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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NEW DATA FROM THE FEDERATION ACCOUNTS ALLOCATION COMMITTEE (FAAC), SHOWS THAT NIGERIAN STATES PAID N455.38 BILLION IN FOREIGN DEBT SERVICE IN 2025, UP FROM N362.08 BILLION IN 2024. THIS REPRESENTS A YEAR-ON-YEAR INCREASE OF N93.30 BILLION, OR 25.77 PER CENT.(PHOTO).

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 New data from the Federation Accounts Allocation Committee (FAAC), shows that Nigerian states paid N455.38 billion in foreign debt service in 2025, up from N362.08 billion in 2024. This represents a year-on-year increase of N93.30 billion, or 25.77 per cent.


The rise indicates that states devoted a larger portion of their FAAC allocations to external debt obligations in 2025, leaving less fiscal space for salaries, capital projects, and routine governance.


A closer look shows a concentration of foreign debt service among a few states. The top 10 states accounted for 68.57% of the total in 2025.


Lagos led with N92.80 billion, up from N72.32 billion in 2024 (28.33%).


Rivers followed with N48.58 billion, more than doubling from N23.13 billion in 2024 (110.02%).

Kaduna recorded N47.93 billion, up N2.34 billion (5.13%).

Ogun’s deductions more than doubled to N25.20 billion from N11.99 billion (110.22%).

Cross River: N21.01 billion, up 22.86% from N17.10 billion.

Oyo: N20.17 billion, a 12.98% increase from N17.85 billion.

Edo: N18.70 billion, up 11.78% from N16.73 billion.

Bauchi: N16.85 billion, up 22.58% from N13.75 billion.

Kano: N10.63 billion, up 24.67% from N8.53 billion.

Ebonyi: N10.37 billion, up 53.09% from N6.77 billion.

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