Anti-graft agency says suspect used fake miracles to swindle congregation; investigation ongoing as victims recount losses

The Economic and Financial Crimes Commission (EFCC) has arrested a man claiming to be a prophet in Delta State for allegedly defrauding church members of about ₦70 million through staged miracles. The agency disclosed the development on Thursday, 18 June, stating that the suspect orchestrated the scheme within a popular church in the state.

According to the EFCC, the accused lured unsuspecting worshippers by performing fake miracles and promising supernatural breakthroughs in exchange for large sums of money. Victims reportedly paid various amounts, believing their spiritual and financial challenges would be resolved through the so-called prophet’s intervention.

The commission noted that this type of religiously-motivated fraud has become a growing concern, with criminals exploiting faith communities for financial gain. Many Nigerians rely heavily on religious leaders for guidance, making them vulnerable to such deceptive practices. The EFCC urged citizens to remain vigilant and report suspicious activities within their congregations.

An EFCC spokesperson confirmed that investigations are ongoing and that the suspect will be charged to court upon conclusion of preliminary inquiries. “We are committed to protecting Nigerians from fraudsters who hide under religion to perpetrate crime,” the spokesperson stated.

Several affected church members have come forward to assist with the investigation, while others recounted how they lost significant savings in hopes of miraculous solutions. The EFCC reiterated its commitment to recovering stolen funds and cautioned against blind trust in self-proclaimed spiritual leaders.

Source: https://www.premiumtimesng.com/news/top-news/888598-how-prophet-defrauded-church-members-of-n70m-via-fake-miracles-efcc.html

UK Deputy High Commissioner, ANDE, and ETK leadership partner to strengthen SMEs’ access to finance and global markets

Enterprise Trade and Knowledge (ETK) on Tuesday officially launched its Momentum technology platform at a high-level event in Ikoyi, Lagos, aiming to help Nigerian organisations strengthen capacity, access finance, and build climate resilience. The unveiling brought together stakeholders from the private sector, government, and development agencies, with support from the UK Foreign, Commonwealth & Development Office (FCDO) and the Aspen Network of Development Entrepreneurs (ANDE).

The Lagos launch marks the first phase of Momentum’s global rollout. According to ETK, the platform offers a data-driven approach for organisations—especially MSMEs and high-growth companies—to assess their performance in finance and growth, trade and market access, as well as climate risk management. The tool is designed to help businesses identify operational gaps, improve governance structures, comply with regulations, and develop transformation plans that align with international standards.

The move comes at a time when Nigerian businesses face increasing challenges around governance systems, compliance requirements, and climate-related risks. Weak internal controls have limited access to capital for many SMEs, while changing weather patterns threaten operational stability across multiple sectors. By offering tailored diagnostics and action plans through Momentum, ETK aims to position Nigerian enterprises for greater competitiveness both locally and internationally.

Bolaji Sofoluwe MBE, Managing Director of ETK Group, said during her address at the event: “At ETK, we believe resilience is the new competitive advantage. In a world shaped by global uncertainty, climate governance enables organisations to build capacity, manage risk and drive sustainable growth.” She added that the launch aligns with ongoing UK-Nigeria partnerships focused on strengthening private sector development.

British Deputy High Commissioner Jonny Baxter noted that the initiative highlights UK innovation in supporting economic development. “The launch of Momentum reflects the strength of UK innovation in delivering practical solutions to global development challenges… The platform brings a highly adaptable capability for strengthening small and growing businesses,” Baxter said at the launch.

Karina Karunwi, West Africa Regional Head for ANDE, also welcomed the partnership: “Momentum brings a fresh perspective to access to finance and impact measurement… It will strengthen capacity of West African SMEs and those supporting them.”

Momentum’s introduction is expected to support more Nigerian businesses in demonstrating reliability to lenders and investors while enhancing their participation in global value chains. The phased rollout will extend beyond Lagos in coming months.

Source: https://www.pulse.ng/story/etk-announces-global-launch-of-momentum-technology-enabled-platform-strengthening-organisational-capability-competitiveness-and-climate-resilience-2026061810390882192

Consumers question impact of increased federal allocations while many feel rising taxes on everyday purchases

The Federation Account Allocation Committee (FAAC) has distributed a record ₦2.3 trillion among the Federal Government, state governments and local government councils for May 2026, prompting fresh debate among citizens in Lagos and across Nigeria over how these funds are being used. The disbursement, which represents an increase from the ₦2.26 trillion shared in April, was announced by FAAC in Abuja on Tuesday.

According to the committee’s communiqué, the revenue comprised ₦1.611 trillion from statutory sources and ₦688.8 billion generated through Value Added Tax (VAT). Gross revenue for the month reached ₦3.395 trillion, with ₦123.5 billion deducted as collection costs and ₦971.6 billion earmarked for transfers, interventions and refunds.

Despite the higher allocation, many Nigerians took to social media to express frustration over what they described as a lack of visible improvement in infrastructure, healthcare or public welfare at the grassroots level. One Lagos-based consumer shared that he paid over ₦300,000 in VAT alone when buying electronic appliances recently, using his experience to highlight concerns about the burden of Nigeria’s 7.5% VAT on basic goods.

FAAC disclosed that while statutory revenue increased significantly in May to ₦2.651 trillion from ₦2.378 trillion in April, VAT earnings actually dropped from ₦806.6 billion to ₦743.7 billion within the same period. The committee also noted that collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax and Oil and Gas Royalties all saw notable increases during the month, but Import Duty, Excise Duty and CET Levies declined.

From the latest allocation, the Federal Government received ₦818.7 billion; states got ₦759.1 billion; local government councils received ₦534.3 billion; while oil-producing states were given an additional ₦188.1 billion under the 13% derivation formula.

Reactions online captured a growing sense of disillusionment among ordinary Nigerians regarding how public resources are managed and spent at all levels of government. One user wrote: “₦2.3 trillion was shared in one month and ordinary Nigerians are still asking where the impact is.” Others called for greater accountability not only from federal authorities but also from state and local governments responsible for delivering essential services.

As at press time, government officials had yet to respond directly to these concerns but have previously stated that revenue allocations are meant to fund ongoing projects and address fiscal challenges across sectors including education, health and security.

Source: https://www.pulse.ng/story/i-paid-over-naira300000-vat-alone-on-electronics-nigerian-man-reacts-as-faac-shares-naira23-trillion-may-revenue-2026061810251080302