Connect with us

News

EU removes Nigeria, five African countries from high-risk financial list

Published

on

Nigeria and five other African countries have been removed from the European Union (EU) list of “high-risk third country jurisdictions” for money laundering and terrorism financing.

South Africa, Burkina Faso, Mali, Mozambique, and Tanzania are the other countries delisted.

According to reports, the decision follows the countries’ successful removal from the Financial Action Task Force (FATF) grey list after reforms to strengthen their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.

In October 2025, the FATF announced Nigeria’s delisting from its grey list of countries with deficiencies in their AML/CFT regimes.

Countries on the list typically face increased monitoring and scrutiny by the task force.

According to Business Insider Africa, the European Commission confirmed on Wednesday that the affected countries had addressed “strategic deficiencies” in their financial systems and now meet international standards set by the FATF.

The commission said the reforms implemented by the countries were sufficient to warrant their removal from the EU’s financial high-risk list.

See also  Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Nigeria’s diversity a source of strength – Shettima

With enhanced due diligence requirements set to be lifted from January 29, the delisting is expected to ease trade and payment flows, reduce transaction costs, and boost investor confidence in the affected economies.

Reacting to the development on Thursday, Doris Uzoka-Anite, minister of state for finance, described Nigeria’s removal from the list as a major milestone.

“Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Tinubu on this achievement,” she wrote on X.

“As minister of state for finance, I’m proud of this boost to trade and investor confidence.”

News

Ex-IGP Egbetokun expresses happiness Tunji Disu is taking over, says they both benefitted from Tinubu mentorship

Published

on

By

Former inspector-general of police (IGP), Kayode Egbetokun, has said
he is happy that Tunji Disu is taking over from him as the country’s police chief.

Egbetokun spoke on Wednesday at the State House, Abuja, during the swearing-in and decoration of Disu as acting IGP.

The former IGP resigned from his position on Tuesday following a directive from President Bola Tinubu.

“I am happy that he is the one taking over from me. My advice to him is that he already knows all the things we have been doing together — strengthening operations, enhancing intelligence coordination, improving the inter-agency deployment model, dismantling several criminal syndicates, and improving our intelligence response mechanisms. I am sure he will continue to do that,” the former IGP said.

Egbetokun advised the new acting IGP to continue to remain committed to his duties, noting that Disu has been part of his administration from the beginning.

See also  Israel attacks Iran’s nuclear facilities, kills top scientists, military commanders

“He was my principal staff officer; he was commissioner of police in Rivers state and in the FCT; he was assistant inspector-general in charge of my special protection unit,” Egbetokun said.

“When the president gave the presidential directive to withdraw police officers from VIP protection, he was the person I called upon to ensure that the directive was fully complied with, and he did it very well.”

Egbetokun said he is “particularly excited” to hand over to Disu, noting that they share “unique history” and both benefited from the mentorship of Tinubu during his tenure as governor of Lagos state.

“I remember learning many things from him (Tinubu), but there is something in particular I recall,” he said.

“He once said that a good leader should have a successor and a succession plan and must invest in his likeliest successors.

“I invested in likely successors in the Nigeria Police Force, and I am happy that one of those I invested in has been found most suitable for the job and has been decorated today.”

See also  Nigeria pays $1.79bn to service debts owed World Bank, China in five years

Egbetokun thanked the president for trusting him with different positions, especially when he appointed him as his chief security officer when he was governor of Lagos state, and subsequently as IGP when he became president.

“I am deeply grateful to him,” Egbetokun said.

Continue Reading

News

Ex-NNPC GM jailed 7 yearsin US over $2.1m bribe from Chinese oil firm

Published

on

By

A United States district court has sentenced Paulinus Okoronkwo, a Nigerian American, to 87 months in prison for receiving a $2.1 million bribe from Addax Petroleum, a subsidiary of Sinopec, a Chinese state-owned petroleum and gas conglomerate.

Okoronkwo is a former general manager of the Nigerian National Petroleum Corporation (NNPC), now NNPC Limited.

In a statement on Monday, the US government said John Walter, the district judge, ordered Okoronkwo to pay $923,824 in restitution to the Internal Revenue Service (IRS).

The judge also ordered the forfeiture of $1,039,997, which is the net proceeds of the sale of a home belonging to the ex-NNPC general manager.

In August 2025, Okoronkwo was found guilty of transactional money laundering, tax evasion, and obstruction of justice.

According to US prosecutors, while serving as NNPC’s upstream division general manager, Okoronkwo abused his position by accepting a $2.1 million payment from Addax Petroleum, the Switzerland-based subsidiary of Sinopec.

The prosecutors said the money, wired in October 2015 to his law firm’s trust account in Los Angeles, was disguised as payment for consultancy services but was a bribe to secure favourable drilling rights in Nigeria.

See also  Playing ethnic card: Atiku wants to divide Nigeria as he divided PDP, says APC

The prosecutors had presented evidence that Addax executives falsified records to show the payment as legal fees, dismissed internal staff who raised concerns, and provided misleading information to auditors.

Okoronkwo, who practised immigration, family, and personal injury law in Koreatown, was said to have later used nearly $1 million of the bribe money as a down payment on a home in Valencia, California, while failing to declare the income on his 2015 tax return.

In October 2025, a US court granted the forfeiture application filed by the US government against Okoronkwo’s property.

The property is located at 25340 Twin Oaks Place, Valencia, California 91381.




Continue Reading

News

Tinubu charges acting IGP Tunji Disu to lead with discipline, rebuild trust in police

Published

on

By

President Bola Tinubu has charged Tunji Disu, the acting inspector-general of police (IGP), to lead with discipline and rebuild public trust in the Nigeria Police Force (NPF).

The president spoke at the State House on Wednesday during the decoration of Disu with his new rank as the acting IGP, following the resignation of Kayode Egbetokun.

Tinubu also told the new acting IGP to confront the escalating threats of banditry, terrorism, and other criminal activities across the country head-on.

“I expect you to strengthen the discipline, enhance interagency collaboration, and restore public confidence in Nigeria police,” the president said.

“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority.”

Tinubu praised Disu as a “straightforward individual, committed and respected,” with sufficient discipline, urging him to draw from Egbetokun’s experience and “make it better than you met it.”

See also  Israel attacks Iran’s nuclear facilities, kills top scientists, military commanders

“Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” he said.

“You’ll be part of the thinking, and you’ve been part of the innovation. The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail.”

The president appreciated Egbetokun for his “dedication in service” and “good leadership attributes” in maintaining law and order.

“Nigeria is a grateful nation to you,” he said.

“You have not succeeded without a good successor. Therefore, the success of a Tunji Disu IGP, when confirmed, is part of your responsibility.”

Continue Reading

Trending News