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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FCCPC ESTABLISHES POSSIBLE MANIPULATION OF CEMENT PRICES IN NIGERIA. (PHOTO).

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 FCCPC ESTABLISHES POSSIBLE MANIPULATION OF CEMENT PRICES IN NIGERIA


The Federal Competition and Consumer Protection Commission (FCCPC) says it has uncovered possible manipulation of cement prices in the Nigerian market following a three month industry-wide investigation.

                

The FCCPC discloses this in a statement, saying the preliminary findings, contained in a 40-page field report, follows a cross-border study by the Anticompetitive Practices Department (ACP) of the Commission in response to complaints over the high cost of cement.


According to the Commission, the investigation was prompted by concerns over Nigeria’s comparatively high cement prices despite its substantial limestone deposits, domestic production capacity and reported surplus capacity.


It adds that all major cement manufacturers made their records available to the Commission, except one, while publicly available estimates show that three major undertakings account for more than 90 per cent of installed production capacity.


Meanwhile, the FCCPC extends its investigation to Kenya, Tanzania, South Africa, Egypt, Morocco and Algeria, comparing limestone availability, population, production capacity and consumption.


A 50-kilogramme bag sells for 5.40 dollars, equivalent to 7,344 naira, in Kenya; 4.80 dollars, or 6,528 naira, in Tanzania; and 6.75 dollars, or 9,180 naira, in Togo, which has no limestone deposits.

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