"Ponmo consumption costs Nigeria’s leather industry $5bn" — FG cries out, warns citizens against consumption.

The Federal Government has raised fresh concerns over the widespread consumption of hides and skins, popularly known as ponmo, warning that the practice is harming Nigeria’s multi-billion-dollar leather industry.

Director-General of the Raw Materials Research and Development Council, Prof. Nnanyelugo Ikemounso, issued the warning on Thursday during the National Campaign Against the Consumption of Ponmo in Abuja.

He explained that diverting hides and skins for food deprives local manufacturers of essential raw materials needed to sustain and grow the leather sector. 

According to him, the Nigerian leather goods market was valued at $2.79 billion in 2024 and is projected to reach $4.96 billion by 2033, but this growth could be derailed if ponmo consumption continues unchecked.

“From an economic and industrial standpoint, cowhides are one of Nigeria’s most valuable raw materials.

Our nation possesses a vibrant leather industry with enormous potential for job creation, foreign exchange earnings, and contributions to GDP,” he said.

Prof. Ikemounso added: “Sadly, the continuous diversion of hides for ponmo consumption denies our industries access to quality raw materials, weakens our tanning and leather manufacturing sector, and diminishes Nigeria’s competitiveness in the global leather market.”

He noted that the global leather value chain is valued between $420 billion and $1 trillion, stressing that with the right policies, infrastructure, and access to raw materials, Nigeria can significantly expand its share.

Ikemounso clarified that the campaign is not targeted at cultural or dietary practices but aims to ensure hides and skins are channelled into more productive industrial use for national economic benefit.

EFCC Declares Timipre Sylva Wanted Over $14.8 Million Scandal — Aide Cries Political Witch-Hunt

The Economic and Financial Crimes Commission (EFCC) has declared former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Chief Timipre Sylva, wanted over an alleged case of conspiracy and dishonest conversion of $14,859,257.

According to a statement by EFCC spokesperson Dele Oyewale, the funds in question were reportedly part of an investment made by the Nigerian Content Development and Monitoring Board (NCDMB) into Atlantic International Refinery and Petrochemical Limited.

The EFCC urged anyone with useful information about Sylva’s whereabouts to contact its nearest office or the police.

However, Julius Bokoru, Sylva’s Special Assistant on Media and Public Affairs, dismissed the EFCC’s move as a “digitally orchestrated political attack” designed to discredit his principal.

“It is, to say the least, curious that what was once whispered as a coup matter has now metamorphosed into a financial allegation,” Bokoru said.
“No formal communication was made to him — just a sudden digital proclamation meant to inflame public sentiment.”


Bokoru alleged that “shadowy political forces” threatened by Sylva’s influence were behind the renewed attacks. He confirmed that the former minister is currently in the United Kingdom for medical treatment and would honor the EFCC’s invitation upon his return.

“Chief Timipre Sylva has clean hands. He has not diverted a single dollar, and the refinery project is transparent, legitimate, and verifiable,” Bokoru insisted.


The media aide urged supporters to remain calm, stressing that “truth, though often delayed, remains immutable.”

In October, security operatives reportedly raided Sylva’s residences in Abuja and Bayelsa, arresting his brother amid allegations linking him to a failed coup plot against President Bola Tinubu — claims his camp has also branded politically motivated.

A Chinese woman facing a long jail term for her role in a multibillion-dollar Bitcoin scam lived in luxury as she evaded the authorities for years, a UK court heard.

US Supreme Court blocks order requiring Trump to fund food assistance.

The US Supreme Court announced Friday that the Trump administration will not be compelled to immediately restore SNAP food benefits that were halted during the government shutdown.

The temporary ruling leaves millions of Americans uncertain about future assistance.

Earlier in the week, a lower court had determined that President Donald Trump’s administration must fully fund the Supplemental Nutrition Assistance Program (SNAP) for November by Friday’s end.

That ruling required the administration to draw on contingency reserves to send billions of dollars to states, ensuring roughly 42 million Americans dependent on SNAP could continue receiving food aid.

Justice Ketanji Brown Jackson issued what is known as an administrative stay, a temporary pause that allows the courts more time to review the administration’s appeal.

On Friday morning, the Department of Justice (DOJ) asked the Supreme Court to intervene, arguing that only Congress holds the authority to decide how to allocate federal funds.

“The core power of Congress is that of the purse, while the Executive is tasked with allocating limited resources across competing priorities,” the DOJ wrote.

According to the DOJ, the lower court “took the current shutdown as effective license to declare a federal bankruptcy and appoint itself the trustee, charged with picking winners and losers among those seeking some part of the limited pool of remaining federal funds

"Despite receiving billions of Dollars in military assistance, Nigeria has failed to curb killings or safeguard Christians" — U.S. lawmaker alleges

United States lawmaker Riley Moore, who chairs President Donald Trump’s investigative committee on alleged killings of Christians in Nigeria has criticized the Nigerian government for failing to justify the significant military assistance it has received from Washington

In an interview on the Dinesh D’Souza programme, Moore said Christians in Nigeria were facing what he described as an ongoing “genocide,” alleging that the violence has continued “under the radar” with minimal global attention. He expressed concern that despite years of US-funded training, equipment & security support running into billions of dollars, the Nigerian government has not prioritized the protection of Christian communities

“My brothers & sisters in Christ are being murdered for practicing their faith,” he said, accusing both Nigerian authorities & the international community of neglect.

Moore warned that if the situation deteriorates further, the United States may be forced to respond. “If we don’t address this and terrorists take hold in Nigeria, we would have to act one way or another,” he said, stressing that he preferred a cooperative approach with the Nigerian government.

He added that the “pieces are already in place” for Nigeria to tackle the violence but insisted that stronger political will was needed. Moore also praised President Trump for his “decisive leadership,” saying he would soon submit a full report to him.

Trump recently redesignated Nigeria a “Country of Particular Concern,” claiming that Christians are being killed on a large scale and warning that the US could cut aid or consider military measures if the attacks continue. He directed Moore and House Appropriations Committee Chairman Tom Cole to immediately review the situation and report back.

The Nigerian government has rejected the allegations, insisting there is no targeted genocide against Christians and noting that insecurity affects citizens across religious and ethnic lines.

President tinubu requests senate approval for new ₦1.15trn domestic loan to bridge 2025 budget gap.

President Bola Tinubu has requested the National Assembly’s approval for a fresh ₦1.15 trillion domestic loan to bridge the deficit in the 2025 national budget. The request, contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, is part of measures to sustain key government programmes and projects.

Tinubu explained that the loan would ensure smooth implementation of the 2025 budget and compliance with the Fiscal Responsibility Act 2007 and relevant executive orders requiring legislative approval for new borrowings. The Senate referred the proposal to the Committee on Local and Foreign Debt, which has one week to submit its report.

The latest borrowing plan comes just days after the Senate approved Tinubu’s request for a $2.847 billion external loan, including a $500 million debut Sovereign Sukuk, aimed at funding the budget deficit and refinancing maturing Eurobonds.

Earlier in May, Tinubu sought approval for a $21.5 billion external loan for infrastructure, health, education, and water projects, as well as a ₦758 billion domestic bond to clear outstanding pension arrears under the Contributory Pension Scheme.

According to the Debt Management Office, Nigeria’s total public debt rose to ₦152.40 trillion as of June 2025, up from ₦149.39 trillion in March — an increase of ₦3.01 trillion within three months. In dollar terms, the debt stands at $99.66 billion, underscoring the country’s growing reliance on borrowing to fund fiscal shortfalls amid ongoing revenue reforms and foreign exchange liberalization.

"FG Set to Ban Foreign Airlines from Selling Tickets in Dollars" — NANTA President.

The Federal Government is set to put an end to the sale of airline tickets in foreign currency by international carriers, according to Yinka Folami, President of the National Association of Nigerian Travel Agencies (NANTA).

Speaking during a cultural and tourism programme in Lagos over the weekend, Folami described the practice of cross-border foreign currency trading as “a crime against the economy.”

“Those of us in the aviation sector know that until Nigeria has a strong national carrier to fill the gap, these issues will continue. I am pleased to inform Nigerians that the government is actively addressing the sale of tickets in foreign currency, and this is the latest update,” he said.

He emphasized that foreign airlines selling tickets in dollars violates regulations and adds pressure on the naira and the country’s foreign exchange reserves. Folami noted that the government is responding to concerns raised by travel agencies over this persistent challenge.

The NANTA president further stated that there is no longer any justification for selling tickets in foreign currency in Nigeria, calling the practice outdated and predicting that it will soon be phased out from the country’s aviation industry.

He also highlighted the importance of a strong domestic airline, urging Nigerians to support Air Peace. “The airline has taken bold steps by launching London routes from Lagos and Abuja. It is both a patriotic duty and a responsibility for Nigerians to support and pray for the airline’s continued success and sustainability,” Folami added.

Black Lives Matter and its founders, Patrisse Cullors & Alicia Garza, are reportedly under federal investigation for the alleged misuse of $90 million in donations.

The U.S. Department of Justice has launched an investigation into allegations that leaders of the Black Lives Matter (BLM) movement misused tens of millions of dollars in donations raised during the 2020 George Floyd protests.

According to the Associated Press, federal prosecutors have issued subpoenas & executed at least one search warrant in connection with the Black Lives Matter Global Network Foundation, Inc. & several affiliated groups that helped organize nationwide demonstrations against racial injustice & police brutality.

The probe is reportedly being handled by the U.S. Attorney’s Office for the Central District of California, led by Bill Essayli, a former Republican assemblyman known for his past criticism of BLM.

Sources indicated that while the investigation began under the Biden administration, it has accelerated since President Trump took office.

The Black Lives Matter Global Network Foundation stated that it is not the target of any federal criminal inquiry and emphasized its commitment to transparency and accountability in managing donations.

The organization collected over $90 million in 2020 but has faced ongoing scrutiny over how the funds were used. In 2022, reports revealed that BLM leaders purchased a $6 million property in Los Angeles with donor money, sparking public backlash. Co-founder Patrisse Kahn-Cullors resigned shortly after the revelations amid criticism of her real estate purchases.

Despite the controversy, BLM leaders have consistently denied wrongdoing. Their most recent tax filings show $28 million in assets as of June 2024.

Earlier in 2022, Indiana Attorney General Todd Rokita sued the organization for failing to comply with a state investigation into its finances, though the case was later dismissed after BLM provided the requested documents. So far, no criminal charges have been filed against the group or its leaders.

“If I have dollars today, I’d rather sell them than hold till next month.”
— Aliko Dangote advises Nigerians against hoarding foreign currency.

Kenya Takes Nigeria to the ICC - President Ruto Challenges Nigeria Before International Court, Freezes Billions in Assets and Declares: "You Kidnapped Nnamdi Kanu Return Him to Kenya or Face the World Court!".

President William Ruto has reportedly taken a firm stance against Nigeria over the unlawful detention of Mazi Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB). According to emerging reports, President Ruto has brought Nigeria before the International Criminal Court (ICC), accusing the West African country of violating international law by abducting Kanu from Kenya in 2021. The Kenyan leader is also said to have imposed a travel ban on Nigerians entering Kenya and frozen assets worth billions of dollars owned by Nigerians in the country, a move aimed at pressuring Abuja to release Kanu immediately.

We are not afraid of Nigeria. If justice requires war, we are ready. You cannot invade our land, kidnap a man, and call it justice," President William Ruto was quoted as saying.

"Nigeria Records $50bn in Crypto Transactions"— SEC Boss, Agama, reveals.

Nigeria recorded cryptocurrency transactions worth over $50 billion between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

At an exchange rate of ₦1,500 to the dollar, this amounts to about ₦75 trillion, nearly two-thirds of the ₦98.8 trillion capitalization of the Nigerian equities market as of October 24.

Speaking at the annual conference of the Chartered Institute of Stockbrokers, Agama said the massive volume of crypto activity reflects the financial sophistication and risk appetite of Nigerian investors traits the traditional capital market has failed to capture.

Despite this enthusiasm, he lamented that fewer than four percent of Nigeria’s adult population actively invests in the capital market, while over 60 million Nigerians participate in daily gambling worth an estimated $5.5 million.

“This paradox is revealing,” Agama said. “Nigerians clearly have a strong appetite for risk, but not the confidence or access to channel that energy into productive investment.” He warned that the dominance of speculative behavior over structured investment indicates a deeper erosion of trust in the nation’s financial system.

Nigerians rejoice as UK Supreme Court Upholds Nigeria’s Right to Recover £44.2 Million Legal Costs in P&ID Case.

The United Kingdom Supreme Court has dismissed an appeal by Process & Industrial Developments Limited (P&ID), affirming that Nigeria can recover its legal costs in pounds sterling (GBP) rather than naira (NGN) after successfully overturning a multi-billion-dollar arbitral award.

Delivering judgment on 22 October 2025, a panel led by Lord Reed, President of the Supreme Court, unanimously upheld previous rulings by the Commercial Court and Court of Appeal, which held that costs should be paid in the same currency in which they were incurred.

The case stemmed from Nigeria’s successful challenge to two arbitral awards worth over US$11 billion (including interest), which the Commercial Court ruled in 2023 had been “procured by fraud.” Nigeria had spent about £44.2 million in legal fees—billed and paid in sterling through 116 invoices between November 2019 and November 2024.

P&ID argued that the costs should be paid in naira, claiming that paying in pounds would give Nigeria a “windfall” due to the naira’s depreciation since 2023. But the Supreme Court rejected the argument, ruling that “as Nigeria had incurred liability and made payments in sterling, the court ought to make a costs order in sterling.”

In a joint judgment by Lord Hodge and Lady Simler, the Court clarified that costs are a statutory indemnity for litigation expenses, not compensation for loss, and warned that P&ID’s position would lead to “disproportionate and expensive satellite litigation.”

The Court reaffirmed that legal costs are to be awarded in the currency in which they were billed and paid unless there are exceptional circumstances. It dismissed P&ID’s appeal and ordered the company to pay Nigeria’s costs on a standard basis.

The decision marks another major victory for Nigeria in its long-running legal battle with P&ID, following the country’s 2023 success in overturning the fraudulent US$11 billion arbitration award.

We Have Already Submitted Your Documents To EFCC – CCB to Nyesom Wike.

The Minister of the Federal Capital Territory, Nyesom Wike, has found himself embroiled in a fresh controversy over allegations of secret acquisition of multimillion-dollar properties in Florida, USA.

According to reports, Wike attempted to amend his asset declaration with the Code of Conduct Bureau (CCB) to include the properties, but was informed that his original declaration had already been forwarded to the Economic and Financial Crimes Commission (EFCC) for thorough verification and investigation.

Sources close to the minister revealed that Wike was unsettled by the development, which could potentially lead to a forensic audit of his financial dealings. Investigations by some media outlets uncovered a pattern of concealment and alleged violations of Nigeria’s asset declaration laws by the minister. Records obtained showed that Wike acquired a $2 million mansion in Winter Springs, Florida, registered under the names of his wife, Justice Eberechi Wike, and their three children.

Further investigations revealed that three multimillion-dollar homes in affluent Florida communities were purchased covertly using cash transactions and swiftly transferred to their children via quitclaim deeds, executed by Wike’s wife. These transactions, spanning from 2021 to 2023, raised suspicions of attempts to keep assets beyond the regulatory grasp of Nigerian anti-corruption bodies.

The CCB informed Wike that his file had already been transmitted to the EFCC for verification, and the anti-graft agency is now conducting a forensic audit of Wike’s declarations, ownership details, and possible infractions. Civil Society Organizations (CSOs), advocacy groups, and international NGOs have launched campaigns demanding an exhaustive probe into Wike’s financial dealings, citing suspected diversion of public funds and illicit enrichment.

Wike’s camp has denied the allegations, dismissing them as politically motivated attacks. However, documentary evidence filed in US property registries tells a different story. An EFCC source said the minister is “playing with fire” and that the ongoing forensic financial investigations will uncover the truth. As the investigation unfolds, Wike’s reputation and future hang in the balance.

“Love Attack!” — Regina Daniels Surprised by Elderly Women on Her Birthday, Gifts Them Dollars in Heartwarming Moment

Nollywood star Regina Daniels experienced an emotional surprise on her 25th birthday as a group of elderly women lovingly ambushed her outside her home to celebrate the special occasion.

In a touching video shared on Instagram, Regina revealed that the women — whom she fondly called her “newly found mothers” — had reportedly waited at her gate since morning, eager to bless and celebrate her.

The heartwarming clip showed the women singing, praying, and showering Regina with blessings, while the visibly moved actress joined in their joy and gratitude.

Overwhelmed by their love, Regina expressed appreciation and gifted the women dollar notes as a token of thanks. She wrote:

“Got ambushed by my newly found mothers on my way to my small birthday gathering after literally sleeping the whole day. They had been at my gate since morning. The love attack was real! Every hug, every cheer, every smile hit straight to the heart. I am indeed blessed and unshakable. You know why? Because many prayers dey my head.”


Regina, who turned 25 on October 10, was also celebrated by friends and industry colleagues, including Destiny Etiko, Mercy Johnson, Uche Montana, Don Jazzy, and her husband, Senator Ned Nwoko, representing Delta North Senatorial District.

The actress and her husband are proud parents of two sons — Munir Neji Ned Nwoko (born June 29, 2020) and Khalifa Chimka Nwaorah Ned Nwoko (born June 29, 2022).

Indeed, it was a birthday filled with love, prayers, and blessings for the beautiful actress who continues to win hearts both on and off screen.

Tinubu Urges World Leaders To Declare Theft Of Mineral Resources An International Crime.

President Bola Ahmed Tinubu has called on world leaders to recognise the stealing of countries’ mineral resources through illegal mining and smuggling as an international crime.

Speaking at the 7th Annual General Assembly of the Network of Anti-Corruption Institutions in West Africa (NACIWA) in Abuja, the President said the illegal exploitation of Africa’s natural resources has become a global threat to economic stability and peace.

Tinubu lamented that billions of dollars are lost yearly to mineral smuggling, corruption, and illicit trade, which he said fuel insecurity, kidnapping and banditry across the continent.

“The stealing of our countries’ mineral resources should no longer be treated as a local issue. It is an international cr+me that undermines peace and stability,” he said.

The President urged the Economic Community of West African States (ECOWAS) and the broader international community to strengthen legal frameworks that criminalize illegal mining and resource theft.

He also called for collective regional action to trace and recover stolen assets, while emphasizing transparency in their use. Tinubu disclosed that Nigeria has so far channelled over ₦100 billion in recovered proceeds into social intervention projects such as the Student Loan Scheme and the Consumer Credit Scheme.

“No nation can win this fight alone. We must build stronger partnerships and ensure that those who profit from our collective wealth face justice,” he added.

Tinubu further appealed to world leaders to support a global convention against resource theft, similar to existing international laws against drug and human trafficking.

"Nigeria’s Debt has Climbed to just ₦152.4 trillion" — DMO informs Nigerians.

Nigeria’s total public debt stock has surged to ₦152.40 trillion as of June 30, 2025, according to fresh data released by the Debt Management Office (DMO) on Saturday.

This marks an increase of ₦3.01 trillion from the ₦149.39 trillion recorded in March 2025 —a 2.01% rise within just three months. In dollar terms, the figure rose from $97.24 billion to $99.66 billion, reflecting a 2.49% uptick.

The DMO attributed the rise to increased borrowing both locally and internationally to fund fiscal gaps, despite ongoing revenue reforms and foreign exchange liberalisation.

A breakdown shows external debt grew from $45.98 billion in March to $46.98 billion (₦71.85tn) by June.
The World Bank remains Nigeria’s largest external creditor with $18.04 billion outstanding, representing 38% of total external obligations, mostly through the International Development Association.

Multilateral lenders collectively hold $23.19 billion (49.4%), including the African Development Bank, IMF, and Islamic Development Bank. Bilateral loans stood at $6.20 billion, led by China’s Exim Bank at $4.91 billion, followed by France, Japan, India, and Germany.

Commercial loans, primarily Eurobonds, amounted to $17.32 billion, representing 36.9% of external debt, while $268.9 million came from syndicated facilities and commercial bank loans. Analysts warn that Nigeria’s heavy Eurobond exposure increases its vulnerability to global market volatility.

On the domestic front, total debt climbed from ₦78.76 trillion in March to ₦80.55 trillion in June, an increase of ₦1.79 trillion or 2.27%. Federal Government bonds dominated with ₦60.65 trillion, representing 79.2% of local debt. This includes ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means advances from the CBN, and ₦1.40 trillion in dollar bonds.

Other instruments comprised Treasury bills (₦12.76tn), Sukuk bonds (₦1.29tn), savings bonds (₦91.53bn), green bonds (₦62.36bn), and promissory notes (₦1.73tn).

"Dangote is an institution, how we treat him will determine how outsiders will judge us" — VP Shettima warns PENGASSAN.

Vice President Kashim Shettima has called on Nigerians to respect and protect the multibillion-dollar investment of Africa’s richest man, Aliko Dangote, describing it as essential to the nation’s economic stability and growth.

He emphasized that the 650,000-barrel-per-day Dangote Refinery represents a national asset critical to Nigeria’s industrial expansion and global competitiveness. 

His remarks came amid the recent industrial action by oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the alleged dismissal of about 800 unionized employees. 

IThe strike was later suspended after the intervention of Labour Minister Muhammad Dingyadi and National Security Adviser Nuhu Ribadu.

Shettima lauded Dangote’s decision to invest heavily in Nigeria rather than taking his capital abroad. 

He said, “Aliko Dangote, he’s not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament. And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, in Amazon, or in Google, he probably might be worth $70 to $80 billion by now. But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.”

The Vice President also urged labour unions and the private sector to exercise restraint and patriotism when handling industrial disputes, warning that rash actions could jeopardize the nation’s progress.

“It’s not about holding the whole nation to ransom because of a minor labour dispute. Nigeria is greater than PENGASSAN. Nigeria is greater than each and every one of us. I’m not coming to you as a partisan,” he added.

Naira Hits Strongest Level of 2025 at Official FX Market.

The naira on Thursday appreciated to N1,455.23 per dollar at the official foreign exchange (FX) market, marking a 1.36 percent gain from the N1,475.34/$ recorded on September 30. This is the first time the currency has traded in the N1,400 range since May 2024.

The latest performance represents the naira’s strongest showing in 2025 and the best level since the Central Bank of Nigeria (CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. At the time of the transition, the naira had weakened to around N1,660/$ at the official window.

In his Independence Day broadcast on October 1, President Bola Tinubu said the reforms were yielding results.

“The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024,” he said. “The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”

Market optimism was also boosted by comments from Abdul Samad Rabiu, chairman of BUA Group, who predicted on September 25 that the naira could strengthen further to between N1,300 and N1,400 by year end.

The recent gains highlight renewed confidence in Nigeria’s FX market, though analysts caution that sustained appreciation will depend on continued inflows, effective CBN intervention, and stability in global oil markets.

Elon Musk Leaves Cubana Chiefpriest, 30BG Members & Others in the Shadows as He Becomes First Person to Hit $500 Billion Net Worth.

Tesla CEO Elon Musk has made history by becoming the first individual to achieve a net worth of half a trillion dollars, according to Forbes’ real-time billionaires index.

As of 4:15 p.m. ET on Wednesday, Musk’s fortune stood at $500.1 billion, fueled by a rebound in Tesla shares and soaring valuations of his other ventures, including SpaceX and artificial intelligence startup xAI.

Musk, who holds more than a 12% stake in Tesla, saw his wealth jump by over $6 billion on Wednesday alone after the electric carmaker’s stock closed 3.3% higher. The company’s shares have gained more than 14% so far this year, despite ongoing concerns over weak sales and profit margins.

Investor sentiment has improved in recent weeks as Musk renewed his focus on Tesla following months of political activity in Washington. He also boosted confidence by purchasing about $1 billion worth of Tesla shares in September, signaling his long-term commitment as the company pivots from being just an automaker to a leader in AI and robotics.

Tesla’s board has even proposed a $1 trillion compensation plan for Musk, tying ambitious financial and operational targets to his demand for a larger ownership stake.

Beyond Tesla, Musk’s other companies have significantly boosted his net worth. SpaceX was valued at about $400 billion in recent insider share sales, while xAI has been pegged at around $75 billion, with reports suggesting it could climb to $200 billion.

Trailing Musk on the Forbes rich list is Oracle co-founder Larry Ellison, whose net worth stands at $350.7 billion.

EFCC Arraigns Suspect Wanted By FBI Over Alleged Cryptocurrency Account Takeover.

The Economic and Financial Crimes Commission (EFCC) has arraigned one Godslove Munachiso Obiwuru, a 26-year-old suspect wanted by the Federal Bureau of Investigation (FBI), before Justice M. T. Segun-Bello of the Federal High Court sitting in Independence Layout, Enugu, on a two-count charge bordering on money laundering.

Count one of the charge reads: “That you, Godslove Munachiso Obiwuru, sometime in 2022 within the jurisdiction of this Honourable Court, retained 0.042 Ethereum (digital currency) equivalent to $50 (Fifty United States Dollars) in a Binance wallet account with the address 0xD62C9DA42BDe76a7Be113ABA225456C57320A569 which you know or reasonably ought to know, is a proceed of an unlawful act and thereby committed an offence punishable under Section 20 (a) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

He, however, pleaded “not guilty” to the two counts. In view of his plea, counsel to the EFCC, Assistant Superintendent of the EFCC, ASE I A.Y Abdullahi, prayed the court for a trial date and for the defendant to be remanded at a Correctional facility.

However, the defence counsel, Abel Anih, prayed the court for a short date to enable him file an application for bail before the court.