Author: Platform Times Newspaper

The World Bank has projected a grim outlook for Nigeria’s fight against poverty, warning that more Nigerians are expected to fall below the poverty line by 2027. According to the latest Africa’s Pulse report, released during the 2025 IMF and World Bank Spring Meetings in Washington, D.C., poverty in Nigeria and other resource-rich but fragile African economies is expected to rise by 3.6 percentage points between 2022 and 2027. The report attributed the looming rise in poverty to Nigeria’s overreliance on oil revenues, persistent economic fragility, and weak governance structures. “Poverty in resource-rich, fragile countries, including large economies like Nigeria…

A wave of concern has gripped stakeholders in the education sector following the dismal performance of Lagos State public school students in the 2024 West African Senior School Certificate Examination (WASSCE), despite the state government’s massive financial intervention. The Lagos State Commissioner for Basic and Secondary Education, Mr. Jamiu Tolani Alli-Balogun, on Thursday disclosed that no fewer than 26,592 public school students failed the examination, accounting for 45.7% of the 58,188 candidates presented by the state. Alli-Balogun made this known at a ministerial press briefing held in Alausa, Ikeja, revealing that the state had spent a staggering ₦1.577 billion to…

The Bauchi State Police Command has arrested three suspects in connection with the tragic death of an 18-year-old girl following complications from an unsafe abortion in Misau Local Government Area of the state. Spokesman of the Command, CSP Ahmed Wakil, confirmed the arrests in a statement on Thursday, noting that the incident was initially reported on April 4, 2025, though the events leading to the death occurred four months earlier. Wakil explained that preliminary investigations revealed that two of the suspects had lured the teenager and engaged in repeated sexual activities with her, resulting in an unintended pregnancy. “In a…

Ten leading commercial banks in Nigeria paid a combined N987.40bn in corporate income tax to the Federal Government in 2024, a reflection of surging profitability driven by high interest rates and government borrowing. The tax remittances were disclosed in the banks’ consolidated and separate financial statements filed with the Nigerian Exchange Limited for the year ended December 31, 2024. An analysis of the financial reports from Access Holdings, United Bank for Africa (UBA), First HoldCo Plc, Sterling Financial Holdings, Wema Bank, Zenith Bank, Guaranty Trust Holding Company (GTCO), Stanbic IBTC, Fidelity Bank, and FCMB shows a sharp rise in tax…

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six promoters of the embattled Crypto Bridge Exchange (CBEX) over their alleged involvement in a massive investment fraud exceeding $1 billion. Justice Emeka Nwite issued the ruling on Thursday following submissions by the EFCC’s counsel, Fadila Yusuf. The court approved an ex parte motion filed by the commission on April 23, which sought an order to arrest and remand the suspects while investigations continued. The suspects named in the application are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede,…

The Federal High Court in Lagos has directed 54 banks to return a staggering N9,329,322,870 fraudulently transferred by hackers from an old generation bank. Justice Deinde Dipeolu, who delivered the ruling on April 15, 2025, granted the orders following an ex parte application filed in suit number FHC/L/CS/629/2025. PLATFORM TIMES reports that the court also ordered an immediate Post No Debit restriction on all accounts linked to the theft. According to court documents, the plaintiff bank revealed that on March 23, 2025, hackers breached its core banking system, executing unauthorised debits from multiple customer accounts and dispersing over N9.3bn across…

The Federal Government has granted tax waivers to Dangote Fertilisers, Mikano International Limited, and 103 other companies, raising the total number of beneficiaries under the Pioneer Status Incentive (PSI) scheme to 105 as of December 2024,  This development comes amid mounting concerns over the policy’s economic effectiveness and the government’s plan to phase out the current tax incentive regime in favour of a more targeted approach. According to the latest PSI report released by the Nigerian Investment Promotion Commission (NIPC), 22 new companies were granted pioneer status in the last quarter of 2024. This marks a notable increase from 83…

President Bola Ahmed Tinubu on Wednesday issued a firm directive to Nigeria’s security chiefs, ordering them to immediately curb the resurgence of violent attacks in parts of the country, particularly in Plateau, Borno, and Benue states. Speaking during a high-level security meeting at the State House in Abuja, the President declared that the current wave of insecurity must be brought to an end, saying “enough is enough.” In attendance at the closed-door meeting were National Security Adviser (NSA), Nuhu Ribadu; Director-General of the National Intelligence Agency (NIA), Mohammed Mohammed; Chief of Defence Intelligence, Emmanuel Undiandeye; Director-General of the Department of…

The Chief of Army Staff, Lt. Gen. Olufemi Oluyede, has issued a 30-day ultimatum to troops of the Nigerian Army to reclaim communities in Baruten and Kaiama Local Government Areas of Kwara State, as well as the Kainji forest in Niger State, from the grip of bandits and insurgents. Oluyede gave the marching order on Wednesday while addressing officers at the 22 Armoured Brigade, Sobi Cantonment, Ilorin, the Kwara State capital. The army chief’s directive comes on the heels of recent attacks in the region. On April 21, suspected terrorists reportedly invaded Kaiama and Baruten LGAs, leaving no fewer than…

President Bola Tinubu has reaffirmed Nigeria’s commitment to a low-carbon future, unveiling a sweeping climate strategy expected to unlock $2.5 billion in high-integrity carbon credits and attract over $410 billion in green investments by 2060. Speaking on Wednesday during a high-level virtual dialogue on climate and just transition, President Tinubu presented Nigeria’s Energy Transition Plan (ETP) as a bold and pragmatic roadmap to achieving net-zero emissions by 2060. The plan, he said, targets five critical sectors—power, cooking, transportation, oil and gas, and industry—while aligning energy access with decarbonisation and economic growth. “The global climate emergency demands our collective, courageous, and…