General
Buhari Never Authorised $6.2m for Election Observers—Boss Mustapha
By Modupe Gbadeyanka
The immediate past Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, has informed Justice Hamza Muazu of the Federal Capital Territory (FCT) High Court in Maitama, Abuja, that former President Muhammadu Buhari did not approve the withdrawal of $6.2 million from the Central Bank of Nigeria (CBN) to pay foreign election observers.
It was alleged that Mr Buhari, who left office in May 2023, signed a memo directing the CBN to pay in cash the sum of $6.2 million to international election observers in the last 2023 general election.
This revelation was made in the ongoing trial of the former Governor of the apex bank, Mr Godwin Emefiele, in court. He was arraigned by the Economic and Financial Crimes Commission (EFCC).
While appearing as a prosecution witness on Tuesday, February 13, 2024, Mr Mustapha stressed that neither Mr Buhari nor himself raised the controversial memo.
“My Lord, all through my years in service at my capacity, I never came across such a document. Having served for five years, seven months, I can say this document did not emanate from the office of the President,” he said.
He faulted the correspondence Mr Emefiele claimed came from the President’s office with a reference number, revealing that “once a correspondence has the President’s seal, there is no need for a reference number, because the seal is the authority.”
“I have looked at it, read it, and the Federal Executive Council’s decisions are not transmitted by letters but through extracts, after conclusions were adopted.
“My Lord, I am a custodian of all records, therefore, the President cannot give me the records, and in all my years in service, I have never heard the term Special Appropriation Provision that is referred to here.
“In all the correspondence I have received from my principal, it has never ended with please accept the assurance of my highest regard. I am his subordinate, so nothing of such would emanate.
“Lastly, my Lord, the Nigerian government has nothing to do with financing foreign observers. I know for a fact because I managed two elections, so the responsibility of such lies with INEC,” the former SGF added.
Asked by the prosecution counsel, Mr Rotimi Oyedepo (SAN), in respect of exhibit PD7 which states that it was 187 FEC meeting that held on January 18, 2023, Mr Mustapha affirmed that a FEC meeting held, but it was not 187 session, but rather first meeting of the year because it was January.
“My Lord, there was a meeting and it was the first meeting not 187. It was the first meeting of the year. My Lord, all FEC meetings are normally Presided over by the President or Vice president.
“In the case of January 18, it was the Vice president that presided over the meeting because the President was not around.
“My role was to prepare the agenda of the meeting and on that day, there was a16-point agenda, and there was no agenda that had to do with foreign observers, so it did not appear on the FEC of 18 January, there was no such approval or anything else from the FEC,” he said.
Asked whether the letter for the approval of the money emanated from his office, Mr Mustapha denied any knowledge regarding it.
“My Lord, to the best of my knowledge, that letter did not emanate from my office, not to talk of signing it.
“I am saying it was not from me for the following reasons; I was not privy to the operations of CBN, so I cannot write to the governor or the director.
“Secondly, the heading is defective because it reads ref. for election observers. It presupposed that there were previous correspondences when you say ref.
“So, my Lord, it is not true because it does not carry any FEC approval. And finally, there was a reference at the end of the letter.”
“I wish to state my Lord that I am not aware of any Special Taskforce and I do not know one Jibril Abubakar, Principal Officer One, who was alleged as the coordinator of this Taskforce, so I did not introduce any Abubakar to the CBN governor,” he said.
While on cross-examination, Mr Mathiew Bukka (SAN) asked whether Mr Mustapha received any amount from the money, he said he did not receive a single dollar when he was serving and when he left office.
He denied knowledge of Knowing Abubakar, stressing that he had never met him, nor did he ever work for him, saying he knew about the scandal on social media when it was stated that the defendant and himself connived to steal the huge amount of money, and for him to protect and redeem his image and integrity before the world, he then made a Press Release exonerating himself and at the same time encouraged further investigation on getting to the root of the matter.
After his testimony, Justice Muazu adjourned the matter till March 7, 11 and 25 for the continuation of trial.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has inaugurated a new board for the Agricultural Credit Guarantee Scheme Fund (ACGSF) with a renewed push to expand agricultural lending through technology, innovation and deeper financial inclusion.
Speaking at the inauguration in Abuja, Mr Cardoso said the scheme, established in 1977, remains a critical instrument for de-risking credit to farmers nationwide.
“The ACGSF has demonstrated enormous value in supporting Nigeria’s food system. With repayment rates consistently between 90 and 98 percent, it is clear that farmers can deliver when given access to credit,” he said.
The CBN Governor stressed the need for a more modernised approach to agricultural finance.
“We must scale up innovation, deepen inclusion and deploy technology to ensure that more farmers, especially women and youth, can benefit from this scheme,” Mr Cardoso stated, charging the new board to strengthen collaboration with financial institutions while ensuring real-time tracking and monitoring of loans to improve productivity and safeguard the fund’s integrity.
The newly inaugurated Board is chaired by Dr Olusegun Oshin, with members including Professor Murtala Sabo Sagagi, Dr Nneka Onyeali-Ikpe, Mr Frank Satumari Kudla, Ms Olusola Sowemimo, Ms Adetoun Abbi-Olaniyan and Mr Wondi Philip Ndanusa.
Mr Cardoso expressed confidence in the team’s ability to reposition agricultural credit delivery.
“This Board comes at a crucial time. We expect stronger oversight, improved efficiency and a renewed focus on rural livelihoods,” he said.
According to a statement from the apex bank, Deputy Governors, Directors and senior officials of the bank were present at the ceremony.
-
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
-
Banking7 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