EFCC ARRAIGNS ONE FOR N700M FRAUD IN LAGOS . (PHOTO).#PRESS RELEASE

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 EFCC Arraigns One for  N700m Fraud in Lagos  The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, September 4, 2026, arraigned Osaretin Osagiede before Justice Olukayode Ogunjobi of the Lagos State High Court sitting in Ikeja,  over an alleged N700 million fraud. Osagiede is standing trial on a three-count charge bordering on unauthorised access to computer material and receiving stolen property to the tune of N700 million.  Count one reads: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this Honourable Court, intentionally caused the Ravenpay user accounts' two-factor authentication (2FA) method to be bypassed, with the intent to secure unauthorised access to the bank's data and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011. Another counts reads: “That you Osaretin Osagiede and Zacharia Lorshe...
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AU SUMMIT: NIGERIA SECURES MAJOR WINS, GETS PERMANENT SEAT ON THE BOARD OF AFRICAN CENTRAL BANK. (PHOTO). #PRESS RELEASE

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 MINISTRY OF FOREIGN AFFAIRS PRESS STATEMENT


AU SUMMIT: NIGERIA SECURES MAJOR WINS, GETS PERMANENT SEAT ON THE BOARD OF AFRICAN CENTRAL BANK


 


During the just-concluded 39th Session of the Executive Council of the African Union, Nigeria recorded significant diplomatic and institutional achievements, consolidating its leadership role in advancing Africa’s economic integration, peace, security, and democratic governance.


 


A major highlight of the session was the Council’s agreement to grant Nigeria a permanent seat on the Board of the African Central Bank. This landmark development underscores Nigeria’s strategic role in shaping Africa’s financial architecture. This decision also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, which serves as the precursor to the establishment of the African Central Bank.


These developments affirm Nigeria’s technical capacity, economic significance, and commitment to advancing Africa’s monetary integration agenda.


 


In the area of peace and security, the session witnessed the successful election of the candidates collectively agreed upon by the Economic Community of West African States to the Peace and Security Council. This outcome reflects the strong cohesion, cooperation, and unity among ECOWAS Member States, as well as the region’s shared commitment to promoting stability and collective security across the continent.


 


Furthermore, Nigeria demonstrated leadership in strengthening democratic governance across Africa by organising a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy. The event attracted wide participation from ministers, senior government officials, and delegates, not only from the West African region but from across the continent and the international community. The panel facilitated constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional approaches to sustaining democratic values.


 


Nigeria’s engagements and outcomes at the 39th Executive Session of the Executive Council reaffirm the country’s commitment to the ideals and objectives of the African Union, particularly in promoting economic integration, institutional development, peace, security, and democratic governance across the continent.


 


The Federal Government of Nigeria remains dedicated to working collaboratively with Member States and regional bodies to advance Africa’s shared prosperity and sustainable development.


 


Ambassador Yusuf Tuggar


Minister of Foreign Affairs


February 13, 2026

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