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World Bank: Nigeria Needs 10-15 Years of Reforms for Economic Power
The World Bank has emphasized that Nigeria must continue its current economic reforms for the next 10 to 15 years to become a major global economic power. Indermit Gill, the Senior Vice President of the World Bank Group, highlighted the importance of these reforms during the 30th Nigerian Economic Summit in Abuja.
Gill stressed that Nigeria’s ongoing efforts, including the removal of fuel subsidies and the unification of the foreign exchange market, are essential for long-term growth and stability. He acknowledged the challenges of maintaining these reforms but urged the government to persevere, noting that their successful implementation could transform Nigeria’s economy and position it as a leading force in sub-Saharan Africa.
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Andrew and Tristan Tate Lose Over £2 Million in Seized Funds Amid Tax Evasion Allegations
Westminster Magistrates Court has ruled against Andrew Tate and his brother Tristan, leading to the seizure of over £2 million from their accounts due to unpaid taxes linked to their online businesses.
The funds, held in seven frozen bank accounts, were traced to the Tates and a woman identified as J. Authorities allege the brothers funneled substantial sums, including cryptocurrency, through accounts in J’s name, despite her lack of involvement in their ventures.
Chief Magistrate Paul Goldspring described the scheme as a “straightforward cheat of the revenue,” uncovering years of alleged tax evasion and money laundering. Devon and Cornwall Police revealed the brothers accrued millions between 2014 and 2022 without paying taxes or VAT.
Andrew Tate, however, criticized the ruling, claiming it is part of a “coordinated attack” to silence dissent. “This is not justice; it’s theft disguised as legal action,” Tate said in a statement.
The brothers are also facing separate criminal charges in Romania, including allegations of human trafficking and rape, and are set to be extradited to the UK.
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Akpabio Defends Tinubu’s Tax Reforms, Urges Critics to Engage Thoughtfully
Senate President Godswill Akpabio has defended President Bola Tinubu’s tax reforms, calling on critics to engage with the initiatives more thoughtfully.
Speaking during Tinubu’s presentation of the 2025 budget, Akpabio praised the four tax reform bills as a monumental step toward revitalizing Nigeria’s economy.
He described the reforms as the first comprehensive tax overhaul since independence, aimed at boosting revenue, supporting small businesses, and fostering sustainable development.
Akpabio criticized detractors for dismissing the reforms without understanding their potential impact and urged all Nigerians to embrace this transformative opportunity.
News
17-Year-Old OOU Student Arrested for Allegedly Stealing and Attempting to Sell Phones
17-Year-Old OOU Student Arrested for Allegedly Stealing and Attempting to Sell Phones
A 17-year-old student of Olabisi Onabanjo University (OOU), Sobando Semilore, has been arrested by the Ago-Iwoye police for allegedly stealing two high-end smartphones and attempting to sell them.
According to a statement released by the Ago-Iwoye police division, Semilore, a first-year Political Science student residing in Danmark Hall, was caught on December 17, 2024. He was allegedly in possession of a Samsung S21 valued at ₦350,000 and an iPhone 14 Pro Max worth ₦650,000, both belonging to Muktapha Adenugba.
The statement revealed that the suspect was apprehended around 5:00 PM while trying to sell the stolen phones at Pepsi Junction in Ago-Iwoye. During interrogation, he reportedly admitted to stealing the devices from a poolside at Gardeen, a well-known relaxation spot.
The police confirmed that the stolen phones have been recovered and returned to their rightful owner. Investigations into the case are ongoing, with further updates expected.
This incident has sparked conversations about crime among students, with many emphasizing the need for vigilance and better security measures in social spaces.
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