News

High cost of rent: Nigerians now rent shop spaces as apartment

Published

3 weeks ago

September 30, 2025

High cost of rent has been a thing of debate after the COVID-19 era.

Many landlords increased rent by over 100 per cent following the introduction of various policies by the government which affected the purchasing power of Nigerians.

Living in a fancy house gradually became a dream, that if it came to pass people will give testimonies in over 100 churches.

The norm worsened as landlords now increase rents almost every year causing tenants to vacate the house for affordable apartments.

Economy&Lifestyle discovered that the norm has eaten deep in the society that even individuals with a room apartment can hardly pay their rent.

This has led them to cut costs by renting shops as apartments.Some even had to send their families to their village while they remained in town to manage this uncomfortable shop apartment.

Mr. Jude Boma, a mechanic, said: “ A few months ago, my rent of a room and parlour apartment was increased by over three hundred per cent.

“As a vulcanizer where do I get N150,000 from?

“My wife suggested we move to the church for a while after our rent expires so that she can continue her job as a cleaner.

“But I rejected the idea and told her we should consider moving to the village.

“I had to send my family to the village and rented a shop space as an apartment with some of my friends, who live far away and go home weekends.It is not easy but I believe when there is life, good things can still happen.”

Miss Osasowie George, a pure water seller said: “I live in a room apartment and pay N30,000 a year as rent.

“We were three then. Not until my landlord’s son increased the rent to N80,000. We begged him but he refused.“We saw a shop in a street attached to a building and decided to rent it as an apartment.

“The landlord agreed. We paid N20,000 per year since the shop was situated in a new site environment where people could hardly rent it for business.

“The rate at which people just increase rent without considering the tenants is outrageous. Where do we get such a high amount for rent? “If it worsens, I will just relocate to my village.”

Mr. Idris Moshood, a caretaker and apartment agent noted that landlords have shops lying vacant in front of their houses with people not renting them because their location is not perfect for business.

“Instead of making them unuseful, they now put it out for rent.

“People such as artisans, bus conductors, load carriers, among others rent these shops to have a place where they sleep and go to work all day.

“Some of them contribute to pay the rent, and a minimum of two to three people are allowed to rent such space”, he added.

Despite the fact that most states in the country are fighting hard to create a conducive plan which allows tenants to escape such huge cost of rent burden, many individuals are on the brink of being evicted due to their inability to meet up with rent increase.

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News

UK Charity Commission freezes over 100 bank accounts linked to MFM

Published

17 hours ago

October 22, 2025

Oluwagbenga Olaoye

On Tuesday, the UK’s Charity Commission announced it had frozen the assets of Mountain of Fire and Miracles Ministries International (MFM), a Nigerian-founded church.

On its website, the UK government concluded that its trustees failed to manage the organisation’s finances properly across its UK branches.

The UK Charity Commission is a non-ministerial department that registers and regulates charities in England and Wales, to ensure that the public can confidently support charities.

MFM, founded by Nigerian cleric Daniel Olukoya, is one of Nigeria’s most influential Pentecostal churches. It has a strong global presence, particularly in the United Kingdom, where many Nigerian diaspora communities worship.

MFM is not the first Nigerian-founded church to face scrutiny in the UK. In recent years, other Nigerian-origin churches, including SPAC Nation in December 2024 and Christ Embassy in November 2019, have been investigated regarding governance and financial accountability concerns.

The incident raises broader questions about how rapidly expanding churches adapt their internal systems when moving into regulated environments like the UK, where religious organisations registered as charities must meet strict financial reporting standards.

The case has, therefore, sparked wider conversations about financial transparency and governance among fast-growing African churches operating overseas.

How the investigation began

On 27 March 2018, the Charity Commission opened a statutory inquiry into MFM under Section 46 of the UK’s Charities Act 2011. Concerns have been raised regarding the possible misappropriation of charity funds and weak internal financial controls.

The Commission discovered that the church had expanded rapidly in the UK, growing from a few branches to more than 90 locations nationwide, without developing a solid financial governance structure to match its growth.

According to the final report, the Commission found that trustees did not properly oversee more than 100 separate bank accounts operated by different church branches. These accounts were opened and managed autonomously, often without informing central leadership or providing timely income reports.

Commission’s report

The commission reported that the church’s branches operated independently without central approval and that Major financial decisions, such as property purchases and lease agreements, were made without trustee authorisation.

Additionally, some branches used properties without securing planning permissions, leading to costly legal actions. It highlighted that Poor employment contract management resulted in financial settlements for employment disputes, and the lack of a unified monetary system created serious risks to charitable funds.

As a result, the regulator concluded that donor money was at risk due to weak financial oversight and poor governance.

Interim Manager Appointed to Restore Control

On 1 August 2019, following serious concerns about the trustees’ ability to manage the charity effectively, the Commission appointed an interim manager under Section 76(3)(g) of the Charities Act. The interim manager worked alongside the trustees to implement critical financial controls.

This oversight continued until 13 September 2024, when the interim manager was discharged after making progress.

Following the conclusion of the investigation, the Charity Commission announced that it had frozen the charity’s assets to prevent further financial risk while strengthening accountability structures.

Amy Spiller, Head of Investigations at the Charity Commission, said:

“The rapid growth of a charity comes with correspondingly larger potential risks, as our inquiry clearly shows. In this case, the trustees’ fundamental failure to maintain financial controls meant donor funds were at serious risk across their entire network.”

She added that the trustees are better positioned to ensure financial responsibility and compliance following regulatory intervention.

Regulatory Action

Upon completing its review, the Commission issued a regulatory action plan that required MFM to strengthen its governance policies and improve financial transparency. The Commission has confirmed that trustees have complied with the action plan, and the charity is now expected to operate under stricter financial controls going forward.

When this report was filed, neither MFM International nor its founder, Daniel Olukoya, had issued a public statement in response to the Charity Commission’s findings.

Collins Edomaruse, the media aide to Mr Olukoya, did not respond to calls or text messages.

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News

MDAs under fire as FG probes TSA violations

Published

20 hours ago

October 22, 2025

Newsbreak365_Admin

The Federal Government, through the Office of the Accountant General of the Federation, has ordered all Ministries, Departments and Agencies to submit their statements of accounts in commercial banks.

The government said the move was part of its plans to maintain financial discipline.

This was disclosed in a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, which was obtained by our correspondent on Tuesday.

Ogunjimi in the memo expressed grievance over the continuous usage of commercial banks by MDAs despite an earlier directive ordering MDAs to close such accounts and focus on the use of the Treasury Single Account domiciled in the Central Bank.

Recall that the government in February mandated MDAs to stop the use of commercial banks, as it opposes the framework of the TSA.

While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy,” the statement by the OSGF said in February.

Reacting to the new memo, Ogunniyi said, “It has been observed with dismay that funds belonging to the Federal Government are still domiciled in several accounts held with commercial banks, contrary to Federal Government Circulars and the operational framework of the Treasury Single Account, which mandates the consolidation of all Federal Government revenues and receipts into the TSA domiciled with the Central Bank of Nigeria.

“In view of the above and following the Honourable Minister of Finance directive, all Directors/Heads of Finance and Accounts in Federal Government Ministries, Departments and Agencies and Federal Government-owned Enterprises are immediately required to submit Statements of all Bank Accounts (active, dormant and closed) maintained in all commercial banks over the last six (6) months, clearly indicating account names, account numbers, bank branches and current balances.”

“This directive takes immediate effect and must be treated with the utmost urgency, as it is part of the ongoing efforts to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account Framework.”

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News

Kanu to defend self, lists Danjuma, Wike, Sanwo-Olu as witnesses

Published

20 hours ago

October 22, 2025

Newsbreak365_Admin

The detained leader of the outlawed Indigenous People of Biafra, Nnamdi Kanu, made a dramatic turn on Tuesday by informing the Federal High Court in Abuja that he was ready to open his defence.

This came just hours after Omoyele Sowore, the 2023 presidential candidate of the African Action Congress, led protests in parts of Abuja demanding Kanu’s release.

Kanu had, last Thursday, filed a preliminary objection challenging the court’s jurisdiction to continue his trial.

The objection came on the same day a team of medical experts appointed by the court declared him medically fit to stand trial, Channels reports.

In a fresh motion personally filed on Tuesday, October 21, Kanu told the court that he was prepared to begin his defence “pursuant to the order of this honourable court made on the 16th day of October 2015, directing the defendant to commence his defence on the 24th day of October 2025.”

He disclosed plans to call 23 witnesses divided into two categories, “ordinary but material witnesses” and “vital and compellable witnesses”, the latter to be summoned under Section 232 of the Evidence Act, 2011.

The motion, which Kanu personally signed, suggested that he may have disengaged his legal team, led by Senior Advocate of Nigeria Kanu Agabi.

He also requested 90 days to conclude his defence due to the number of witnesses he intends to call.

Kanu stated that he would testify on his own behalf, “providing a sworn account of the facts, denying the allegations, and explaining the political context of his statements and actions.”

Among those listed as “compellable witnesses” were former Minister of Defence, Gen. Theophilus Danjuma (retd); former Chief of Army Staff, Gen. Tukur Buratai (retd); Lagos State Governor, Babajide Sanwo-Olu; and Imo State Governor, Hope Uzodinma.

Others include the Minister of the Federal Capital Territory, Nyesom Wike; Minister of Works, Dave Umahi; and former Abia State governor, Okezie Ikpeazu.

Kanu also listed former Attorney General of the Federation, Abubakar Malami (SAN); former Director-General of the National Intelligence Agency, Ahmed Rufai Abubakar; and Director-General of the Department of State Services, Yusuf Magaji Bichi, among others whose identities he withheld.

Kanu pledged to submit sworn statements from all voluntary witnesses and to notify the prosecution within a reasonable time.

He assured the court that “no precious time of the honourable court would be delayed,” adding that “justice must not only be done but be manifestly seen to have been done.”

Meanwhile, on the same day Kanu filed his motion, a magistrate court in Abuja ordered the remand of his special counsel, Aloy Ejimakor, and 12 others arrested during protests demanding his release.

The police charged the 13 defendants with criminal conspiracy, disobedience of a lawful order, inciting disturbance, and disturbance of public peace — offences contrary to sections 152, 114, and 113 of the Penal Code Law.

Those named in the first two information reports include Ejimakor, Kanu’s brother Emmanuel, Joshua Emmanuel, Wilson Anyalewechi, Okere Kingdom Nnamdi, Clinton Chimeneze, Gabriel Joshua, Isiaka Husseini, Onyekachi Ferdinand, Amadi Prince, Edison Ojisom, Godwill Obioma, and Chima Onuchukwu.

The magistrate, after briefly standing down the case, ordered their remand at Kuje Correctional Centre and adjourned the matter till October 24 for arraignment.

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