EFCC ARRAIGNS MAN FOR ALLEGED ₦55M FRAUD IN LAGOS. (PHOTO). #PRESS RELEASE.

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 EFCC Arraigns Man  for  Alleged ₦55m Fraud in Lagos The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, December 3, 2025 arraigned one Gabriel Celestine Nwawuzor, before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos for ₦55m fraud. Nwawuzor was arraigned alongside Moonlink Pharmaceuticals Limited, on a 3-count charge bordering on fraud and money laundering to the tune of N55,000,000 (Fifty Five Million Naira) One of the counts reads: "That you Gabriel Celestine Nwawuzor and Moonlink Pharmaceuticals Limited sometime in April, 2021, in Lagos, within the jurisdiction of this Honorable Court procured the account number 2170235882 domiciled in Zenith Bank to retain the sum of N55, 000, 000.00 ( Fifty Five Million Naira) which sum you knew forms part of the proceeds of your unlawful act and you thereby committed an offence contrary to Sections 21(a), 18(2)(d) of the of Money Laundering (Prevention and Prohibitio...
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NAIRA HITS ALL-TIME LOW, CROSSES N1, 500 TO DOLLAR AT OFFICIAL MARKET. (PHOTO).

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 Naira Hits All-Time Low, Crosses N1,500 To Dollar At Official Market


There is no end in sight to the lingering foreign exchange crisis as dollar crossed over N1,500 at the official market.


The dollar closed at 1,534.39 at the official market on Monday, according to the FMDQ data.


This is the first time the dollar would be exchanging at over N1,500 since the crisis putting more pressure on businesses and importers.


This is despite the several measures and interventions by the Central Bank of Nigeria (CBN) aimed at stabilising the market.


However, local currency has defied all the interventions and continues to depreciate against the foreign currency.


Already the impact of this could be felt in several sectors with Nigerians experiencing alarming inflation and increased food prices.


Despite the dollar exchanging at N1,534 at the official market, it has stabilized at the unofficial parallel market exchanging between N1,450 and N1500.

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