General
Court Orders Arrest of Mompha After Bail Revocation
By Modupe Gbadeyanka
A bench warrant for the arrest of an Instagram celebrity, Ismaila Mustapha, popularly known as Mompha, has been issued by Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
This was after the judge on Wednesday, June 22, 2022, revoked the N200 million bail earlier granted to the suspect, who is standing trial in a case brought against him by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency dragged Mompha before the court alongside his company, Ismalob Global Investment Limited, on an eight-count charge bordering on conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct, laundering of funds obtained through unlawful activity, failure to disclose assets and property, possession of documents containing false pretence and use of property derived from an unlawful act.
On June 10, 2022, Justice Dada had ordered the temporary revocation of the defendant’s bail but released him to his counsel, Mr Gboyega Oyewole (SAN), who pleaded for one week to investigate the allegation by the prosecution that the defendant procured another passport different from the one submitted to the court, as part of conditions for his bail.
The prosecution had told the court that the defendant used a new passport to travel from Ghana to Dubai, thereby violating his bail terms.
Last Thursday, the trial of Mompha was stalled due to his absence in court and his lawyer pleaded for a stand down, assuring the court that his client would attend the proceedings.
However, the defendant still failed to show up in court, despite the stand down.
At today’s proceedings, the matter was again stood down to 12.00 pm at the instance of the prosecution and when the case was eventually called, the defendant was again absent in court, prompting Justice Dada to ask: “So, where is the defendant?”
In his response, Mr Oyewole, who also expressed surprise at the development, told the court that he was given the assurance that the defendant would be in court.
“I had his assurance until yesterday night that he will be in court, and that was why I was waiting downstairs for him,” he said, informing the court that following the absence of the defendant at the last sitting, he made efforts to ensure that the defendant was in court for the continuation of the trial.
Reacting to the development, the prosecuting counsel, Mr Rotimi Oyedepo, said: “If I say that this development is not shocking, it will be an understatement.
“As at yesterday, the learned Senior Advocate discussed with me and assured [me] that we should continue today with these proceedings.”
He then informed the court that, “we’ve been able to file a plea bargain that he signed,” but noted that the defence counsel seemed to have taken some steps, adding that “it appears it is not yielding any results.
“I urge your lordship to issue a warrant for his arrest and for the production of the defendant before your lordship.”
Consequently, Justice Dada ruled that, “The bail of the defendant is once again revoked and a bench warrant issued for his arrest against the next adjourned date of Thursday, June 30, 2022.”
Business Post reports that one of the charges against Mompha is that he and others, including one at large, “sometime in 2016, in Lagos, within the jurisdiction of this court, conspired amongst yourselves to conduct financial transactions to the tune of N5,998,884,653.18 with the intent of promoting the carrying on of specified unlawful activities to wit: obtaining by false pretence.”
He pleaded “not guilty” to the charges, prompting the commencement of his trial.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
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.
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