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...

FG BANS ROADBLOCKS FOR TAX COLLECTION NATIONWIDE. (PHOTO).


 Federal Government Bans Roadblocks for Tax Collection Nationwide


In a major policy shift aimed at easing burdens on businesses and motorists while promoting economic growth, the Federal Government has announced a nationwide ban on the use of roadblocks for collecting taxes and levies.


The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the unveiling of new regulations for the Presumptive Tax regime targeting Nigeria's informal sector. The event took place in Abuja on Tuesday.


Mr. Edun described the reforms as a strategic move to stimulate broader economic activity by removing obstructive and often arbitrary collection practices that have long plagued commercial transportation and small-scale trade across the country.


Under the new Presumptive Tax framework, taxation of informal sector operators will shift to a system designed to be fair, transparent, and predictable. The minister emphasized that the approach will exempt nano and small businesses, allowing them greater room to develop, expand, and contribute more meaningfully to the economy over time.


The ban on roadblocks aligns with ongoing efforts to streamline tax administration, reduce multiple and informal levies, and improve the ease of doing business.

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