The Nigerian government had secured $800 million from the World Bank for cash handouts to the poor as part of efforts to end a costly fuel subsidy by June.The Human and Environmental Development Agenda (HEDA Resource Center) has accused the World Bank of setting a loan trap for Nigeria with $800 million funding.The Nigerian government had secured $800 million from the World Bank for cash handouts to the poor as part of efforts to end a costly fuel subsidy by June.Ho...

Nigeria’s economy has been laced with confusion and anxiety over the World Bank’s $800 million loan to the country as a palliative to cushion the effect of the proposed fuel subsidy removal by June.Muhammadu Buhari’s government has repeatedly disclosed its intention to halt fuel subsidies before the inauguration of the incoming administration on May 29, 2023.As the clock ticks down, debates on the implications of subsidy removal have intensified.Labor, trade unions,...

LOTUS Bank Limited has experienced a severe financial setback, with an employee allegedly defrauding the institution of N336,993,863.35. This loss comes just two months after the bank suffered a significant financial hit of N1,134,491,604.31.The fraud came to light through an affidavit submitted by Gbenga Ojerinde, a fraud investigation officer at LOTUS Bank, and filed by Lagos attorney Efe Eze-Iyamu. The affidavit revealed that questionable Mudarabah profits were c...