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Court Grants Emefiele N20m Bail

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Godwin Emefiele arraigned in court

By Adedapo Adesanya

The Federal High Court sitting in Lagos has granted bail to the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in the sum of N20 million with one surety in like sum.

Justice Nicholas Oweibo granted bail to Mr Emefiele after listening to the submissions of his counsel, Mr Joseph Daudu (SAN).

Business Post had reported that the embattled Mr Emefiele was arraigned at the Ikoyi court on two counts of illegal possession of firearm and ammunition on Tuesday following a suit brought by the Department of State Services (DSS).

After more than one month in the net of the agency, the banker was arraigned before the vacation judge, Justice Nicholas Oweibo.

Former President of the Nigerian Bar Association (NBA), Mr Daudu, was the leader in Mr Emefiele’s defence.

The suspended apex bank chief had pleaded not guilty to the charges brought against him.

After the plea, his counsel told the court that his client had been in detention for weeks, informing Justice Oweibo that the application for bail had been filed and served on the prosecution.

This would mark his first appearance since he was seen in a viral video being marched onto a waiting aircraft in June.

Mr Emefiele’s travails had started after President Bola Tinubu criticised the CBN’s handling of the country’s monetary policies at his inauguration on May 29.

He later suspended Mr Emefiele as the apex bank chief on June 9, 2023. And the next day, the DSS confirmed that the embattled, suspended CBN chief was in its custody.

An Abuja High Court on July 13, 2023, subsequently ordered that the secret police charge Mr Emefiele to court within one week or release him.

Following the court order, the DSS said Mr Emefiele had been charged to court in compliance with the court order.

The federal government later filed two counts of illegal possession of firearms and ammunition against Emefiele before the Federal High Court in Lagos on two counts of illegal possession of firearms and ammunition.

The government maintained that the offence is contrary to Section 4 of the Firearms Act, Cap F28 Laws of the Federation 2004, and punishable under Section 27 (1b) of the same Act.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Navy Launches Operation Delta Sentinel to Achieve 2.5mb/d Oil Output

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Utapate crude oil blend

By Adedapo Adesanya

The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.

The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.

Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”

Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.

“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.

He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.

“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.

The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.

Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.

“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.

According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.

“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.

Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.

With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.

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NUPRC, NRS Seal Oil Revenue Alliance Under New Tax Laws

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NUPRC

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS) have moved to formalise a closer working relationship under the country’s new tax regime to ensure that upstream oil and gas revenues get tighter oversight and improved collection.

The renewed revenue alliance was activated when the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, paid a strategic visit to the chairman of NRS, Mr Zacch Adedeji, at the tax agency’s corporate headquarters in Abuja.

The engagement comes less than two weeks after new tax laws took effect on January 1, 2026, mandating deeper collaboration between sector regulators and revenue authorities in the collection of oil and gas proceeds accruing to the Federation.

Speaking during the meeting, Mrs Eyesan said the engagement was part of her post-assumption consultations aimed at aligning the upstream regulator with critical national revenue institutions.

“With the new tax laws now in force, it is important that NUPRC and NRS work in close coordination to ensure that oil and gas revenues due to the Federation are fully captured,” Mrs Eyesan said.

“Our mandate goes beyond regulation. It includes ensuring transparency, efficiency and accountability in revenue flows from upstream petroleum operations.”

She stressed that effective collaboration between both agencies would strengthen compliance, reduce leakages and support government revenue targets at a time of heightened fiscal pressure.

On his part, Mr Adedeji said the tax authority was committed to working with sector regulators to maximise revenue mobilisation under the evolving legal framework.

“The oil and gas sector remains critical to Nigeria’s revenue base, and collaboration with NUPRC is essential to meeting government revenue targets,” Mr Adedeji said.

“With clearer laws and better data-sharing between our institutions, we can significantly improve collection efficiency and enforcement.”

Both agencies agreed to deepen cooperation through information sharing and coordinated operational strategies, in line with the provisions of the new tax laws governing petroleum operations.

The meeting concluded with a shared resolve by NUPRC and NRS to prioritise national interest, tighten revenue assurance mechanisms and ensure that Nigeria derives maximum value from its upstream petroleum resources.

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Applications for Second Cohort of Moniepoint’s DreamDevs Initiative Open

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Moniepoint’s DreamDevs Initiative

By Modupe Gbadeyanka

To double down on Africa’s tech talent pipeline, the continent’s leading digital financial services provider, Moniepoint Incorporated, has opened applications for the second cohort of its flagship transformative programme, DreamDevs initiative.

A statement from the organisation disclosed that entries are expected to close on Tuesday, January 20, 2026, and should be submitted via dreamdevs.moniepoint.com.

Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence.

DreamDevs was created to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint.

Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.

Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.

“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally.

“This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward,” the co-founder and Chief Technology Officer at Moniepont, Mr Felix Ike, said.

“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs. This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs.

“By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” he added.

Sharing his experience, a member of the first cohort and now a Backend Engineer at Moniepoint, Mr Victor Adepoju, said, “The organisation of the programme was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on.

“I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”

DreamDevs aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year. The initiative is also in tandem with the federal government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.

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