GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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EFCC ARRAIGNS MAN OVER N70M FRAUD IN LAGOS. (PHOTO). #PRESS RELEASE

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 EFCC Arraigns Man over N70m Fraud in Lagos


 


The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on Thursday, May 8, 2025 arraigned one Ntai Bagshaw and his company, Terraworks Limited before Justice I. O. Ijelu of the Lagos State High Court, sitting in Ikeja, Lagos for fraud.


They are being prosecuted on a two-count charge, bordering on obtaining money under false pretence and stealing.


Count one reads: "That you Ntai Bagshow and Terraworks Limited sometime in December 2021 at Lagos within the Ikeja Judicial Division with intent to defraud obtained from Muyiwa Makinde the sum of N70,000,000.00 (Seventy Million Naira) under the false pretense that the money is for the payment of a detached Duplex in Renat Axis, located at Ogudu GRA, Lagos State which pretence you knew to be false".


 


Count two reads: "That you Ntai Bagshow and Terraworks Limited sometime in December 2021 at Lagos within the jurisdiction of this Honourable Court dishonestly converted to your own use the sum of N70,000,000.00 (Seventy Million Naira) being payment for Detached Duplex located at Ogudu GRA, Lagos State."


He pleaded “not guilty” to the charges when they were read to him, following which prosecution counsel, F. T. Giwa asked the court for a trial date and prayed that the defendant be remanded in a correctional center.


 


Justice Ijelu adjourned the matter till May 13, 2025 for the hearing of the bail application and commencement of trial. He ordered that the defendant be remanded in a correctional facility.

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