ALLEGED N8.7B FRAUD: MALAMI’S BANKERS FILED SUSPICIOUS REPORTS ON HIS TRANSACTIONS-WITNESS. (PHOTO). #PRESS RELEASE.

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Alleged N8.7b Fraud: Malami’s Bankers Filed Suspicious Reports on his Transactions-Witness The Fourth Prosecution Witness, PW4, in the trial of the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, May 13, 2026, told Justice Joyce Abdulmalik of the Federal High Court, Maitama, Abuja, that Zenith Bank Plc, where the former AGF had account, filed Suspicious Transaction Report, STR, in respect of his transactions. The Economic and Financial Crimes Commission, EFCC, is prosecuting Malami alongside his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami, on amended 16-count charge, bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of unlawful activities to the tune of N8,713,923,759.49 (Eight Billion, Seven Hundred and Thirteen Million, Nine Hundred and Twenty-Three Thousand, Seven Hundred and Fifty-Nine Naira, Forty-Nine Kobo), contrary to the provisions of the Money Laundering (Prevention and Pro...
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NIGERIA’S INFLATION DROPS TO 22.97%.(PHOTO).

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 Nigeria’s inflation drops to 22.97%


The National Bureau of Statistics, NBS, on Monday, announced that Nigeria’s headline inflation rate has dropped to 22.97 percent.


NBS said the May 2025 headline inflation rate decreased 0.74 per cent compared to the April headline inflation rate.


According to the statistics office, inflation declined significantly to 1.53 percent in May from 1.86 percent in April, on a month-on-month basis.


This indicated a slower pace in the rise of prices across the economy.


On a year-on-year basis, the NBS said the headline inflation rate was 10.98 per cent lower than the rate recorded in May 2024 (33.95 per cent).


It stated that the easing in inflation was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing, and health.


Also, NBS announced that food inflation declined to 21.14 percent in May from 21.16 percent in April.


The statistics office attributed this sharp decline largely to base-year effects following the inflation rebasing methodology.


On a month-on-month basis, however, food inflation increased marginally to 2.19 percent in May from 2.06 percent in April.

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