MAN BAGS EIGHT YEARS IMPRISONMENT FOR N132M MONEY LAUNDERING IN LAGOS . (PHOTO). #PRESS RELEASE

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 Man Bags  Eight Years Imprisonment for N132m Money Laundering in Lagos  The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Onatayo Pelumi for money laundering involving funds totalling about ₦132 million. Pelumi was convicted by Justice Osiagor of the Federal High Court, Lagos, on five counts bordering on the retention of proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank. The charges alleged that the convict retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds formed part of the proceeds of unlawful activities. The court sentenced him to three years’ imprisonment, with an option of a ₦300,000 fine, on count One. On counts two, three, four and five, he was sentenced to five years’ imprisonment on each count, with an option of a ₦300,000 fine on each count. The terms of imprisonment are to run concur...
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NIGERIAN GOVT POSTPONES STUDENTS LOAN SCHEME LAUNCH INDEFINITELY. (PHOTO).

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 Nigerian Govt postpones Student Loan Scheme launch indefinitely


Nigerian Government has postponed indefinitely the launch of the Student Loan Scheme earlier set to take place on Thursday.


This was made known by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), in an interview with Arise News on Tuesday.


Sawyer said that the launch had been postponed as there are some corrections that are being made around the launch itself.


He, however, did not give a new date for the launch.


“Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way.


“One thing that I will commit to is that this is a well-intended project. The president, President Bola Ahmed Tinubu means well around this and absolutely wants this rolled out as fast as possible, and we’re working very hard to help realise that,” Sawyer said.

President Bola Tinubu had on June 12, 2023, signed into law the Access to Higher Education Act, 2023, marking a significant step forward in the provision of interest-free loans for underprivileged students in Nigerian tertiary institutions.


Tinubu’s minister, Dele Alake, who was a member of the then Presidential Strategy Team, said the move was made in fulfilment of one of Tinubu’s campaign promises to liberalize funding for education.


The Loan Scheme was initially slated to take effect in September, but the implementation was delayed.


Nonetheless, Tinubu remained resolute, asserting that the program would be launched in January 2024.


The presidency then eventually announced that the scheme will be introduced on Thursday, the 14th of March, which has now been postponed.


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