Business
CBN links #EndSARS campaigners to terrorism

The Central Bank of Nigeria got a Federal High Court in Abuja to freeze the accounts of 20 #EndSARS campaigners after saying money in their accounts could be linked to terrorist activities.
This is contained in a written address in support of a motion ex parte filed by the CBN.
The CBN last month secured an ex parte order to freeze the accounts.
In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities.
The written address read in part, “My lord, the nature of the transactions undertaken through the defendants’ accounts are of suspected terrorism financing in contravention of Section 13(1)(a)and(b) of the Terrorism (Prevention)(Amendment) Act, 2013 and Regulation 31(2)(a)and (3)(b) of the Central Bank of Nigeria Anti-Money Laundering/Combating the Financing of Terrorism Regulations, 2013.”
In a supporting affidavit deposed to by one Aondowase Jacob on behalf of the CBN, it was stated that the Head of the Economic Intelligence Unit of the Governor’s Department, CBN, Joseph Omayuku, had conducted an investigation on the accounts of the defendants and other individuals and entities held with certain banks in Nigeria.
According to the affidavit, the investigation showed that the owners of the accounts may have been involved in terrorist activities.
It added, “There is a grave allegation that the defendants are involved in suspected terrorism financing via their bank accounts in contravention of the provisions of extant laws and regulations. The aforesaid transactions undertaken by the defendants, using their bank accounts, can cause significant economic and security harm to the public and the Federal Republic of Nigeria if left unchecked.
“The applicant (CBN governor) is thus desirous to have the court empower him to direct the freezing of the 20 accounts listed on the annexure to this application and all other bank accounts held by the defendants.
“A freezing order of this honourable court in respect of the defendants’ accounts would also enable the investigation of the activities of the defendants to a logical conclusion with a view to reporting same to the Nigerian Financial Intelligence Unit.”
The apex bank said unless the order was granted, it would not be able to ensure that the money remained intact, while investigations were ongoing.
The 20 accounts frozen by the CBN are domiciled in Access Bank, Guaranty Trust Bank, Fidelity Bank, United Bank for Africa and Zenith Bank.
The accounts were said to have been flagged after they received money with the narration #EndSARS.
One of the frozen accounts, marked 0056412470 and domiciled in Access Bank, belongs to Bolatito Olorunrinu Oduala, an #EndSARS campaigner, who was appointed into the Lagos State judicial panel set up by Governor Babajide Sanwo-Olu.
Another frozen account marked 0033974485 and domiciled in Access Bank belongs to Bassey Israel, the medical team coordinator for the #EndSARS protests in Port Harcourt.
Similarly, an account marked 0054676984 domiciled in Access Bank belongs to Gatefield Nigeria Limited, which paid freelance journalists to cover the protests.
Justice Mohammed froze the accounts for 180 days subject to renewal, but said anyone who was not satisfied with the ruling was free to challenge it.
Freezing protesters’ accounts illegal – Yesufu
A leading member of the #EndSARS protesters, Aisha Yesufu, described the freezing of the #EndSARS protesters’ accounts as illegal, noting that the government “is behaving like a terrorist.”
She questioned the freezing of the accounts ahead of the court injunction ordering the banks to block the accounts.
Yesufu stated, “The question is, why did they freeze the accounts before obtaining a court injunction? Why the illegality? Our judiciary should know that it is an independent arm of government and there is separation of power.
“The government should be ashamed of itself. The United Arab Emirates just convicted some Nigerians, who were accused of terrorism, and we are hearing that the government would appeal on their behalf. That is where the problem is.”
The activist accused the Federal Government of pampering insurgents, while bearing down on peaceful and harmless protesters.
She added, “#EndSARS campaigners are protesters and they protested the way the Constitution allows, so all these are shenanigans. They had better focus on the terrorists.
“Bandits are laying down their arms and they are taking them to Government Houses, while Boko Haram members are being given preferential treatment, but Nigerians, who were protesting, were being killed by the government. The government is the one behaving like a terrorist right now.”
-The Punch
Railway
Cargo train: NRC targets April for 100% Lagos-Kaduna dry port movement

Cargo train: NRC targets April for 100% Lagos-Kaduna dry port movement
The Nigerian Railway Corporation (NRC) has fixed the beginning of second quarter 2025 for full operations of its cargo train movement from Lagos to Kaduna Inland Dry Port.
This was disclosed in a video clip shared on the official X (formerly Twitter) account of the NRC on Saturday.
Managing Director of the NRC, stated in the video that while logistical operations had been put in place, some non-logistical issues needed to be addressed to ensure the seamless movement of goods via both narrow and standard gauge rail lines.
“There are little issues which are not related to logistics that needed to be cleared out.
However, bearing all circumstances, we are determined that the Nigerian Railway Corporation will ensure that the movement of goods along both narrow and standard rail lines is at maximum. “So, we are committed to ensuring that the movement of goods from Lagos to this dry port is achieved somewhere at the beginning of the second quarter,” Opeifa said.
He added, “We believe that all other issues related to other agencies of government would have been resolved and working with them should be able to ramp up, not to 70% but to 100%.”
Managing Director of Inland Containers Nigeria Limited, Omotayo Dada, also featured in the video and expressed optimism that within a few quarters, productivity at the Kaduna Inland Dry Port would increase significantly.
“We are optimistic that within a couple of quarters, before the year runs out, productivity would even increase by about 70%,” Dada said.
The Kaduna Inland Dry Port, commissioned in 2018, was established as a major logistics hub for exports, particularly agricultural products.
However, it has been operating below capacity, handling fewer containers than initially expected.
Over the years, container movement between Apapa Port and the Kaduna Inland Dry Port has been intermittently suspended for various reasons. Notably, in September 2020, operations were halted due to the rehabilitation of railway tracks, disrupting freight transport.
In a broader effort to improve freight connectivity between the southwestern seaports and inland regions, the Federal Executive Council (FEC) recently approved a $45.3 million contract for a feasibility study and engineering design of a new rail corridor.
The planned alignment will extend from Badagry Deep Sea Port through Tin Can, Apapa, and Lekki Seaports, reaching Ijebu-Ode and Kajola, where it will integrate with the Lagos-Kano-Maradi Railway Modernization Project.
Business
N’Assembly approves N14.3tn for debt service out of N45.9tn 2025 budget

N’Assembly approves N14.3tn for debt service out of N45.9tn 2025 budget
The National Assembly on Thursday passed N45.9 trillion as budget for the 2025 fiscal year, setting aside N14.317 trillion for debt servicing.
Both chambers of the assembly agreed to jerk up the budget by N719.5bn over what the executive submitted for approval.
President Bola Tinubu had initially proposed a N49.7 trillion budget but later revised it to N54.2 trillion before seeking legislative approval.
A breakdown of the N14.317 trillion total debt servicing showed that N7.191 trillion is for domestic debts (including Ways and Means), N6.749 trillion is for foreign debts, and N377.299 billion is for sinking funds to retire maturing promissory notes.
Newstrends discovered from a document of the Federal Ministry of Finance that Nigeria’s total debt as of the second quarter of 2024 “grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation.”
Apart from debt service, the approved budget also showed N3.645 trillion for statutory transfers, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit put at N13.08 trillion.
Under the statutory transfers, National Judicial Council gets N521.626 billion, Niger Delta Development Commission gets N626.533 billion, South East Development Commission gets N140 billion, North West Development Commission gets N145.607 billion, South West Development Commission gets N140 billion, South-South Development Commission gets N140 billion and North Central Development Commission gets N140 billion.
The Universal Basic Education Commission gets N496.842 billion, National Assembly gets N344.853 billion, Public Complaint Commission gets N14.460 billion, Independent National Electoral Commission gets N140 billion, National Human Rights Commission gets N8 billion, North East Development Commission gets N240.988 billion while Basic Health Care Provision Fund gets N298.421 billion, respectively.
From the recurrent (non-debt) expenditure, Presidency gets N111.094 billion, Ministry of Defence gets N2.510 trillion, Ministry of Police Affairs gets N1.226 trillion, Ministry of Interior gets N658.586 billion, National Security Adviser gets N335.975 billion, Ministry of Education gets N1.159 trillion, Ministry of Youths gets N442.271 billion, Ministry of Foreign Affairs gets N286.887 billion, Information and National Orientation gets N75.887 billion, among others.
Under the Capital expenditure, Presidency gets N144.485 billion, Ministry of Defence gets N604.917 billion, National Security Adviser gets N316.864 billion, Secretary to the Government of the Federation gets N155.812 billion, Ministry of Agriculture and Food Security gets N1.201 trillion, Ministry of Finance gets N892.939 billion, Ministry of Works gets N2.045 trillion, Ministry of Water Resources and Sanitation gets N578.398 billion, FCTA gets N229.625 billion, Ministry of Education gets N953.931 billion, Ministry of Health and Social Welfare gets N1.154 trillion, Ministry of Humanitarian Affairs and Poverty Alleviation gets N291.548 billion, among others.
Under the Multilateral/Bilateral loan funded projects, Ministry of Power receives N1.307 trillion; Ministry of Interior, N400.630 billion; Ministry of Communications, Innovation and Digital Economy, N400.630 billion; FCTA N235.369 billion; Ministry of Finance N236.657 billion; Ministry of Agriculture and Food Security, N208.466 billion; Ministry of Education, N193.098 billion; Ministry of Health and Social Welfare gets N56.489 billion, among others.
Business
MTN apologises, says 200% data price increase a mistake

MTN apologises, says 200% data price increase a mistake
MTN, Nigeria’s largest telecom operator, has issued a public apology to its customers following widespread complaints about a sudden 200% increase in the price of its popular 15GB data package.
The price increase, which requires internet subscribers to pay N6,000 for a 15GB weekly data plan, a 200% increase from the previous N2,000, surprised many customers and sparked fury on social media on Wednesday.
In a message posted on social media on Thursday, MTN acknowledged its customers’ unhappiness in an informal, conversational tone and sought to address the rising anger among users who had become accustomed to the previously given low prices.
The message read, “To our 15G digital bundle lovers. You are vexed. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favorite digital bundle.
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“We could share several reasons and provide explanations, but omo, all that one is a story. We don’t cast. We get it and admit it. Let’s just say it was a mistake.”
MTN extended its apologies by imploring consumers not to be unhappy, adding, “In this love season, don’t stay furious with us. Kindly forgive and forget. You are important to us, and we will never stop showing you that. Let us continue our relationship.
“Thank you for your understanding.”
For the time being, only MTN has raised its tariffs, but Airtel and Globacom are anticipated to follow suit after the Nigerian Communications Commission approved a 50% tariff increase in January.
However, the Nigeria Labour Congress (NLC) has slammed telecommunications companies’ execution of a 50% pricing hike, seeking an immediate reversal.
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