ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL. (PHOTO). #PRESS RELEASE.

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 APC PRESIDENTIAL CAMPAIGN COUNCIL PRESS STATEMENT ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL At his press conference in Abuja on Friday, Alhaji Atiku Abubakar reiterated his proposed  “production subsidy” for locally refined petrol, which he said would reduce pump prices. He went further to ask President Bola Tinubu to slash the cost of diesel and petrol at the pump. That proposal raises important legal, fiscal and practical questions that he must answer. Section 205(1) of the Petroleum Industry Act 2021 provides that unrestricted free-market conditions shall determine wholesale and retail prices of petroleum products. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, in a statement on Saturday, explained that it neither fixes pump prices nor issues administrative price templates, except where the statutory conditions for intervention are met. The PIA provisions guide its function.  At the moment, “No such market fail...
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COURT SENTENCES MAN TO ONE YEAR IMPRISONMENT FOR ILLEGAL FOREIGN EXCHANGE TRANSACTIONS IN LAGOS. (PHOTO). #PRESS RELEASE.

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 Court Sentences Man to One Year Imprisonment for Illegal Foreign Exchange Transactions in Lagos


Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Monday, July 20, 2026, convicted and sentenced one Basiru Hassan to one year imprisonment for engaging in foreign exchange transactions outside the official foreign exchange market.


Hassan was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on a one-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market, contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.


The charge reads:


"That you, BASIRU HASSAN, sometime in July 2026 at Lagos, within the Judicial Division of this Honourable Court, engaged in foreign exchange transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994."


The defendant pleaded guilty to the charge.


Following his guilty plea, prosecution counsel, Fanen Anum, urged the court to convict and sentence him accordingly.


In his judgment, Justice Bogoro convicted and sentenced Hassan to one year imprisonment, with an option of a fine of N500,000.00.


The court also ordered the convict to undertake one week of community service in his immediate community and forfeited the sum of N150,000.00, being proceeds connected with the offence, to the Federal Government of Nigeria.

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