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ANTI-GRAFT EARTHQUAKE: EFCC Moves In To Seize Properties Linked To Former Minister Abubakar Malami!.
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The Economic and Financial Crimes Commission (EFCC) has initiated the process of taking over properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, following a final forfeiture order issued by Justice Joyce Abdulmalik of the Federal High Court in Abuja.....KINDLY READ THE FULL STORY HERE▶
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The court ordered the final forfeiture of assets valued at approximately ₦180.4 billion across Abuja, Kaduna, Kano, and Birnin Kebbi after ruling that Malami and other claimants—including family members and corporate entities—failed to prove the assets were acquired legitimately.
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Out of 57 assets initially targeted in the January proceedings valued at over ₦212 billion, the court excluded nine properties due to insufficient evidence of unlawful acquisition.
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On the ground, locations such as Zeenoor Hotels Limited in Kano remain operational while under security watch, whereas residential properties like the building at No. 9 Ahmadu Bello Way have been deserted and placed under the guard of mobile police officers.
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EFCC Head of Media and Publicity, Dele Oyewale, confirmed that the commission has begun a gradual takeover, noting that any affected properties still operating or occupied without EFCC approval are being used illegally.
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During an interview on Channels Television’s ‘Politics Today’, former minister Rotimi Amaechi dismissed recent comments made by FCT Minister Nyesom Wike regarding his selection as a running mate, stating that he does not respond to subordinates and noting that Wike never employed him.....KINDLY READ THE FULL STORY HERE▶
Additional context regarding the political exchange includes:
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Wike’s Remarks: During a media briefing, Wike alleged that Amaechi’s selection was financially motivated rather than strategic, questioning his electoral viability and political influence post-2011.
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Amaechi’s Response: Maintaining that he is currently focused on mourning, Amaechi indicated that he intends to respond more forcefully once his campaign activities officially begin.
During an interview on TVC News, former Lagos State Peoples Democratic Party (PDP) chairman Deji Doherty disputed claims that Chief Olabode George is a founding father of the party, asserting instead that George was introduced into the party’s leadership by former President Olusegun Obasanjo around 1999.....KINDLY READ THE FULL STORY HERE▶
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Criticism of Leadership: Doherty argued that Obasanjo’s decision to entrust the management of the Lagos State PDP chapter to George was a mistake and that the affairs of the state branch were poorly handled.
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Internal Party Crises: Displaying reconciliation documents during the broadcast, he noted that past efforts by respected party elders to resolve internal party disputes have failed to secure long-term peace.
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Call for Youth Empowerment: Doherty emphasized that the ongoing leadership struggles should pave the way for a younger generation to take charge of the nation’s political future, regardless of party affiliation.
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Parallel (Black) Market Rates: According to Bureau De Change (BDC) sources in Lagos for Tuesday, August 4, 2026, the parallel market traded the US Dollar at a buying rate of ₦1,410 and a selling rate of ₦1,425.....KINDLY READ THE FULL STORY HERE▶
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Official CBN Rates: Central Bank of Nigeria figures recorded rates ranging from a low of ₦1,361 to a high of ₦1,364.
Key Advisory Notes
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Regulatory Stance: The CBN does not officially recognize the parallel market and advises individuals engaging in foreign exchange transactions to utilize authorized banking channels.
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Price Variance: Actual market transaction rates may differ across various dealers and locations due to continuous market fluctuations.
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