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Energy crisis: minister denies Kwasi Kwarteng lied over Treasury claims

A minister has sought to play down splits between government departments over support for firms struggling with fast-rising energy prices, denying that the business secretary had lied and blaming a spat between the Treasury and business department on “unnamed sources”.

In extraordinary events on Sunday, after the business secretary, Kwasi Kwarteng, said he was consulting the chancellor, Rishi Sunak, about what help could be offered, Treasury sources openly rejected this and accused Kwarteng of “making things up”.

Asked if this meant Kwarteng had lied, the Home Office minister Damian Hinds said: “Of course not.”

Hinds, who also defended Boris Johnson’s decision to go on holiday to Spain for the week, told Sky News: “These unnamed sources stories come out from time to time. The fact is, government departments, government ministers, talk to each other the whole time, and of course with an issue like this, with these rising global prices and business having to grapple and deal with it to make sure they break even and can make a margin, of course that is something that the business secretary – and of course the energy secretary – is going to be totally focused on.”

Many businesses, particularly those with high energy needs, have expressed alarm at the pace of increase in energy prices, warning they could affect production. Some have said the businesses department did not seem aware of the extent of the crisis.

However, after pressure from businesses, which said they were likely to be forced to suspend production if costs remained high, he had promised to examine their suggestions and ask the Treasury to consider some of their demands, including a cut to green levies and a request that the energy regulator, Ofgem, replicates the network tariff discounts offered to competitor industries in the EU.

Gareth Stace, the director general of UK Steel, which represents the sector, said companies wanted parity with trading conditions experienced by EU competitors. “We’re asking very much the same, because when government says, ‘We’re not going to do any bailouts’, that’s not what we’re asking for,” Stace said.

“What we’re asking for is, ‘Hey, government, we’ve been telling you for a decade that your policies add something like £55m that we pay in the UK, as the steel sector, that our competitors in, say, Germany don’t pay.’ Historically that puts us at a competitive disadvantage.”

He called on Johnson to “bang ministerial heads together, take control and remember that if he does nothing, then his levelling-up ambition will be left in tatters”.

The prime minister is on holiday this week, reportedly staying at a luxury villa in the south of Spain owned by Zac Goldsmith, the Conservative former MP who Johnson made a peer and kept on as a government minister after he lost his Commons seat.

Hinds defended the timing of the holiday, telling Sky: “When is the right time? I think it is important that people do have an opportunity to be with their families to have some relaxing, unwinding,

“But I wouldn’t want to overstate the amount of unwinding and relaxing you get to do as prime minister because, as I say, you are constantly in touch, you are constantly being briefed and you remain in charge of the government.

“What is important for the rest of us actually, for the whole country, is that the prime minister does get to have some family time, does get to have a break.”

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EFCC Hands Over 753 Recovered Housing Units to Ministry of Housing

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede on Tuesday, May 20, 2025 handed over 753 units of houses recovered by the Commission at Plot 109 Cadastral Zone C09, Lokogoma District, Abuja to the Ministry of Housing and Urban Development.

The property, measuring 150,500 square metres and containing 753 Units of duplexes and other apartments, was recovered based on a final forfeiture order granted by Justice Jude Onwuegbuzie of the Federal Capital Territory, FCT, High Court Abuja on Monday, December 2, 2024

While handing over the property, Olukoyede reiterated the commitment of the EFCC to accountable asset recovery and disposal modalities, pointing out that such gestures are meant to “demonstrate to Nigerians that whatever proceeds of crime that we have recovered in the course of our work, the application of that will be made transparent to Nigerians so that we will not allow looted assets to be looted again”.

He also pointed out that “It is important for us to emphasize to Nigerians that the fight against corruption can work and we can really make it work and one of the key factors that actually propels the impact of the fight is the need for us to ensure that those who have stolen our commonwealth are not allowed to enjoy the proceeds of crime. So one of the critical factors of our works is that we deprive them of the proceeds of crimes”

He applauded President Bola Ahmed Tinubu’s stance on the fight against corruption, affirming that the handover of the property signaled the government’s seriousness to the fight against economic and financial crimes and other acts of corruption.

The handover took place in a brief ceremony at the Ministry’s headquarters in Mabushi, Abuja. Minister of Housing and Urban Development, Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption. He further stated that the handover was a “significant milestone in our collective efforts and determination to ensure that recovered assets are put to productive use in ways that directly benefits the Nigerian people”.

Dangiwa assured that the Federal Ministry of Housing and Urban Development will conduct a joint familiarization tour of the estate, alongside the EFCC to properly access the structural state of the Estate.

News

EFCC Arraigns Bankers, Three Others for Alleged Cybercrime in Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo on Tuesday, May 20, 2025, arraigned the duo of Kehinde Odeyemi and Matthew Adeniyi Damilola, who are both employees of Premium Trust Bank, before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

They were arraigned alongside Samson Latshin Dakup, Bolaji Omotosho Yinka and Sunday Badeniyi Okunola on a seven-count charge bordering on conspiracy to steal.

The defendants allegedly conspired to manipulate the server and domain credentials of the bank in a bid to gain unauthorised access to its database and steal depositors’ funds.

The planned fraudulent activity was, however, averted by the Commission.

One of the counts reads: “That you, Kehinde Odeyemi, Samson Latshin Dakup, Bolaji Omotosho Yinka, Sunday Badeniyi Okunola, and Matthew Adeniyi Damilola, along with individuals identified as Humble (at large), Wasiu (at large), Isa Ismaila (at large) and another referred to as Victor Joshua Ilemona aka Oracle, (at large), conspired unlawfully between April and May 2025 in Lagos, within the jurisdiction of this Honourable Court, to manipulate the access code (this included the bank’s server IP and domain credentials) of Premium Trust Bank Limited in a bid to gain unauthorised access to the entire database of Premium Trust Bank Limited for the purpose of committing an offense to wit: stealing from the bank’s funds, and you thereby committed an offence contrary to Section 27 and 28 (1) (b) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (as amended, 2024), which is punishable under Section 28 (2) of the same Act.”

They pleaded not guilty to the charges when they were read to them.

In view of their pleas, prosecution counsel, Zeenat B. Atiku, prayed for a trial date and the defendants’ remand in a Correctional Centre.

Counsel to the first defendant, Adeleke Adepoju, urged the court to admit his client to bail in the most liberal terms. He stated that he didn’t have enough time to make a formal application.

Other counsel also sought to make oral applications for their clients.

Justice Owoeye, however, refused the applications and ordered the counsel to make formal bail applications before the court.

The judge ordered the first defendant to be remanded at the Kirikiri Correctional Centre.

The second, third, fourth and fifth defendants were ordered remanded at the Ikoyi Correctional Centre.

The matter was adjourned till June 30, 2025 for commencement of trial.

News

Bank official testifies on suspicious deposits from Kogi LGAs linked to Yahaya Bello’s nephew

A senior official from Access Bank has detailed how billions of naira allegedly originating from various Local Government Areas (LGAs) in Kogi State were funneled into private accounts through suspicious transactions during the administration of former Governor Yahaya Bello.

Testifying before the Federal High Court in Abuja on Tuesday, Ofure Achille, former Head of Operations at Access Bank’s Lokoja branch, said the suspicious cash lodgments and withdrawals occurred over several years and were flagged and reported to the Nigerian Financial Intelligence Unit (NFIU).

Ms. Achille is the seventh prosecution witness in the ongoing trial of Ali Bello, a nephew to former Governor Bello and current Chief of Staff to Governor Ahmed Usman Ododo. He is facing 18 counts of money laundering involving the alleged diversion of N3 billion belonging to Kogi State.

Also standing trial are Abba Adaudu, Yakubu Siyaka Adabenege, Iyada Sadat, and Rashida Bello—accused of using shell companies and personal accounts to move massive sums.

The bank official testified that multiple transactions involving hundreds of millions of naira were inconsistent with the financial profiles of the account holders.

She cited examples including the E-Traders account operated by Jamilu Abdulahi, into which N30 million was deposited over two consecutive days in December 2021, followed by N40 million and another N30 million in early 2022.

“These transactions were flagged and reported to the NFIU as Suspicious Transaction Reports (STRs) under anti-money laundering laws,” she said.

Achille also revealed that accounts linked to co-defendants—including Fazab Business Enterprise and Hyzman Ary Construction Limited—received substantial funds from various Kogi LGAs. She noted that on 29 August 2017, Ary Construction received inflows totaling N171 million, with the first deposit of only N10,000 earlier that day.

The EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), led the witness through documentary evidence detailing patterns of deposits and withdrawals that allegedly reflect the laundering of public funds.

The trial continues before Justice Obiora Egwatu as prosecutors build their case against the defendants in what has become one of the most high-profile corruption trials in recent years.