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Excess Crude Account Shrink To $631m, Withdraws $1.6bn In 3 Weeks – FG

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Eniola Olayemi

 

The amount in the Excess Crude Account (ECA) has reportedly declined by about $1.68bn between November 25 and December 19, 2018, according to statistics obtained from the Federation Account Allocation Committee.

The balance in the ECA was $2.319bn as of November 25 but at the FAAC committee meeting held on Wednesday, December 19, the balance, according to the Permanent Secretary in ministry, Mahmoud Dutse, had dropped to $631m.

it was reported that Dutse, who briefed journalists shortly after the meeting, said withdrawals were made by the federal government from the ECA to settle the last tranche of the Paris Club Refund.

He said: “The balance in the ECA is $631m. The final payment for the Paris Club Refund to states was made and the figure was deducted and that’s what accounts for the difference.

“A decision was taken to make this refund and part of that decision is that the refund should be funded from the ECA. Federal Executive Council, the President approved the money.”

The Accountant-General of the Federation, Alhaji Ahmed Idris, when questioned about the withdrawal said due process was taken before the withdrawal of the money.

Meanwhile, Legit.ng earlier reported that the federal government has called on state governments to reduce unnecessary overhead costs, increase Internally Generated Revenue (IGR) and embrace fiscal discipline for proper management of available resources.

The minister of finance, Zainab Ahmed, made the call on Monday, November 26, in Kaduna at the 2018 Conference of the National Council on Finance and Economic Development (NACOFED).

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Kwara Court Jails Tailor for Impersonating, Defrauding EFCC Investigator

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Kwara Court Jails Tailor for Impersonating, Defrauding EFCC Investigator

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, has sentenced a 27-year-old fashion designer, Haruna Musa Tolani, to 12 months imprisonment for impersonating and defrauding Callitus Egwuonwu, an investigating officer with the Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Directorate.

Tolani, an indigene of Ilorin East Local Government Area of Kwara State, was initially arraigned on a two-count charge bordering on impersonation and cybercrime on January 28, 2025 and pleaded not guilty, but later changed his plea to guilty after overwhelming evidence was presented by counsel to the EFCC, Sesan Ola.

Count one of the charge reads:

“That you Haruna Musa Tolani in August,2024 at Ilorin within the jurisdiction of this Honourable Court with intent to defraud, misrepresented yourself via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc. With respect to account number 0022643389, property of Mr Callistus Egwuonwu, with which you purchased N20000.00( Twenty Thousand naira) worth of MTN data which resulted into loss to the owner of the account and you thereby commit an offence contrary to and punishable under Section 14(2) of the cybercrime (Prohibition and Prevention) Act, 2015”

Similarly, count two reads:

“That you Haruna Musa Tolani sometime in August,2024 at Ilorin within the jurisdiction of this Honourable Court fraudulently impersonated one Callistus Egwuonwu via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc with respect to account number 0022643389, property of Callistus Egwuonwu with intention to purchase MTN data worth Twenty Thousand Naira (20,000.00) which you did purchase and thereby committed offence contrary to Section 22(2)(b)(ii) of the cybercrime (Prohibition and Prevention) Act,2015 and punishable under Section 22(2)(b)(iv) of the same Act”

In his judgment, Justice Awogboro imposed a 12-month custodial sentence on Tolani with an option of a fine of N200,00( Two Hundred Thousand Naira). The court also ordered the forfeiture of a First Bank manager’s cheque of N200,000 in favour of the victim and directed the convict to restitute the sum of N20,000, the amount he fraudulently obtained.

Tolani bagged his imprisonment when he was arrested for internet fraud. He was charged to court, pleaded guilty and convicted.

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Two Truck Drivers Jailed for Illegal Possession of Minerals in Ilorin

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Two Truck Drivers Jailed for Illegal Possession of Minerals in Ilorin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, on Thursday, May 15, 2025 convicted and sentenced two truck drivers, Abdulkareem Hussaini and Aliyu Ladan to one-year imprisonment each for unlawful possession of solid minerals.

They were arraigned on one-count separate charges by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

The charge against Hussaini reads:

“That you, Abdulkareem Hussaini on or about the 11th day of June 2024, at Ballah Asa Local Government Area of Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: Thirty-Five Tonnes of mineral, conveyed in a Layland DAF Truck, with registration number KTG 54 XB and thereby committed an offence contrary to and punishable under Section 1 (8) (b) of the Miscellaneous Offences Act, 1984”

Similarly, Ladan’s charge reads:

“That you, ALIYU LADAN, on or about the 13th day of September, 2024 at Ballah, Asa Local Government Area, Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: 30 tons of mineral, conveyed in a SINO truck, with registration number: FTA 981 XB and thereby committed an offence contrary to and punishable under Section 1(8) (b) of the Miscellaneous Offices Act, 1984”

The defendants pleaded guilty to their respective charges when they were read to them.

Following their pleas, counsel to the EFCC, Sesan Ola, reviewed the facts of the case, tendered evidence and thereafter prayed the court to convict the defendants accordingly.

In his judgment, Justice Awogboro sentenced Hussaini and Ladan to 12 months in prison with an option of fine of N1 million each. The judge also ordered that the solid minerals recovered from the convicts at the time of arrest be forfeited to the Federal Government.

The convicts started their journey to the Correctional Centre when they were found in possession of large quantities of minerals without valid authorization, an act that violates Section 1(8)(b) of the Miscellaneous Offences Act, 1984.

They were charged to court, pleaded guilty to their charges and convicted.

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Adjudication Kicks Off for The Nigeria Prize for Science

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Adjudication Kicks Off for The Nigeria Prize for Science

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H


Momentum is building and adjudication is set to commence for the 2025 edition of The Nigeria Prize for Science, with 112 entries handed over today to the Prize’s Advisory Board for onward transmission to the judges.

Caption: (L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday.
The Nigeria Prize for Science, arguably Africa’s richest and most prestigious science award, is worth $100,000.

The 2025 edition features the theme “Innovations in ICT, Artificial Intelligence (AI) and Digital Technologies for Development,” seeking solutions to bolster Nigeria’s digital economy.

Sponsored by NLNG, the Prize attracts entries from scientists worldwide (Nigerians and Non-Nigerians) and aims to identify and reward groundbreaking innovations that advance industry and promote sustainable development in Nigeria.


At a press conference in Lagos, NLNG’s General Manager for External Relations and Sustainable Development, Sophia Horsfall, formally handed over the 112 entries to the Advisory Board, chaired by renowned scientist Professor Barth Nnaji.


The handover marks the start of a rigorous evaluation process, during which a panel of distinguished judges will assess entries based on merit, originality, and potential impact on national development.

The competition is expected to be intense, reflecting rising global interest and innovation in AI and digital technology.


In her remarks, Horsfall highlighted that this year’s theme reflects the global shift toward technological transformation.

She stated: “This year’s Prize seeks to spotlight pioneering research and bold solutions that harness technologies to empower industries, uplift societies, and transform Nigeria’s development trajectory.”


She further added: “These technologies hold immense transformative potential for Nigeria.

As Africa’s largest economy and a nation blessed with a vibrant pool of young talent, we have a unique opportunity to harness digital innovation to develop scalable, globally relevant solutions that will drive sustainable socio-economic development.”


Professor Barth Nnaji, while receiving the entries, expressed his appreciation for the number of submissions. “The Board is greatly encouraged by the volume of entries.

The 2025 competition is shaping up to be intensely competitive, and we are confident it will showcase outstanding innovation,” he said.


He emphasised the transformative power of AI and digital technologies across sectors: “AI is rapidly reshaping nearly every aspect of modern life, driving innovation, improving efficiency, and unlocking new possibilities across industries.”


He added; “ In healthcare, AI enhances diagnostic accuracy and speed through advanced imaging and predictive tools. In education, it personalises learning experiences, helping teachers address challenges early using intelligent tutors and automated assessments.

In agriculture, AI enables precision farming by analysing sensor and satellite data to improve crop management and forecast yields.

These sector-wide transformations underscore AI’s growing role as a catalyst for innovation and sustainable progress.”
Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.


The Prize continues to champion innovation, creativity, and scientific excellence as key drivers of Nigeria’s development, while fostering a culture of research that positions the country at the forefront of global innovation.


The winning entry for the 2025 Prize will be unveiled at a world press conference scheduled for September.

Caption: (L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday.

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