Economy
Diezani Forfeits $153m to FG
By Dipo Olowookere
Former Minister of Petroleum Resources in the immediate past administration, Mrs Diezani Alison-Madueke, has forfeited $153 million she was accused of stealing from the treasury of Nigerian National Petroleum Corporation (NNPC) during her time in office.
The alleged embezzled funds were stockpiled in Access Bank, First Bank and Sterling Bank. It was gathered that the sum of $5 million was kept with Access Bank, N9 billion with First Bank and N23 billion with Sterling Bank.
But on Friday, a Federal High Court sitting in Ikoyi, Lagos, ordered the temporary forfeiture of these monies.
In his ruling, Justice Muslim Hassan gave a 14-day ultimatum to Sterling Bank Plc and any other interested parties to prove the legitimacy of the monies before his court or else the funds would be permanently forfeited to the Federal Government of Nigeria.
The order was given in favour of an ex parte application filed by the Economic and Financial Crimes Commission (EFCC), seeking the temporary forfeiture of the funds.
Counsel to EFCC, Mr Rotimi Oyedepo, had urged Justice Hassan to order the temporary forfeiture of the funds to the Federal Government and to order Sterling Bank and others who are joined as defendants in the application, to appear in court within two weeks to explain why the funds should not be permanently forfeited to the government.
Mr Oyedepo said the application was brought in under Section 17 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006 and Section 44(2)(‘) of the 1999 Constitution, thus granting same is in the best interest of justice.
In a nine paragraph affidavit filed in support of the ex parte application, an EFCC investigator, Mr Moses Awolusi, claimed that the anti-graft agency discovered through its investigations how sometime in December 2014 Mrs Alison-Madueke invited a former Managing Director of Fidelity Bank Plc, Mr Nnamdi Okonkwo, to her office where they hatched the plan on how a cash sum of $153m would be moved from NNPC account.
According to Mr Awolusi, the former Petroleum Minister instructed Mr Okonkwo to ensure that the money was “neither credited into any known account nor captured in any transaction platforms” of Fidelity Bank. The EFCC investigator added that Mr Okonkwo accepted and implemented the instructions given by Mrs Alison-Madueke.
He went further to say that two former Group Executive Directors of Finance and Account of NNPC, B.O.N. connived with Mrs Alison-Madueke to move the cash from NNPC, Abuja to the headquarters of Fidelity Bank in Lagos.
Mr Awolusi said that in a desperate bid by Mr Okonkwo to conceal the source of the money, he (Okonkwo) upon receiving it, instructed the Country Head of Fidelity Bank, Mr Martin Izuogbe, to take $113,310,000 cash out of the money to the Executive Director, Commercial and Institutional Bank, Sterling Bank Plc, Mr Lanre Adesanya for keeps.
He added that another $40 million was taken in cash to the Executive Director, Public Sector Accountant, First Bank, Mr Dauda Lawal, to keep, that money was then taken to Stanley Lawson, a former group executive director of Finance and accounts at the Nigerian National Petroleum Corporation to purchase the Le Meridien in Port Harcourt.
The investigator said out of the $113,310,000 handed over to Mr Adesanya, a sum of $108,310,000 was invested in an off-balance sheet investment using Sterling Asset Management Trustees Limited, adding that a sum $108,310,000 was subsequently changed to N23b and saved in Sterling Bank.
Mr Awolusi said that EFCC had recovered the N23.4 billion in draft and had registered it as an exhibit marked, EFCC 01. The investigator said the EFCC had also recovered another $5 million out of the money kept with the MD of Access Bank Plc, Mr Herbert Wigwe.
According to him, the $5 million was recovered in a draft and had been registered as an exhibit marked, EFCC 02. Also, he alleged that First Bank’s ED had converted the $40 million kept with him to N9 billion which has also been recovered by the anti-graft agency and registered it as Exhibit EFCC 03.
Justice Hassan adjourned till January 24, 2017, for the respondents to appear in court to state why the funds should not be permanently forfeited to the Federal Government.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn