By Adedapo Adesanya

Former Kaduna Governor Nasir Ahmad El-Rufai has been granted bail in the ongoing corruption case filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

However, Mr El-Rufai will remain in ICPC custody until he fulfils all the bail conditions set by the court.

The development was confirmed by his son, Mr Bello El-Rufai, shortly after the ruling.

This comes amid separate proceedings at the Kaduna State High Court, where the ICPC recently amended its charges against the former governor. Mr El-Rufai has pleaded not guilty to the allegations.

The chieftain of the opposition African Democratic Congress (ADC) was arraigned by the ICPC over charges related to alleged corruption and abuse of office during his tenure in the North-Western state from 2015 to 2023. Allegations ranging from abuse of office and fraud to intent to commit fraud and conferring undue advantage were levied against the politician.

The commission disclosed that both charges were instituted on March 18, 2026, as part of its ongoing efforts to enforce accountability and combat corruption.

The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.

Presenting the committee’s report during plenary last year, the committee chairman, Mr Henry Zacharia, alleged that most of the loans obtained by the El-Rufai administration within the eight years were not utilised for the purposes for which they were secured.

While receiving the report, the Speaker of the House, Mr Yusuf Dahiru Leman, alleged that about N423 billion was siphoned under the El-Rufai administration, leaving Kaduna State with heavy financial liabilities and a rising debt profile.

The committee recommended the investigation and prosecution of the former governor and several members of his cabinet over alleged abuse of office, award of contracts without due process, diversion of public funds, money laundering and reckless borrowing.

The Assembly subsequently endorsed a petition to the EFCC and the ICPC, urging them to take up the matter.

The embattled former FCT Minister is equally embroiled in a case with the federal government over alleged unlawful interception of the phone communications of the National Security Adviser, Mr Nuhu Ribadu.

By Adedapo Adesanya

Nigeria hopes to begin delivering natural gas to Abuja by July through its long-delayed Ajaokuta-Kaduna-Kano (AKK) gas pipeline.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), this marks a key milestone for the country’s gas development plans.

“We’re hoping that by July, gas will be delivered to Abuja through the AKK gas pipeline,” a spokesperson for the commission told the regulator’s in-house magazine.

The 614-kilometre (382-mile) pipeline is designed to deliver more than 2.2 billion cubic feet of gas per day and is a core part of Nigeria’s strategy to shift its energy mix towards gas, supply power plants and industries in the north, and reduce reliance on diesel and fuel oil.

Nigeria holds Africa’s largest gas reserves, estimated at over 210 trillion cubic feet, but much of the country’s gas infrastructure remains underdeveloped, making the AKK pipeline a critical test of its gas-led growth ambitions.

The $2.8 billion project, first conceived in 2008, has missed several delivery targets, including earlier deadlines of 2023 and the final quarter of 2025.

Construction began in 2020 but was slowed by funding pressures and engineering challenges, most notably the crossing of the River Niger.

That section, widely regarded as the project’s most technically demanding, required drilling beneath the riverbed using horizontal directional drilling, often compared to a scaled-down version of the Eurotunnel.

Reuters reported that work on the project is moving at an advanced pace, with the critical pipeline more than 90% complete.

Gas transported through the AKK pipeline will be sourced from Nigeria’s southern producing areas largely through its interconnection with the East-West Obiafu-Obrikom-Oben (OB3) gas pipeline, according to industry officials.

By Adedapo Adesanya

The first trading session of the week at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note, with a 0.22 per cent gain on Monday, April 13.

This expansion was buoyed by the gains recorded by two securities, which offset the losses posted by three other securities.

FrieslandCampina Wamco Nigeria Plc appreciated by N7.83 to trade at N99.89 per share compared with the previous N92.00 per share, and Industrial and General Insurance (IGI) Plc advanced by 5 Kobo to sell at 62 Kobo per unit versus last Friday’s 57 Kobo per unit.

On the flip side, 11 Plc declined yesterday by N21.30 to N201.00 per share from N222.30 per share, Central Securities Clearing System (CSCS) lost 46 Kobo to trade at N63.04 per unit compared with the preceding session’s price of N63.50 per unit, and UBN Property Plc decreased by 20 Kobo to N1,98 per share from N2.18 per share.

At the close of transactions, the market capitalisation of the platform went up by N5.01 billion to N2.320 trillion from N2.315 trillion, and the NASD Unlisted Security Index (NSI) grew by 8.38 points to 3,878.83 points from 3,870.45 points.

During the session, there was a 1,267.4 per cent jump in the volume of securities traded by investors to 2.6 million units from 188,593 units. The value of securities rose by 21.2 per cent to N31.2 million from N25.7 million, and the number of deals increased by 42.31 per cent to 37 deals from 26 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units traded at N1.8 billion.

GNI Plc also finished the day as the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.