General
Cavista Leverages UNGA 2025 to Position Nigeria as Investment Destination
By Modupe Gbadeyanka
The urgent need to drive foreign direct investment (FDI) into Nigeria has been emphasised by a global investment company, Cavista Holdings.
At an event held on the sidelines of the 80th Session of the United Nations General Assembly (UNGA), the firm, chaired by Mr Niyi John Olajide, advised investors to quickly tap into the Renewed Hope Agenda of President Bola Tinubu to end food insecurity in the country.
Business Post reports that Cavista organised a Gala Night in New York, USA, in collaboration with Corporate Council on Nigeria (CCA) and the Nigeria Governors Forum (NGF).
The exclusive invite-only ceremony was attended by private sector investors, leaders from international finance partners, top governments officials in the United States, Africa and a high-power Nigerian delegation led by the Vice President of Nigeria, Mr Kashim Shettima.
Also present were Governor Babajide Sanwo-Olu of Lagos State, Governor Mohammed Umar Bago of Niger State, Governor Dauda Lawal of Zamfara State, the Emir of Kano, Muhammad Sanusi II; the Deputy Governor of Cross River State, Mr Peter Odey; and some Ministers from Nigeria, among others.
In his welcome address, Mr Olajide, who doubles as the chairman of CCA, noted that Nigeria has the potential to be the future market through “value creation and impact.”
“Nigeria is not only a future market. It is the present-day frontier of value creation and impact.
“At Cavista Holdings, our vision is clear: to create value and transform lives. We invest in Africa for three reasons: to create jobs, to create more jobs, and to create even more jobs,” he stated.
He added that as part of efforts to help end food insecurity in Nigeria, Cavista Holdings has flagship investments such as Agbeyewa Farms, home to Africa’s largest cassava farm; transformed Ikogosi Warm Springs Resort into a premier hospitality destination, while Cavista Technologies and Payzeep powering Africa’s digital economy with plans to expand into energy and mining.
On his part, Mr Shettima, represented by the Minister of Education, Mr Tunji Alausa, said the bold fiscal reforms by the President Tinubu-led administration has been attracting investments and supporting the private sector to strengthen the economy.
General
Rivers Assembly Begins Impeachment Proceedings Against Governor Fubara
By Aduragbemi Omiyale
Members of the Rivers State House of Assembly have commenced impeachment proceedings against Governor Sim Fubara.
The exercise commenced on Thursday and if successful, it would see the removal of Mr Fubara from office by the state parliament.
This is coming less than less than four months after he was restored as the Governor of the oil-rich state from a six-month suspension on democracy in the state.
In March 2025, President Bola Tinubu suspected Mr Fubara and the Rivers State House of Assembly over political tension between the Governor and his predecessor, Mr Nyesom Wike, who is now the Minister of the Federal Capital Territory (FCT) Abuja.
A peace deal was reportedly brokered by Mr Tinubu between Mr Fubara and Mr Wike but things fell apart a few months after.
The Rivers Assembly is populated by loyalists of Mr Wike and has lawmakers from the All Progressives Congress (APC) and the People’s Democratic Party (PDP).
A few weeks ago, the Governor decamped from the PDP to the APC, in a move described as a masterstroke because it was calculated that it would free Mr Fubara from the grip of Mr Wike, who has been expelled from the PDP but yet to join the APC.
General
Dangote Withdraws Petition Against Ex-NMDPRA CEO Farouk Ahmed
By Modupe Gbadeyanka
The petition filed by Mr Aliko Dangote to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) against the former chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has been withdrawn.
The businessman had accused Mr Ahmed of using his office to enrich himself and living above his means.
According Mr Dangote, the former NMDPRA chief spent about $7 million belonging to Nigerians for the primary education of his four children in Switzerland.
In the heat of this, Mr Ahmed resigned from the position, with the ICPC promising to further look into the matter.
It was gathered that the owner of the Lagos-based Dangote Petroleum Refinery has withdrawn his petition against Mr Ahmed from the ICPC because a similar complaint is already being investigated by the Economic and Financial Crimes Commission (EFCC).
The ICPC, in a statement signed by its Head of Media and Public Communications, Mr John Okor Odey, on Wednesday said, “The ICPC is in receipt of a letter dated January 5, 2025, titled ‘Notice of Withdrawal of Petition against Engineer Farouk Ahmed’, submitted to the commission by Dr. O.J. Onoja, SAN and Associates, legal counsel to Aliko Dangote.
“The letter states that the petitioner has withdrawn the petition dated December 16, 2025, submitted against Engineer Farouk Ahmed, the immediate past ACE/CEO of the NMDPRA, in its entirety, and that another law enforcement agency has taken over.
“The ICPC wishes to state categorically that, in line with the provisions of Sections 3(14) and 27(3) of its enabling Act, investigations in the interest of the Nigerian people and the Nigerian state have already commenced and are presently ongoing.
“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria.”
General
Court Grants N500m Bail To Malami, Wife, Son in Money Laundering Case
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has granted the former Attorney General (AGF) and Minister of Justice, Abubakar Malami and two others, bail in the sum of N500 million with two sureties.
The sureties, according to the judge, must have landed property in Asokoro, Maitama, or Gwarinpa.
The documents of the properties are to be verified by the deputy chief registrar of the court while the sureties are also to depose to affidavit of means.
Mr Malami was also ordered to deposit his travelling documents with the court and must not travel out of the country without the permission of the court.
The former AGF and his sureties were also ordered to deposit their two recent passport photograph with the court.
Meanwhile, Mr Malami has been ordered to be remanded in Kuje prison pending his perfection of the bail conditions.
Justice Nwite subsequently fixed February 17 for commencement of trial of the corruption charges.
The same bail were extended to Mr Malami’s son, Mr Abdulaziz Malami, and a listed employee of Rahamaniyya Properties Limited, Mrs Asabe Bashir, who is also believed to be Mr Malami’s wife.
The Economic and Financial Crimes Commission (EFCC) filed a 16-count alleged money laundering charge against Malami, his son and his wife.
In one of the counts, the anti-graft agency alleged that Mr Malami and his son procured Metropolitan Auto Tech Limited to conceal the unlawful origin of the sum of N1,014,848,500.00 in a Sterling Bank Plc account, when they reasonably ought to have known that the sum constituted proceeds of unlawful activities, thereby committing an offence contrary to Section 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
It also said they conspired to disguise the unlawful origin of the aggregate sum of N1,049,173,926.13 paid through the Union Bank Plc account of Meethaq Hotels Limited, Jabi, between November 2022 and September 2024, contrary to Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Sections 18(2)(a) and 18(3) of the same Act.
Another count alleged that between November 2022 and October 2025, the duo indirectly took control of the aggregate sum of N1,362,887,872.96 paid through the Union Bank Plc savings account of Meethaq Hotels Limited, when they reasonably ought to have known that the funds constituted proceeds of unlawful activities, contrary to Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
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