EFCC Arraigns Man who allegedly hacked into the server of a second generation bank and transferred the sum N68bn

The Economic and Financial Crimes Commission, EFCC, on Monday, April 20, 2015 arraigned one Stephen Omaidu before Justice M. A Nasir of Federal Capital Territory High Court sitting in Jabi, Abuja on a two count charge bordering on theft to the tune of N68, 028, 000, 000.00 (sixty eight billion and twenty eight million naira).

Omaidu, in connivance with Alhaji K. B Kabiru, Godswill Oyegwa, Ben and Oliver (all at large) allegedly hacked into the server of a second generation bank and transferred the sum of sixty eight billion, and twenty eight million naira into different accounts for personal gains.

The offence is punishable under section 287 of the Penal Code Act.
Following his “not guilty” plea, counsel to EFCC, S. A Ugwuebgulam asked the court to fix a date for trial to commence.

However, defence counsel, Gabriel O. Sanifu urged the court to admit the accused to bail pending trial saying, the offence is bailable.

Ugwuebgulam objected to the application on the ground that the accused had failed to honour the administrative bail terms earlier granted him by the Commission and could do same if not remanded by the court.

Justice Nasir ordered the accused to be remanded in the custody of the EFCC and adjourned the case to April 28, 2015 for ruling on the bail application.

The Current Economic Crisis, it's all our fault: Buhari

Nigeria only has itself to blame for its current economic troubles, President Muhammadu Buhari said in an interview broadcast on Saturday, criticising previous governments for an over-reliance on crude revenues.

Africa’s biggest oil producer and leading economy has been struggling with the slump in global crude prices for nearly two years, which has slashed the majority of government revenues.

The country’s junior oil minister last Thursday said some oil-producing countries, including Russia, would meet in Moscow on March 20 to discuss a way out of the slump.

Asked if the world’s biggest supplier Saudi Arabia and policies of the Organization of the Petroleum Exporting Countries had hit smaller producers, Buhari said OPEC had to “act together to save the situation”.

Countries, including Nigeria, “have to live by” market forces, he said, ruling out a Nigerian withdrawal from the body.

But he added: “OPEC as an organisation has to be mindful of economic conditions in each member country because that will influence that country’s ability to go along with OPEC decisions.

“Nigeria, we were unable to diversify our economy, hence we are much more disadvantaged by the lower oil prices and OPEC may try to help us out but really, it’s basically our own fault.”

Buhari, who took office in May last year, has made reducing Nigeria’s reliance on crude revenues a key plank of his economic policy alongside ending decades of corruption and impunity.

But those efforts have been hamstrung as cash-flow problems caused by the global oil shock as well as previous administrations’ failure to save crude revenue when prices were high.

Buhari again said he would not devalue the naira currency or lift strict foreign exchange controls that critics say have strangled investment and growth in the import-dependent country.

“Nigeria can only afford to live within its means,” he said.

With The Guardian

If devaluing the naira is against our national interest, why can't we go against the IMF advice? - PMB

Nigerian President Muhammadu Buhari tells Al Jazeera's Martine Dennis that he hasn't failed in his promise to defeat Boko Haram and that the group has been weakened considerably since he came to power [Sorin Furcoi/Al Jazeera]

Nigeria's president discusses the country's economic crisis and his fight against Boko Haram and corruption in an interview with Al Jazeera.

Nine months after he came to power, Nigerian President Muhammadu Buhari received an official welcome from Qatar's Emir on Buhari's latest trip of many to boost Nigeria's standing abroad.

The Nigerian president is seeking support for his crackdown on corruption and to encourage much-needed investment in his country's ailing economy.

Qatar is the current president of Organization of the Petroleum Exporting Countries (OPEC) and Nigeria is Africa's largest oil producer.

The low oil price has a devastating impact on the Nigerian economy, which has long depended on the export of oil. 

"We were unable to diversify our economy, hence we are much more disadvantaged by the lower oil prices," Buhari says.

Buhari said, he values the institution of OPEC and that "Nigeria will make the necessary sacrifice to remain in OPEC."

With a chorus of voices, including from the IMF, calling for the Nigerian government to devalue the naira, Buhari says he will not reconsider his insistence on freezing the currency. Buhari says as Nigeria "virtually imports everything, from rice to toothpicks", it cannot afford to devalue its currency.

"If it is against our national interest, why can't we go against the IMF advice?" Buhari asks.

Buhari's election campaign rode on pledges to root out corruption and quash the armed group Boko Haram. Yet, Boko Haram remains active in many areas of Nigeria, seemingly able to strike at will.

And many questions are being asked about whether Buhari's anti-corruption drive is yielding results and if newer forms of corruption are emerging with a freeze on the naira.

President Buhari talks to Al Jazeera about his campaign against graft and why he is adamant he hasn't failed in the fight against Boko Haram. 

He also explains why he believes the security of his country is best served by being part of the Saudi-led Islamic anti-terrorism coalition announced in December 2015.