EFCC Nabs 105 Suspects, Including 4 Chinese, for Internet Fraud

 

The Economic and Financial Crimes Commission (EFCC) has arrested four Chinese nationals and 101 Nigerians in a business apartment in the Gudu area of Abuja for suspected internet fraud. The commission announced the arrests on Thursday, January 9, 2025, via a tweet on its official handle.

According to the EFCC, the suspects, comprising 67 males (including the four Chinese nationals) and 38 females, were allegedly involved in a hotel review job scam targeting victims and hotels in Europe and other parts of the world. The suspects will be charged to court upon the conclusion of the investigations.

This arrest is part of the EFCC's ongoing efforts to rid the nation of internet fraud and other corrupt practices. In recent months, the commission has made significant strides in this regard. In October 2024, 10 individuals were convicted and sentenced to various jail terms and fines for internet-related offenses, following a crackdown by EFCC operatives.

The suspects had pleaded guilty to charges involving internet fraud, impersonation, and employment fraud. In December 2024, the EFCC executed its largest single-day crackdown on cryptocurrency and romance scam syndicates, apprehending 792 suspects in Lagos State. The operation resulted in the arrest of 158 foreigners and 634 others in a single raid on a Lagos property.

Recently, the commission disclosed that 27 of its officers were dismissed in 2024 for misconduct and fraudulent activities. The EFCC also announced that it is investigating a trending $400,000 claim made by a yet-to-be-identified supposed staff member of the EFCC against a Sectional Head.

EFCC spokesman Dele Oyewale stated that the dismissals followed recommendations by the EFCC Staff Disciplinary Committee, which were subsequently ratified by the EFCC Chairman, Ola Olukoyede. "In its quest to enforce integrity and rid its workforce of fraudulent elements, the Economic and Financial Crimes Commission dismissed 27 officers in 2024," Oyewale said.

The EFCC's efforts to combat internet fraud and other corrupt practices are commendable, and the commission's commitment to integrity and accountability is evident in its actions. The arrest of the four Chinese nationals and 101 Nigerians is a significant step in the right direction, and the commission's ongoing efforts to rid the nation of internet fraud and other corrupt practices are likely to yield positive results.

The EFCC's actions serve as a warning to those involved in internet fraud and other corrupt practices that they will be caught and prosecuted. The commission's commitment to integrity and accountability is a positive development, and its efforts to combat internet fraud and other corrupt practices are likely to have a significant impact on the nation's economy and society as a whole.

DSS Nabs Blogger for Creating Fake Recruitment Scam

The Department of State Services (DSS) has arrested a 32-year-old blogger, Augustus, for cloning the agency's official website and posting a fake recruitment notice. The suspect, who is from Akwa Ibom State, was apprehended at his residence on Akpan Eno Lane in Abak on Thursday.

According to sources within the DSS, Augustus, a graduate of the University of Uyo and a content creator, cloned the agency's website to deceive unsuspecting Nigerians into believing that the DSS was conducting a recruitment exercise. The fake notice was flagged as false by the DSS, which quickly issued a warning to Nigerians not to fall victim to such fraudulent activities.

Augustus, who is a native of Abak Local Government Area in Akwa Ibom State, was tracked and arrested by DSS operatives at his residence. He claimed to be a graduate of the University of Uyo, a blogger, and a content creator. However, his actions were aimed at defrauding the public, and he is expected to be arraigned in court soon to face charges related to his alleged activities.

The DSS has warned Nigerians to be cautious of fake recruitment notices and to verify any information before responding to it. The agency has also assured the public that it will continue to work tirelessly to protect them from fraudulent activities.

The arrest of Augustus is a significant step in the DSS's efforts to combat cybercrime and protect the public from online scams. The agency has urged anyone with information about similar fraudulent activities to come forward and assist in the investigation.

FG's Debt Servicing Costs Rise to 47% of Budget

Nigeria's debt servicing costs have reached alarming levels, consuming 47% of the Federal Government's total expenditure in the first nine months of 2024. According to data from the Central Bank of Nigeria, the government spent N8.94 trillion on debt servicing during this period, a 56.8% increase from N5.69 trillion in the corresponding period of 2023.

The rising debt servicing ratio is a clear indication of Nigeria's growing dependence on borrowing to fund its budgetary operations, particularly as fiscal deficits continue to widen. In 2023, the Federal Government's retained revenue of N4.32 trillion meant that debt servicing accounted for 132% of revenue during the period. This figure worsened in 2024, with debt servicing consuming 147% of the N6.08 trillion retained revenue.

The government's recurrent expenditures, which include personnel costs, pensions, transfers, and debt servicing, rose sharply by 45.6% from N10.38 trillion in 2023 to N15.11 trillion in 2024. Personnel costs increased by 20% from N2.99 trillion to N3.59 trillion over the same period, reflecting the government's continued commitment to maintaining public sector salaries despite fiscal challenges.

However, the increase in capital expenditure was relatively modest compared to recurrent spending, rising by 20.8% from N3.19 trillion in 2023 to N3.86 trillion in 2024. This disproportionate allocation of funds highlights how rising debt obligations continue to crowd out critical capital investments, further exacerbating Nigeria's infrastructure deficit and limiting economic growth potential.

The fiscal deficit widened from N9.25 trillion in the first nine months of 2023 to N12.89 trillion during the same period in 2024, marking a 39.3% increase. This growing deficit highlights the persistent gap between government revenue and expenditure, compounded by escalating debt servicing costs.

President Bola Tinubu has boasted that his administration reduced the debt service ratio from 97% to 68%, but CBN data shows that the ratio worsened to 147% in the first nine months of 2024. The global credit ratings agency, Fitch, has projected Nigeria's external debt servicing to rise by $400 million to $5.2 billion in 2025.

Analysts have noted that there is no immediate relief for Nigeria's debt levels and debt service costs, with financing costs

expected to continue consuming a larger portion of the Federal Government's revenues. The President of the Nigerian Economic Society, Prof Adeola Adenikinju, has stated that spending on debt servicing will not yield any positive benefit for the Nigerian economy, and that the country needs to commence debt negotiation talks with its creditors.

The International Monetary Fund has emphasized the need for Nigeria to adopt more effective revenue mobilization strategies to ease its financial burden, noting that the country's debt service-to-revenue ratio stands at around 60%. The IMF has recommended that Nigeria broaden its tax base and implement a transparent and efficient tax collection system to generate more income.

Dangote Refinery Expands Capacity: 8 New Tanks to Boost Crude Storage

The Dangote Petroleum Refinery is expanding its storage capacity for imported crude oil by building eight additional tanks, according to a report by Africa Report. The refinery is increasing its storage capacity by 6.29 million barrels, equivalent to 1 billion liters, in an effort to stockpile imported crude oil due to unreliable local supplies.

The $20 billion refinery is planning to import crude oil from other countries, as the supply from the Nigerian National Petroleum Company Limited (NNPC) has been inconsistent. Officials from the refinery stated that the low crude supply from the NNPC is driving the refinery's dependence on imports.

The construction of the eight additional tanks will increase the refinery's crude storage capacity by 41.67% to 3.4 billion liters. "Importing crude from other countries instead of buying locally means that our crude stockpiles will have to be higher," said Devakumar Edwin, Vice President of Oil and Gas Business at Dangote Industries. "So, we have started building eight additional crude tanks to hold a billion liters, over and above our original storage capacity. Four of them are nearing completion."

The refinery currently has 20 crude storage tanks with a capacity of 120 million liters each, totaling 2.4 billion liters. Its refined product tanks have a total capacity of 2.34 billion liters. Dangote began producing diesel and aviation fuel in January 2024 and petrol in September, with products supplied to the domestic market and exported to several countries.

Edwin described the supply of crude oil from the NNPC to the Dangote refinery as "still very low." Nigeria, which is Africa's largest oil producer, was importing its fuels until last year when the Dangote refinery came online. The NNPC's Warri and Port Harcourt refineries have resumed operations, indicating that the company will have to supply crude to these facilities in addition to the percentage committed to servicing its loans.

Nigeria has continued to struggle with underinvestment and production outages caused by theft and pipeline vandalism, which have seen it lose its top spot in Africa several times in recent years. However, the Nigerian Upstream Petroleum Regulatory Commission reported that crude production reached 1.45 million barrels per day in November, 99% of its 1.5 million barrels per day OPEC quota.

The decision by Dangote to expand its storage facilities for imported crude may indicate that the naira-for-crude deal ordered by President Bola Tinubu is fading out gradually. Before President Tinubu ordered the sale of crude to the Dangote refinery in August, the facility had faced months of crude shortages. The President of the Dangote Group, Alhaji Aliko Dangote, accused international oil companies of planning to sabotage the refinery by refusing to supply crude oil.

On July 29, the Federal Executive Council approved a proposal by Tinubu for the NNPC to sell crude oil to local refineries in naira. The implementation of the initiative started on October 1, with the NNPC expected to commence the supply of about 385,000 barrels per day of crude oil to the Dangote refinery to be paid for in naira. Aliko Dangote said in December that the naira-for-crude deal has led to a reduction in prices of petroleum products in the country.

Currently, the Dangote refinery is ramping up production as its petrol gains momentum among Nigerian vehicle owners.

SELF CONTROL

 Self-control is the ability to regulate one's thoughts, emotions, and behaviors to achieve goals and well-being. It involves managing impulses, delaying gratification, and overcoming temptations. Cultivating self-control leads to:

Benefits:

1. Improved decision-making

2. Enhanced goal achievement

3. Better relationships

4. Increased resilience

5. Reduced stress

Strategies to develop self-control:

1. Set clear goals

2. Practice mindfulness

3. Develop emotional intelligence

4. Use positive self-talk

5. Engage in regular exercise

6. Get adequate sleep

7. Seek support from others

Remember, self-control is like a muscle that strengthens with practice and patience. Start small, be consistent, and celebrate your successes!