President Has Recovered Over N1trn Stolen Funds, Says PACAC - Newstrends
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President Has Recovered Over N1trn Stolen Funds, Says PACAC

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Chairman of PACAC, Prof. Itse Sagay

•Funds used to finance annual budget

The Presidential Advisory Committee Against Corruption (PACAC) yesterday put the total amount of stolen assets recovered by the President Muhammadu Buhari’s administration since 2015 at over N1trn.

Briefing journalists in Lagos yesterday, the Chairman of PACAC, Prof. Itse Sagay, who reeled out the achievements of the committee said the federal government had been deploying some part of the recovered funds towards financing the annual budget, especially its social intervention scheme.

Sagay, who said the fight against corruption in the country had come a long way, describing it as both sweet and sour, stressed that a lot of work still needed to be done to rid Nigeria of corruption.

He also said PACAC has continued to carry out capacity building initiatives for the various anti-corruption agencies as well as Ministries, Departments and Agencies (MDAs).

“This has resulted in these stakeholders having an improved understanding of their individual roles in the criminal justice system, both in its substantive and procedural aspects. The impact of this effort is reflected in increased number of cases filed and concluded and the improvement in the rate of conviction of looters.

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“Total recoveries are hovering around the N1 trillion mark, and even more remarkably these recoveries have been recycled into the budget to uplift the oppressed and most vulnerable victims of corruption, namely, the young unemployed youths, young school children, who can now enjoy one free nutritional meal a day at school, extremely poor families who now receive the conditional cash transfer of N5,000 a month and women, youths, farmers, etc, who now receive interest free loans to capitalise their small scale businesses.

“So the recovered loot is pumped back into the lives of the most vulnerable Nigerians, in order to transform them into proud productive Nigerians, who will end up as employers themselves, contributing to the development of Nigeria,” he added.

According further, he said another contribution of PACAC in the war against corruption was the Committee’s concentration on illicit financial flows (IFF).

He claimed that very little was known about IFF in the country before PACAC brought it into centre stage nationally and internationally.

“Now, we know that this silent, quietly stalking source of financial bleeding, could even be worse in terms of volume of loss, than the typical looting we are all used to. Over invoicing of external expenses, under reporting of resources obtained from the developing countries, tax evasion, under declaration of profits, out sourcing of what could be done within the victim country, etc, all constitute IFFs,” he added.

The PACAC chairman disclosed that the massive losses underdeveloped countries like Nigeria were experiencing as a result of IFFs were recently documented and published by the Global Financial Integrity.

According to the report, Nigeria lost $83 billion in the period 1960 – 2011 and currently, “it is losing more than $45 billion annually.”

“Therefore, the importance of concentrating our minds on IFFs, as PACAC did for two consecutive years, through major international conferences and other strategic engagements, cannot be over stated.

“I have concentrated on only a few items of PACAC’s work, but the varied and extensive level of its work has been remarkable. We have organised Workshops for the Management and Protection of Assets, and an Asset Tracing Team/Central Asset Management Committee, was established in the first term of this Government with membership drawn from the Anti-Corruption Agencies, the Security Agencies, our Committee (PACAC) and from the highest echelons of Government.

“We have also produced manuals and protocols to assist the ACAs (Anti-Corruption Agencies) in their work. These include one on Effective Prosecution, entitled Corruption Case Management Manual, a Plea-Bargaining Manual, and Sentencing Guidelines for High Profile Cases, and A Frame Work for the Management of Recovered Assets, etc,” he added.

Sagay said the committee believes that productivity would be greatly enhanced and corruption greatly curbed if parents arouse themselves to inculcate the needed core values in the children; if schools at all levels become centres of character moulding and manpower development and religious values are deployed by Pastors and Imams in both theory and practice to re-mould the character and orientation of Nigerians.

He also advised the federal government, labour unions, civil society organisations and main stream civil servants to work together to reform the civil service to make it productive rather than a drain on the nation.

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Fresh Blackout Hits Abuja as Apo Substation Transformer Trips

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Parts of the nation’s capital have once again been plunged into darkness following an early-morning equipment failure at the Apo Transmission Substation on Wednesday.

The Transmission Company of Nigeria (TCN) confirmed the outage, attributing the disruption to the tripping of a 100MVA TR4 power transformer at its 132kV/33kV facility. Preliminary findings trace the failure to an oil spillage on the transformer’s red-phase High Voltage (HV) bushing, which forced four critical 33kV feeders, H31, H33, H35, and H37 offline.

 

In an official public notice, the transmission utility stated that technical teams are already mobilized on-site:

“The Transmission Company of Nigeria, TCN, hereby informs the public that the 100MVA TR4 transformer at the 132/33kV Apo Transmission Substation tripped in the early hours of today. Our maintenance crew are already carrying out a detailed investigation on the transformer to ascertain the exact cause of the tripping, to enable us effect repairs and restore the transformer.”

Following the grid disruption, the Abuja Electricity Distribution Company (AEDC) confirmed power losses across several major districts, including the Apo Legislative Quarters, Lokogoma, and Apo Resettlement.

The latest breakdown adds to a pattern of recurring supply interruptions across Abuja, coming just days after scheduled maintenance works left residents grappling with low generation and prolonged blackouts.

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Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

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Yamal Fires Back at Mbappé: "I'm Not Going to Beg" for Ballon d'Or
Kylian Mbappé and Barcelona forward Lamine Yamal

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

The 19-year-old Spain international insists his World Cup and La Liga triumphs speak for themselves, while also being named one of Barcelona’s vice-captains ahead of the October 26 ceremony.

Barcelona forward Lamine Yamal has made it clear that he will not campaign or “beg” for the 2026 Ballon d’Or, stating that his achievements on the pitch for club and country should speak for themselves. Speaking ahead of Barcelona’s Champions League opener against Feyenoord, the 19-year-old responded to comments from rival Kylian Mbappé, who had previously made his case for the award by highlighting his World Cup Golden Boot win, which also saw him become the competition’s all-time top goalscorer.

“I don’t think I need to campaign for the Ballon d’Or. I’m not thinking about what I deserve, everyone can think what they like,” Yamal told reporters. “I’m proud of everything I’ve done this year with my club and with the national team. We’ve become world champions, we’ve won the league again. I can’t ask for anything more. I think I’ve shown an incredible level, it’s your job and I will not beg for anything.”

The Spanish international, who finished second in last year’s voting behind PSG’s Ousmane Dembélé, is among the leading contenders for the prize alongside Mbappé, Harry Kane, Dembélé, and Khvicha Kvaratskhelia. The ceremony is scheduled for October 26 in London. Yamal was officially named among the 30 nominees for the 2026 men’s Ballon d’Or when France Football unveiled the list on Tuesday, marking his third nomination.

When asked about Dembélé’s recent comments naming Kvaratskhelia, Kane, and Mbappé as his top three, Yamal joked: “He’s a friend of Kylian, right? Honestly, I don’t care. I’m very happy with the year I had. Whenever I’ve faced both of them, I’ve won. They must have taken a dislike to me for some reason.” Spain knocked France out of the World Cup semi-finals with a convincing 2-0 victory.

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Yamal, who suffered a hamstring injury in April, has returned to form with two goals in his last two outings against Rayo Vallecano and Valencia, and appeared far more cheerful after a difficult start to the season. “In the end, I’m 19, coming off winning a World Cup, having had the best holidays of my life. I’ve never been happier at any point in my life than I am now,” he said.

Beyond individual honours, Yamal emphasised that Barcelona’s primary target this season is the Champions League trophy, a title that has eluded the Catalan giants since 2015. “There’s no greater motivation than the Champions League, which is the one I still have to win. We will give our all to win it,” Yamal said ahead of Wednesday’s opener against Feyenoord. “Good players have arrived, like Anthony Gordon, Karim Adeyemi, Rodri.”

Barcelona coach Hansi Flick praised the young star, saying: “Lamine is a player who can decide games on his own, fantastic quality. It’s great, you can see it every day how he is enjoying playing football. For me the best thing is that he enjoys this game and then he’s on a top level.”

Yamal is also the favourite to win a third consecutive best young player award at the Ballon d’Or ceremony, having been one of 10 players nominated on Tuesday, including Johan Manzambi, Yan Diomande, and Ayyoub Bouaddi, who all impressed at the World Cup and were then the subject of big-money summer transfers.

Interestingly, during the press conference, neither Yamal nor Flick mentioned Feyenoord by name, instead focusing entirely on Barcelona’s mission to win the Champions League. Yamal was recently elected one of three vice-captains by his teammates, alongside Eric Garcia and Frenkie de Jong, with coach Hansi Flick selecting Raphinha and Pedri as the other members of the five-man captaincy group. “It’s something to be proud of at 19 years old. I’m very grateful to my teammates. It’s a position that comes with responsibilities, even if I’m only 19, but I’m very happy,” he said.

Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or

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Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

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Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

The Lagos State Government has unveiled a proposed tenancy law aimed at overhauling the relationship between landlords, tenants and estate agents, with measures designed to curb arbitrary rent increases, excessive agency charges, fraudulent property transactions and prolonged tenancy disputes.

The proposed Lagos State Tenancy and Recovery of Premises Bill, 2025, currently before the Lagos State House of Assembly, seeks to replace the existing tenancy framework with a more comprehensive regime covering rent payments, advance rent, agency fees, eviction, dispute resolution and the conduct of landlords and property agents.

The bill, however, has not yet become law and remains subject to legislative consideration and possible amendments.

One of the most significant provisions in the proposed legislation is the plan to reduce estate agency fees to five per cent of annual rent.

The proposal has attracted considerable attention because tenants in Lagos routinely complain about the financial burden of agency, agreement and other charges demanded when securing accommodation.

The Lagos State House of Assembly had previously stated during deliberations on the bill that the agency commission would be reduced from the existing 10 per cent benchmark to five per cent. An agent who charges above the prescribed rate under the proposed law could face sanctions, including refund of the excess, a fine of up to N1 million or imprisonment for up to two years, or both.

The bill also proposes compulsory registration of estate agents with the Lagos State Real Estate Regulatory Authority, LASRERA.

Under the proposal, operating as an estate agent without the required registration would become an offence. The government says the measure is intended to check the activities of fraudulent and unregistered operators accused of collecting money from unsuspecting members of the public, engaging in multiple transactions on the same property and imposing questionable charges on prospective tenants.

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The proposed legislation further requires agents handling rent or other funds on behalf of property owners to account for such money and remit it within a stipulated period. Legal reviews of the draft bill put the remittance period at seven working days and require agents to issue receipts for transactions.

One-year limit on advance rent

Another major proposal is the restriction on advance rent.

The draft legislation seeks to prevent landlords from demanding excessive periods of rent upfront. Under the proposed framework, a new tenant would generally not be required to pay more than one year’s rent in advance, while sitting tenants who ordinarily pay monthly would not be compelled to make excessive advance payments.

The measure is expected to address one of the biggest challenges facing accommodation seekers in Lagos, where prospective tenants often complain of demands for one, two or even more years’ rent before they are allowed to occupy a property.

Landlords may face scrutiny over rent increases

The proposed law also seeks to tackle what it describes as unreasonable increases in rent.

Under the bill, a tenant who considers a rent increase excessive could challenge it, with the court empowered to consider factors including rents charged for comparable properties and evidence presented by both the landlord and tenant.

The proposal is significant in a city where rapid increases in rental values have become a major concern for residents, particularly low- and middle-income earners.

The bill also provides protection for tenants who challenge an allegedly unreasonable increase, including restrictions on eviction while the matter is before the court.

Faster resolution of landlord-tenant disputes

Perhaps one of the most ambitious aspects of the proposed legislation is its attempt to speed up tenancy-related litigation.

The bill provides for tenancy proceedings through originating summons and proposes mechanisms designed to shorten the time between filing a case and hearing it.

It also empowers courts to sit on weekends and public holidays for tenancy matters and provides for virtual hearings.

The proposed framework further provides for mediation as an alternative to prolonged litigation, with the aim of resolving disputes more quickly and reducing the backlog of landlord-tenant cases.

The government has argued that faster dispute resolution would benefit both landlords and tenants by reducing the cost and uncertainty associated with lengthy court proceedings.

Tenants to provide evidence

The Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, said tenants seeking legal action would be required to provide evidence including proof of rent payments and updated utility bills.

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According to the government, the requirement is intended to ensure that tenancy disputes are supported by verifiable documentation rather than mere allegations.

Protection against self-help eviction

The proposed framework also strengthens legal protection against arbitrary eviction and other forms of self-help.

The draft bill provides for lawful procedures that landlords must follow when seeking possession of their properties. It seeks to discourage practices such as forcibly ejecting tenants, interfering with access to premises or taking other unilateral measures without following due process.

It also contains provisions relating to abandoned premises, recovery of possession and enforcement of court orders.

Service charges, deposits and professional fees

The bill goes beyond rent and agency commissions to address other financial issues associated with tenancy.

Among the proposed provisions are rules concerning service charges, facility and security deposits, as well as professional fees.

The draft framework seeks greater transparency in the handling of tenants’ money and provides for accountability concerning service charges and refundable deposits. Legal reviews of the bill indicate that security deposits would generally be refundable, subject to documented deductions for damage or other legitimate claims.

LASRERA intensifies enforcement

The proposed reforms come against the backdrop of increased enforcement by LASRERA against fraudulent operators in Lagos’ property market.

The Commissioner for Housing disclosed that the regulatory agency recovered more than N270 million from fraudulent estate agents between 2025 and 2026.

The government says the enforcement campaign, combined with the proposed legislation, is intended to restore confidence in the state’s real estate sector and protect residents from exploitation.

Stakeholders raise concerns

While the proposed reduction in agency fees has been welcomed by tenant advocates, housing stakeholders have also raised concerns about possible loopholes.

Spaces for Change, which participated in the 2025 public hearing on the bill, warned that agents could attempt to circumvent a five per cent cap by introducing additional charges under different descriptions.

The organisation recommended that the prescribed five per cent ceiling should cover other related charges in order to prevent agents from simply shifting costs from “agency fee” to documentation, inspection or other charges.

There have also been calls for the bill to provide clearer safeguards around the collection, storage and use of tenants’ personal information, given the large amount of sensitive data prospective tenants routinely submit to landlords and estate agents.

Bill still awaiting passage

Despite the publicity surrounding the proposed reforms, tenants and landlords have been urged not to assume that the new provisions are already enforceable.

The Lagos State Tenancy and Recovery of Premises Bill remains a proposal before the Lagos State House of Assembly. Until it is passed by the Assembly and receives the necessary assent, the existing tenancy law remains the applicable legal framework.

If eventually enacted, however, the proposed law could represent one of the most far-reaching changes to landlord-tenant relations in Lagos in years, particularly through its proposed five per cent agency-fee cap, restrictions on advance rent, compulsory registration of agents, stronger protections against arbitrary rent increases and faster mechanisms for resolving tenancy disputes.

For millions of Lagos residents struggling with rising accommodation costs, the central question will now be whether the proposed reforms can move from the pages of the bill to effective enforcement across the state’s notoriously expensive and complex rental market.

Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill

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