General
Again, Emefiele’s Arraignment Stalls
By Adedapo Adesanya
The case of the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, over an alleged fraudulent procurement worth N6.9 billion, has again been stalled.
According to Channels Television, the matter was not listed on the cause list of a Federal Capital Territory (FCT) High Court in Abuja on Wednesday with no reason given as lawyers to both parties were absent in court.
Business Post had reported that the embattled banker appeared before the court last Thursday and was supposed to be arraigned, but the arraignment was stalled due to the absence of the second defendant, who was said to have been indisposed.
Although Mr Emefiele (the first defendant) was present in court, the second defendant, a female CBN employee, Mrs Sa’adatu Yaro, was not in court.
The Presiding Judge, Justice Hamza Muazu, adjourned the matter to August 23, 2023, after he granted an application for adjournment.
The embattled apex bank chief, who has been in detention since he was suspended from office on June 9, 2023, was accused of conferring corrupt advantages on Mrs Yaro, a director in April 1616 Investment Limited.
The offence is contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000, which states that, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.”
In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs Nkiru Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9 billion.
Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.
Mr Emefiele was said to have also conferred a corrupt advantage on Mrs Yaro by awarding a contract for the supply of one Toyota Avalon at the cost of N99.9m to her company, April 1616 Investment Ltd., in 2019.
The suspended governor was also accused of awarding a contract for the supply of another Toyota Landcruiser V8 for N77.050m to the third defendant in 2018.
The ex-CBN governor was said to have conspired with Mrs Yaro to confer corrupt advantages on the CBN staffer by awarding her a contract for the supply of two Toyota Hilux Shell specification vehicles at the cost of N44.2 million sometime in 2020.
He was further alleged to have awarded another contract to Mrs Yaro and her firm for the purchase of one Toyota Landcruiser VXR valued at N96m in 2020.
Mrs Yaro was similarly accused of fraudulent acquisition of property for getting a contract from the CBN for the supply of 47 Toyota Hilux vehicles at the cost of N1,085,700,000 and thereby committed a punishable offence.
By Adedapo Adesanya
The chief executive of the Nigerians in Diaspora Commission (NIDCOM), Mrs Abike Dabiri-Erewa, has attributed the recent increase in diaspora remittances to the economic reforms of the Central Bank of Nigeria (CBN).
She also said it indicated the presence of trust and confidence that Nigerians in diaspora have in the system, according to a statement issued by the agency’s spokesperson, Mr Abdur-Rahman Balogun, in Abuja on Monday.
She described the boost to Nigeria’s economy from its diaspora community in recent times as “humongous”.
Diaspora remittance inflows tripled to $600 million monthly over the past two months, according to statistics from the central bank.
Mrs Dabiri-Erewa appreciated the apex bank under the leadership of Olayemi Cardoso, whose various policies she said have led to the upsurge in remittances, including the introduction of the Non-Resident BVN and an exchange rate which, according to her, encouraged more formal channels of remitting funds.
Sharing the CBN Governor’s optimism that the figure could reach $1 billion per month by 2026, Mrs Dabiri-Erewa said NiDCOM would continue to propagate activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and constant engagement with the diaspora wherever they are.
The NIDCOM boss also commended the trust and the patriotism of Nigerians in diaspora, adding that the President Bola Tinubu’s administration is determined to improve the welfare of Nigerians at home and abroad.
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigerian government to turn recent global trade agreements into actionable results.
The Director-General of LCCI, Mrs Chinyere Almona, gave this advice on Monday in reaction to the outcomes of President Bola Tinubu’s recent diplomatic missions to Brazil and Japan.
Mrs Almona said given the persistent tariff tensions worldwide, the outcomes presented new trade opportunities worth exploring as Nigeria strove to push trade to new frontiers.
Already, Nigeria’s non-oil exports rose by 19.6 per cent to $3.22 billion in the first half of 2025, driven by global demand for products such as cocoa and urea/fertilizer, cashew nuts.
The LCCI Director-General stressed the need for the country to remain focused on supporting these statistics by creating new market routes to new trade partners.
According to her, an increase in non-oil exports to 4.04 million metric tons from 3.83 million tons shows an increased capacity to process non-oil exports and boost our export earnings.
She urged government to reach out to strategic partners that would place Nigeria in a stronger negotiating position when needed.
“LCCI commends the signing of the Bilateral Air Service Agreement (BASA) with Brazil, which enables direct flights between the two nations.
“This agreement will expand export markets, boost tourism and cultural exchange, and unlock new trade routes for Nigerian businesses.
“Beyond aviation, it offers opportunities for technical partnerships in aircraft maintenance, aerospace engineering, and vocational training for Nigerian youth.
“BASA should not be just about flights, but about creating new pathways for trade, mobility, and job opportunities for Nigerian youths and must therefore be activated quickly and strategically,” she said.
Mrs Almona also lauded the 238 million dollars collaborative financing framework outcome of the Tokyo International Conference on African Development (TICAD 9) to upgrade the national electricity generation grid infrastructure.
She said the investment gestures from Japan and other economies would encourage Nigeria to equip its youth population with vocational and technical skills.
This, she added, would enable them capitalise on opportunities in labour-intensive sectors, such as those found in high-manufacturing countries like Japan.
Mrs Almona stated that Nigeria’s foreign policy must now focus on translating agreements into tangible outcomes.
She advised that the private sector be well-integrated in operationalising these agreements through follow-up mechanisms, setting clear timelines for implementation, and prioritising vocational and technical skills development in markets.
“Japan sees our youth as Africa’s biggest strength and Nigeria must equip its young people with the technical skills to compete globally.
“By combining visionary diplomacy with practical action, Nigeria can shift global perceptions from challenges to opportunities and rebrand itself as a reform-driven, youth-powered, and investment-ready economy,” she said.
By Adedapo Adesany
Nigeria has signed a new deepwater oil contract with French oil and gas giant, TotalEnergies.
The contract, which is a Production-Sharing Contract (PSC), also includes local firm South Atlantic Petroleum, and will involve two offshore blocks.
The deal was done in a step to boost exploration and attract investment under its new oil framework.
Nigeria, Africa’s largest oil producer, is seeking to revitalize its upstream sector amid global energy transition pressures and declining investment in fossil fuels.
The deal covers petroleum prospecting licences 2000 and 2001, awarded during the 2024 licensing round, and spans about 2,000 square km (772 square miles) in the Niger Delta Basin.
Already, TotalEnergies holds an 80 per cent contractor interest, while Sapetro holds 20 per cent, the upstream oil regulator said on Monday.
Speaking on the deal, Mr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said this will help Nigeria tap into its underutilized reserves and help boost production.
“This PSC signals the start of a committed work programme that will help us unlock the untapped geological potential of our deepwater, expand our reserves, boost production, and strengthen Nigeria’s energy security,” he said.
The contract includes provisions for signature and production bonuses, minimum work guarantees, profit-sharing, and compliance with host community development obligations.
It also outlines environmental safeguards, including decommissioning and remediation funds.
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