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Peter Obi Raises Alarm Over Nigeria’s Growing Debt Crisis

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Former Anambra State Governor and 2023 presidential candidate, Peter Obi , has once again voiced deep concern over Nigeria’s mounting national debt, warning that the country is edging dangerously toward a financial cliff . Obi, known for his consistent advocacy for transparency and fiscal responsibility, criticized the recent approval of massive foreign loans by the National Assembly—reportedly amounting to over $21 billion , €2.2 billion , and ¥15 billion . He emphasized that the current debt trend under the Tinubu administration is unsustainable and could leave future generations burdened with unpayable obligations. According to Obi, Nigeria’s debt has ballooned from ₦12.6 trillion in 2015 to a staggering ₦149 trillion in 2025 , a growth rate he described as "disturbing and reckless." He questioned the country’s borrowing culture, especially when there is little to show in terms of infrastructure, job creation, or improved living standards. “The government must stop li...
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EFCC Arrests Madonna University Deputy Vice-Chancellor Over Alleged ₦4 Billion Fraud

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In a developing corruption scandal shaking the academic and financial sectors, the Economic and Financial Crimes Commission (EFCC) has arrested Prof. Martin Anagboso, the Deputy Vice-Chancellor of Madonna University, over allegations of financial fraud, forgery, and corporate misconduct.

According to reports, the arrest took place at the Abuja International Airport, following a petition by a human rights lawyer, Barrister Olu Omotayo, to the DSS and EFCC. The petition alleges that Prof. Anagboso, alongside Annete Ezekwem and others, orchestrated the illegal alteration of company records at the Corporate Affairs Commission (CAC). The changes reportedly involved shareholding structures of Mayfresh Mortgage Bank Limited, where a controversial loan totaling over ₦4 billion is at the center of dispute.

The case, which began drawing public attention in late 2024, took a serious turn after new documents surfaced showing how share records were allegedly forged to edge out legitimate stakeholders and block them from recovering funds. One of the key figures also mentioned is Mark Egbegolu, the acting Managing Director of Mayfresh Bank, who is alleged to have fraudulently transferred ₦30.15 million into private accounts.

The whistleblowing lawyer called on Nigerian authorities to take immediate action, insisting that these fraudulent dealings not only undermine investor trust but also raise serious questions about the university's corporate ethics and financial dealings.

While Prof. Anagboso has reportedly been released on administrative bail, the EFCC is expected to press formal charges in the coming weeks, pending completion of investigations.

This high-profile arrest sends a strong message that no individual is above the law, especially within educational institutions that should represent integrity and accountability. Nigerians are now watching closely to see if justice will be served and whether Madonna University will respond publicly to the allegations surrounding one of its top officials.

Stay tuned to Luchiinter Blog for updates on this developing story.


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