor-General Over Agricultural Funds

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By Yusuf Danjuma Yunusa

The House of Representatives Ad hoc Committee investigating Agricultural Subsidies, Intervention Funds, Aids, and Grants Programmes has summoned the Ministers of Finance and Agriculture and Food Security, as well as the Auditor-General of the Federation, to account for expenditure on agricultural programmes between 2015 and 2025.

The summons was issued during a public hearing held in Abuja on Tuesday, where lawmakers demanded explanations regarding funds released for key agricultural initiatives over the past decade.

The committee directed the officials, or their duly authorized representatives, to appear before it on February 3, warning that failure to comply would result in legislative sanctions in accordance with the powers vested in the National Assembly.

In his ruling, the Chairman of the committee, Rep. Jamo Aminu (APC-Katsina), stated that the investigation aims to ensure transparency and accountability in the use of public funds intended to boost food production, support farmers, and enhance national food security.

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“The interventions under review were designed to strengthen our agricultural sector and ensure food security for all Nigerians. However, persistent concerns over food insecurity, rising food prices, and the effectiveness of past programmes have made this scrutiny imperative,” Rep. Aminu said.

The chairman expressed strong dissatisfaction with the Office of the Auditor-General of the Federation for its failure to provide audit reports on several agricultural subsidy and intervention programmes during the specified period.

He emphasized that comprehensive audit documentation is essential for tracking the disbursement, utilization, and outcomes of the funds.

“We cannot effectively conduct this investigation without proper audit records. These funds span a decade and involve critical national programmes. Transparency and accountability in this process are non-negotiable,” he stated.

Earlier in the hearing, Mr. Mohammed Adamu, a Deputy Director from the Office of the Auditor-General, attributed the lack of completed audit reports to insufficient cooperation from the Ministry of Agriculture and Food Security.

According to Adamu, the Auditor-General’s office has repeatedly requested necessary documents related to agricultural subsidies, grants, aids, and intervention programmes but has not received the required information from the ministry.

“The primary source of these documents is the Ministry of Agriculture. Without their cooperation, finalizing the audit process has been challenging,” he explained.

The hearing continues as part of the House’s ongoing efforts to enhance oversight and ensure that public funds are used effectively for national development.

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Bye Election: Fubara refutes allegations of supporting ADC candidates

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Governor of Rivers State, Sir Siminalayi Fubara has debunked speculations that he is supporting the candidates of the African Democratic Congress (ADC) for the forthcoming bye -election scheduled to hold on February 21, 2026.

The Independent National Electoral Commission (INEC) has slated the bye-election to fill two vacant seats in the Rivers State House of Assembly. In preparation for the said election, the All Progressives Congress (APC) recently conducted its primary, resulting in the emergence of
Napoleon Ukalikpen and Bulabari Henrietta Loolo, for elections into Ahoada East State Constituency II and Khana State Constituency II, respectively.

Since both candidates are known allies of the former Governor of Rivers State, Nyesom Wike, many analysts have been interpreting the situation as a minus for Governor Fubara with some alleging that he (Fubara) was planning to support the candidates of the ADC instead of the APC during the election.

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However, Fubara has dismissed the allegation, describing it as “blatant lies from the pit of hell.”

He said those peddling such falsehood were doing so with the mischievous intention of creating division within the APC in Rivers State.

“The APC in Rivers State is one family. What happened was that in the build up to the primaries, the President (Tinubu) intervened and asked every one to support the candidates of the former Governor and Minister of the FCT( Nyesom Wike) for peace to reign. So if these candidates are members of the APC and we are all members of the same party, how can I be supporting the candidates of another political party? These are blatant lies from the pit of hell,” Fubara said

The governor said that it was unfortunate that political detractors were always busy fanning the embers of division even when there was none.

He assured members of the APC in the state that he will continue to support the party and ensure it’s victory at the polls.

Fubara urged citizens of the state to remain focused on issues of development and not be swayed by baseless claims.

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BREAKING: National grid collapses second time in 2026 

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The national grid collapsed on Tuesday morning, causing the power outages across Nigeria.

Data obtained by TheCable from the Nigerian Independent System Operator N(ISO) showed that load allocation to the 11 electricity distribution companies (DisCos) dropped to zero MW as at 11 am on Tuesday.

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