NIGERIAN MAKES U.S MOST WANTED LIST OVER $1M FRAUD. (PHOTO).

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 Nigerian makes US Most Wanted List over $1m fraud A Nigerian, Onoriode Ezewu, has been named on the United States Department of Labour’s first-ever Most Wanted List over allegations of money laundering involving fraudulent unemployment benefit claims worth more than $1m. The department’s Office of Inspector General unveiled the list on its website on Wednesday, naming 16 fugitives wanted in cases involving alleged fraud, identity theft, money laundering, labour trafficking and other offences. According to the agency, the cases collectively involve more than $55m allegedly stolen from American taxpayers. Ezewu’s profile on the department’s website identifies him as wanted for concealment money laundering and states that he is believed to be residing in Nigeria. “In January 2021, Ezewu was charged with 15 counts of concealment money laundering tied to fraudulent UI and Pandemic Unemployment Assistance claims filed using stolen identities, in a scheme exceeding $1 million that also t...
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FAAC SHARES HIGHEST ALLOCATION OF N1.818TR IN JUNE. (PHOTO).

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 FAAC shares highest allocation of N1.818tr in June


The Federation Account Allocation Committee (FAAC) has shared N1.818 trillion among the Federal, State, and Local governments as revenue generated in June 2025 — the highest monthly allocation so far this year.

The amount was disclosed in a communiqué  after the FAAC meeting in Abuja for July 2025. 

The statement, sby Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), confirmed that this latest distribution marks a significant rise from the previous five months.

In comparison, the amount shared in May was N1.659 trillion while April saw N1.681 trillion. March recorded a distribution of N1.578 trillion, February had N1.678 trillion, and January began the year with N1.703 trillion.

The N1.818 trillion shared in July was made up of several revenue streams. These included N1.018 trillion from statutory revenue, N631.507 billion from Value Added Tax (VAT), N29.165 billion from the Electronic Money Transfer Levy (EMTL), N38.849 billion from exchange difference revenue, and an augmentation of N100 billion sourced from non-mineral revenue.

According to the communiqué, total gross revenue available in June 2025 was N4.232 trillion. From this amount, deductions for the cost of collection amounted to N162.786 billion, while a total of N2.251 trillion was earmarked for transfers, interventions, refunds, and savings.

A breakdown of the gross revenue components revealed that statutory revenue for June stood at N3.485 trillion, a substantial increase of N1.390 trillion compared to the N2.094 trillion received in May. Conversely, gross VAT revenue dropped from N742.820 billion in May to N678.165 billion in June, representing a decline of N64.655 billion.

From the N1.818 trillion distributable revenue, the Federal Government received N645.383 billion. The State Governments received N607.417 billion, while the Local Government Councils got N444.853 billion. Additionally, N120.759 billion was distributed to oil-producing states as 13 percent derivation revenue from mineral sources.

Within the N1.018 trillion statutory revenue segment, the Federal Government received N474.455 billion. The State Governments were allocated N240.650 billion, and the Local Government Councils received N185.531 billion. Oil-producing states got N118.256 billion as part of the 13 percent derivation.

For the N631.507 billion generated from VAT in June, the Federal Government took N94.726 billion. The State Governments received N315.754 billion, while the Local Governments received N221.027 billion.

Of the N29.165 billion received from EMTL, the Federal Government was allocated N4.375 billion. The States received N14.582 billion, and the Local Government Councils got N10.208 billion.

Revenue from the exchange difference amounted to N38.849 billion. From this amount, the Federal Government received N19.147 billion, the States were allocated N9.712 billion, and the Local Governments got N7.487 billion. A further N2.503 billion was distributed to states entitled to derivation revenue.

The N100 billion augmentation from non-mineral sources was shared with the Federal Government receiving N52.680 billion. The State Governments got N26.720 billion, while Local Governments were allocated N20.600 billion.

FAAC also reported that revenue inflows from Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Electronic Money Transfer Levy increased significantly in June. However, receipts from Oil and Gas Royalty, VAT, Import Duty, Excise Duty, and Common External Tariff (CET) Levies recorded noticeable declines.

The significant revenue boost in June is expected to provide some fiscal breathing space for governments at all levels as they continue to grapple with funding obligations and development programmes amid broader economic adjustments.

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