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EFCC Commences Investigations of Suspect,   $73,000,  £15,957 & 827,800 SAR Intercepted at Kano Airport  

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The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of a suspect, Haruna Yusuf  and multiple undeclared foreign currencies, ,   $73,000( Seventy Three United States Dollar)  £15,957 ( Fifteen Thousand, Nine Hundred and Fifty Seven Pound Sterling) & 827,800 Saudi Riyal  intercepted by the Nigeria Customs Service,  NCS,   at the Mallam Aminu Kano International Airport,  MAKIA.

The investigation commenced after  the handover  of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command,  Deputy Comptroller U. U.  Adamu at the Customs Area Command in Kano.
The intercepted currencies, which exceeded the legally permitted threshold, were discovered during routine primary and secondary screenings of arriving passengers between August 8 and August 12, 2026.

The Acting Zonal Director of the EFCC,  Kano Directorate, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the recovered funds on behalf of the Commission.
According to Adamu,  the Customs made two separate interceptions.
On August 8,  2026,  “at approximately 14:20 hours, officers conducting passenger screening at the baggage seat of MAKIA intercepted an unaccompanied Saudi Air luggage  containing 827,800 Saudi Riyals and $53,300  The currencies were found concealed inside a footwear.” Adamu stated.
Similarly, on  August 12, 2026 “at approximately 13:50 hours, officers of the Nigerian Custom Service also flagged a luggage belonging to one Mr. Haruna Yusuf, who arrived at MAKIA on board Ethiopian Airlines flight ET941. During secondary screening using Non-Intrusive Inspection Technology, $20,000 USD and £15,957  were found concealed inside sportswear shoes”, he said.
Adamu thereafter formally handed over the suspect, Mr. Haruna Yusuf, alongside all recovered exhibits to Ebelo for further investigation and prosecution.   He noted that the handover was in accordance with Section 4(f) of the NCS Act 2023, which empowers the Service to collaborate with other border regulatory agencies.
Adamu further explained that,  “these interceptions demonstrate the readiness and vigilance of our officers in detecting cross-border movement of undeclared foreign currencies above the allowed threshold.  The Command will continue to deploy technology, professional expertise, and intelligence-driven measures, including inter-agency collaboration to strengthen border controls and protect the integrity of Nigeria’s financial systems.”

Receiving the suspect and exhibits on behalf of the Executive Chairman of the EFCC, Mr. Ola Olukoyede,  Ebelo  expressed profound gratitude to the Customs Service for its  professionalism and cooperation with EFCC officers recently deployed to the airport.
“We must sustain this vigilance at all our entry points to counter the illegal movement of currency. The failure to declare large sums of currency and its equivalent is a violation of the Money Laundering (Prevention and Prohibition) Act, 2022,” he said.
He  urged the public to comply with the law, emphasizing that declaring currency attracts no penalty, only the source of undeclared funds may raise legal concerns.
“Once more, we call on the general public: as much as we are Nigerians and we encourage trade in and out of the country, people must adhere to the laws of the land. You must declare the currency you are carrying. If you declare it, nobody will seize your currency,” he said.
Ebelo reaffirmed the EFCC’s commitment to  thorough investigations and prosecution, stating that the Commission would continue to follow the law diligently
Both Ebelo and Adamu applauded the longstanding synergy between  the EFCC and NCS which has been critical to combating financial crimes and illegal cash movement across Nigeria’s borders.

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Business

Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

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Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

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Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman 

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.


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Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt

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Sixty-six years ago, our founding fathers and mothers wrestled this nation from the grip of colonial rule, convinced that political independence would translate into economic freedom and dignity for the Nigerian people. Today, as we mark another Independence Day, the Nigeria Labour Congress salutes every worker, artisan, youth, woman, retiree, informal economy operator, and every Nigerian who wakes up each morning to struggle for survival in a country that has increasingly turned its back on its own people. We honour the sacrifices of those who paved the path to liberation with their sweat and blood. However, we refuse to drown in empty patriotic rituals while the masses drown in poverty.

Sixty-six years after independence, Nigeria has become a nation whose governance decisions have been captured by neoliberalism; an ideology and a policy framework that does not serve workers, does not serve the masses, does not serve the nation, but is designed to serve Western capital. From policy formulation to resource allocation, from taxation to subsidy removal, from wage suppression to price escalation, the beneficiaries of this arrangement are a tiny elite (who keeps applauding) and international capital, while the costs are borne by the very people whose labour built this country.

Yet oppression has never been a permanent destiny. The power of Nigerian workers and the people ended colonial rule and forced one government after another to retreat from anti-people policies. Hope exists, but it will not fall from the sky. Hope depends on the decisions we make and the actions we take as trade unions, workers, and as a people.

We stand at the crossroads of a full-scale survival crisis. The real value of wages has been devoured by structural inflation. Petrol now sells at ₦1,430 per litre or higher in major cities and far more in remote areas. The surge in transportation costs drives up the prices of food, school fees, rent, and nearly every necessity of life, while nominal wages remain stagnant.

The root of this crisis is very clear. The May 2023 petrol price hike was a systematic assault on the working class. Government claimed subsidy removal would free up resources for infrastructure and social services. Three years later, petrol prices have multiplied several times over, yet the promised infrastructure and social services remain mirages. Where exactly did the subsidy savings go? Nigerians deserve an answer, and they deserve it now.

More infuriating is that Nigeria, Africa’s largest oil producer, depends on imported refined petroleum, while domestic refining capacity has been systematically neglected, except the effort of a few private refineries. When international oil prices fluctuate, the Nigerian working class bears the consequences. This is not an economic law. It is a policy choice that favours importers and Western refining capital while sacrificing our own people by ensuring the four publicly owned domestic refineries remain comatose.

Our demands are clear, just, and cannot be delayed any further. First, we demand that government seek ways to immediately reduce the price of petrol as transportation costs are the central transmission mechanism of inflation in Nigeria. Without cutting this chain, any effort to ease the suffering of the people is futile.

Second, we demand the immediate implementation of a nationwide wage award for all workers. A wage award is not charity. It is an emergency intervention against the collapse of real income. We demand that this relief reach all workers in federal, state, and local governments.

Third, we demand that the government deliver the tax relief agreed upon in the October 2023 dialogue with labour. The tax incentives promised in the Memorandum of Understanding signed between government and labour have not been implemented.

Fourth, we demand that government expedite action on the new national minimum wage negotiation. The current ₦70,000 minimum wage was already destroyed by inflation before it was implemented. We demand the immediate establishment of a tripartite committee to ensure that a new wage standard for 2027 is formulated and legislated before the year runs out.

Fifth, we demand that the government reduce the cost of governance and practise transparent governance. When workers are asked to tighten their belts, the extravagance and waste of the governing class are unacceptable. Government must lead by example.

Beyond these immediate demands, we insist that the government  invest massively and genuinely in road and social infrastructure, make our hospitals, schòols and other social services work. Public education must be affordable, high-quality, and accessible. Good roads are a basic precondition for reducing transport costs and improving economic efficiency.

The governmentnt must create genuine opportunities so that young people can see hope instead of being preached to about hope…so that desperate journeys  across the Sahara and the Mediterranean do not remain the only source of hope.

We must also remind the   government that insecurity has worsened the macroeconomic situation and has become one of the greatest threats to national stability. In the first quarter of 2026, nearly 2,000 Nigerians died from violence. Farmers cannot farm. Teachers and doctors dare not go to work in some places. Poverty, unemployment, desperation, and inequality are the most fertile soil for violence and crime. Without addressing distributive justice, insecurity cannot be cured, and without curing insecurity, no economic recovery is possible.

As campaigns rage on for the 2027 general elections, we warn all political forces that the choice of the people must be respected and must prevail. Any attempt to manipulate elections, intimidate voters, or exploit divisive rhetoric to incite ethnic and religious antagonism will be unacceptable to workers or all progressive forces. We will not forget the politicians who turned a deaf ear to the demands of workers. We will not forget the parties that made promises before elections and abandoned workers after winning power.

NLC  will, at the appropriate time, use our Workers’ Charter to make it clear which policies and candidates deserve the support of the working class. However, we will never accept any force treating workers’ organisations as dispensable electoral tools. Workers have the right to independent political thoughts, judgement, and choice.

NLC  will always stand on the side of workers, fighting to the end for decent wages, safe workplaces, and a life of dignity. We will uncompromisingly pursue accountability in governance, ensuring that public resources serve the people and not a predatory few. The unity and action of the masses is the only reliable force capable of changing this country. Hope belongs to those who organise, who struggle, and who choose their own destiny.

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