Business

“I’m Not a Bank” — Achimugu Dismisses $13 Million Claim, Says Only $50,000 and N13m Found in Home Raid

Published

2 months ago

April 27, 2026

Preport

Entrepreneur and social figure Aisha Achimugu has refuted reports claiming that $13 million was seized from her home, maintaining that only $50,000 and N13 million were discovered during a search of her property.

She addressed the issue on Monday during an appearance on Politics Today, a show aired on Channels Television. According to her, the widely reported figure of $13 million is incorrect and creates a false impression.

It can be recalled that the EFCC had previously listed Achimugu as wanted. The agency alleged her involvement in a case related to criminal collaboration and financial misconduct.

As part of its investigation, the EFCC reportedly conducted a raid on her residence, after which varying accounts surfaced about the amount of money recovered. Achimugu, however, declined to go into specifics regarding the alleged $13 million, explaining that the issue is already before the court.

She also expressed doubt about the source of the claim, emphasizing that she does not keep such large amounts of cash at home.

In her words: “First, I will not go deeply into the issue of $13 million. As you are aware, it is already a matter before the court, and it would be inappropriate for me to comment on it. I have confidence in Nigeria’s judicial process and trust that a fair judgment will be delivered in due course.

“However, I must correct the narrative that $13 million was found in my residence. Yes, my home was searched, but only $50,000 and N13 million, which belongs to my mother, was recovered, along with my personal items.

“I am unsure how the public came to believe that I had $13 million in my house. I am not a financial institution, so I would not store such an amount at home. I have children studying overseas, so it is necessary to keep some foreign currency available for emergencies.”

Business

Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million

Published

17 minutes ago

June 18, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.

The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.

Business

FG debunks claims of plans to introduce telecoms, fuel taxes

Published

8 hours ago

June 18, 2026

Preport

The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.

The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.

According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.

“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.

Fuel tax rules remain unchanged.

The government also clarified that existing tax arrangements on petroleum products remain in place.

It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.

It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.

According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.

Telecoms excise duty

On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.

It added that the tax is, therefore, no longer in force.

The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.

It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.

The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.