General
Terrorism Financing: Nigerians are Solidly Behind Emefiele—CNCSOs
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) and some civil society organisation (CSOs) under the umbrella of the Coalition of National Civil Society Organisations (CNCSOs) have expressed their unflinching support for the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
It was reported this week that the Department of State Services (DSS) was planning to implicate Mr Emefiele for terrorism financing.
Addressing newsmen in Abuja, the groups, which described this action as an international embarrassment, urged President Muhammdu Buhari to direct the Minister of Justice and Attorney General of the Federation (AGF), Mr Abubakar Malami, to carry out a thorough investigation into the matter.
The Secretary General of CNPP, Mr Willy Ezugwu, who read the address jointly signed by himself and the National Secretary of the CNCSOs, Mr Ali Abacha, said the probe would allay the fears of the international community.
“President Buhari and the Attorney-General of the Federation, Mr Abubakar Malami [must] immediately put in motion the processes of suspending and thoroughly investigating the circumstances surrounding this national and international embarrassment,” the groups said, noting that the action by the security agency was politically-motivated.
“The attempt to obtain a backyard order to remove a high-ranking officer of the Federal Republic of Nigeria for obvious political reasons should be of serious concern to all Nigerians as we don’t know who will be the next,” they stated.
“By virtue of Section 150(1) and Section 174 (1) of the 1999 Constitution of the Federal Republic of Nigeria as amended, the Attorney-General of the Federation has the powers to institute and undertake criminal proceedings against any person before any court of law in Nigeria.
“Therefore, nothing stops the Attorney-General of the Federation from exercising his powers in this matter to send a clear signal to the international community that Nigeria is not a banana republic where anything goes. If public office holders who err are not appropriately sanctioned, it will send a wrong signal to foreign investors and project Nigeria as a country without the rule of law.
“This is paramount as Section 174 (3) expressly states that “In exercising his powers under this section, the Attorney-General of the Federation shall have regard to the public interest, the interest of justice and the need to prevent abuse of legal process,” the coalition said.
They claimed Mr Emefiele is being wanted out of office because of his recent policy on cash withdrawals, which put the limit at N100,000 per week for individuals and N500,000 for corporates.
“Those who want to receive and spend money without any traces are those who have been kicking against the cashless policy of the CBN.
“If you have legitimate money, why are you afraid to wire the money through bank transfers? Why are you afraid of cash withdrawal limits? There is no limit to the amount you can transfer through the bank, but because they have our stolen money, they don’t want to make traceable transactions, and that is the sin of Godwin Emefiele.
“That’s why they want him out of the way before the election so that someone who can do their biddings is appointed to reverse the cashless policy implementation,” the organisations stated.
However, they assured the CBN chief that “Nigerians on the streets, who are in pains of starvation and hunger due to the continued looting of public funds meant for their well-being by some politicians, are standing with him and will vehemently resist any attempt to derail the cashless policy.”
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
