General
$1.6b Oil Fraud: How Diezani’s Ally, Jide Omokore, Bought Cars for Friends–Skymit Motors CEO
By Dipo Olowookere
The trial of Mr Jide Omokore, an ally to former Minister of Petroleum Resources, Ms Diezani Allison-Madueke, in an alleged case of $1.6 billion oil fraud continued on Thursday, April 26, 2018 before Justice Nnamdi Dimgba of the Federal High Court, Abuja, with the seventh prosecution witness, Olutaye Ayeni, testifying.
Omokore, is facing a nine-count amended charge of criminal diversion of funds to the tune of $1.6 billion alleged to be proceeds of petroleum products belonging to the federal government.
He is being prosecuted alongside Victor Briggs, Abiye Membere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts by the Economic and Financial Crimes Commission (EFCC).
Ayeni, Chief Executive Officer, Skymit Motors, in his evidence narrated how Omokore used his company (Atlantic Energy) to purchase cars for friends and associates.
Led in evidence by Rotimi Jacobs, SAN, counsel to EFCC, Ayeni, who specialises in auto sales and a dealer in Mercedes Benz revealed how Omokore purchased series of cars from his company, to which he (Ayeni) received credit flow of over $8million between 2010 and 2015.
When asked of the relationship between his company and Omokore, the witness said:
“I know Omokore for the past 32 years and we have been a business partner for over 24 years.
The transaction between my company and the defendant’s company was the supply of vehicles to him”.
Explaining how the cars were supplied, Ayeni said, “Before 2015, the defendant was one of our customers. He used to order cars and we supply to him. Sometimes he pays cash advance and sometimes in credit”.
The PW7 stated that, “after the defendant had placed his order – the type, make of cars and possibly the colour; we make delivery directly to him (Omokore) and sometimes through his company staff”.
He added that deliveries of cars were usually not made to third party except on customer’s request.
“We don’t make deliveries to third party except our customer asks us to do so”, he said.
Going further, the witness said “We sold to the defendant Mercedes Benz S550 at the cost of N26million in the name of Mbanefo David/Chief Omokore and another Mercedes M350 at the cost of N23 million in the name of Nneka Bricks.
Rotimi sought to tender the statement of account of the witness for July 2014, which contained names of individuals including Uche Secondus, Chairman, Peoples Democratic Party, PDP, who were supplied with cars on the order of Omokore, but was overruled following an objection by counsel to the 3rd defendant.
On the number of vehicles supplied to a third party on the order of Omokore, the PW7 stated that the cars were supplied in batches of 25, 9, 22 and 20 pickups.
He told the court that, he could not recall the actual amount involved in the purchase of the cars adding that different sums were credited to his company’s account on different dates.
Reading from ‘Exhibit 1’, a document already in evidence before the court, Ayeni said: “$1.26 million was credited to Skymit. Other payments received from the defendant’s Sky Bank account include – $1 millon on November 6, 2013; Two payments of $1 million each on July 8, 2014; $1.5 million on August 11, 2014 and $1 million on September 17, 2014”.
The case has been adjourned to April 27, 2018 for continuation of trial.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
