Hello and welcome! In today’s trending news stories:
1. The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Oba Otudeko, former chairman of First Bank Nigeria (FBN), and three others over alleged fraud involving loans obtained under pretenses. The other defendants include Stephen Olabisi Onasanya, former FBN group managing director; Soji Akintayo, a former Honeywell Flour Mills board member; and Anchorage Leisure Limited, a company linked to Otudeko. The charges, filed at the federal high court in Lagos on January 16, 2025, accuse the defendants of fraudulently obtaining loans totaling over N31 billion from First Bank between 2013 and 2014. The funds were allegedly misrepresented as credit facilities for companies such as V-Tech Dynamic Links Limited and Stallion Nigeria Limited. The EFCC plans to present 12 witnesses during the trial, including investigators and representatives from First Bank, the Central Bank of Nigeria (CBN), and implicated firms. The defendants are set to be arraigned on January 20, 2025. In related testimony in August 2024, a former First Bank relationship manager revealed that billions of naira in loans were transferred to Otudeko-linked companies despite being approved under other firms’ names.
2. The tax reform bill is likely to be signed into law by the first quarter of 2025, with implementation slated for July, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. At the 2025 LCCI Economic Review and Outlook Conference in Lagos on January 16, Oyedele highlighted the reforms’ potential to enhance business competitiveness and improve living conditions, especially for vulnerable Nigerians. The reforms aim to reduce business costs, lower tax rates, and address inefficiencies in government revenue collection. Oyedele acknowledged prior public agitation over the bills but emphasized the positive impact of the ongoing national conversations. He expressed optimism about continued stakeholder engagement to refine the reforms. Regarding the economy, Oyedele predicted improvements in 2025, including moderated inflation, a stable exchange rate supported by local refinery capacity, and increased foreign investments. He described 2025 as a “reset year” with the potential for economic recovery, a stronger currency, and improved living conditions.
3. US President Joe Biden has decided to leave TikTok’s future to incoming President Donald Trump, according to an anonymous US official. A federal law requiring TikTok’s parent company, ByteDance, to divest by January 19, 2025, takes effect just before Biden leaves office. However, Biden’s administration won’t enforce the ban. Trump, who previously called for TikTok’s ban, now pledges to keep the app accessible in the US. His transition team, however, hasn’t outlined plans to meet the legal requirements. Incoming National Security Adviser Mike Waltz stated an extension might be possible if a viable deal emerges. Efforts to extend the divestment deadline face bipartisan friction in Congress, with Senator Tom Cotton opposing delays, citing national security concerns. TikTok CEO Shou Zi Chew is expected to attend Trump’s inauguration alongside other tech leaders like Elon Musk and Mark Zuckerberg as discussions around the app’s future intensify.
4. The Lagos High Court at Tafawa Balewa Square has acquitted Fredrick Nwajagu, the Eze Ndigbo of Ajao Estate, of terrorism charges but convicted him for impersonating a titled chief, violating the Oba and Chiefs Law of Lagos State. Presiding judge Yetunde Adesanya ruled on January 15, 2025, that the Lagos state government failed to prove the terrorism allegations beyond a reasonable doubt. Nwajagu received a one-year prison sentence for the impersonation charge. However, having already spent nearly two years in custody since his April 2023 arrest, the court ordered his immediate release. Nwajagu’s arrest followed a viral video in which he urged Igbo residents in Lagos to recruit members of the Indigenous Peoples of Biafra (IPOB) for property protection, leading to his arraignment on a nine-count charge of terrorism and impersonation.
