General
Court Seizes $4.7m, N830.8m, Properties From Emefiele
By Adedapo Adesanya
The Federal High Court sitting in Lagos has ordered an interim forfeiture of the sums of $4,719,054, N830,875,611, and several properties linked to a former governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
Justice Yellim Bogoro gave the order on Thursday, May 23, 2024, following an ex-parte application by counsel to the Economic and Financial Crimes Commission (EFCC), Mrs Bilkisu Buhari.
After listening to the EFCC Counsel, Justice Bogoro in her ruling said: “I have listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support.
“I find merit in the application and same is hereby granted as prayed.
“The applicant should publish this order in any daily newspaper circulating all over the federation for anybody interested to show cause why the final order of forfeiture should not be made. Case adjourned to July 2, for motion for final forfeiture.”
The monies forfeited to the federal government in the interim were said to be warehoused in First Bank; Titan Bank and Zenith Bank, being operated by Omoile Anita Joy; Deep Blue Energy Service Limited; Exactquote Bureau De Change Ltd; Lipam Investment Services Limited; Tatler Services Limited; Rosajul Global Resources Ltd and TIL Communication Nigeria Limited.
His properties forfeited to the federal government include 94 units of an 11-floor building under construction at 2, Otunba Elegushi 2nd Avenue (Formerly Club) Road, Ikoyi, Lagos; AM Plaza, 11-floor office space, situate on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, and Imoore land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos.
Others include Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos and two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B.Lot twin completed property in Lakes Estate. Lekki, Lagos.
Others are one plot measuring 1,038.069 sqm, at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; Estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, Owned by Lipam Investment Services; a land at 1, Bunmi Owulude Street, (Maruwa), Lekki Phase 1, Lagos and a property situate on 8, Bayo Kuku Road, Ikoyi, Lagos.
The EFCC had approached the court for an interim forfeiture of the monies and properties, under Section 17 of the Advance Fee Fraud and Other Fraud Related Offence Act. 14 2006, Section 44(2)(b) of the Constitution and under the inherent jurisdiction of the court.
Specifically, the anti-graft asked the court for the following; “An interim order forfeiting to the Federal Government of Nigeria the funds warehoused in the accounts particularized in Schedule ‘A’ which funds are reasonably suspected to be proceeds of unlawful activities.
“An interim order forfeiting to the Federal Government of Nigeria properties provided in 2nd Schedule ‘B’ which are proceeds of unlawful activities.
“An order directing the publication in any national newspaper, the interim order under reliefs 1-2 above, for anyone interested in the properties and funds sought to be forfeited to appear before this honourable court to show cause within 14 days why the final order of forfeiture of the said properties and funds should not be made in favour of the Federal Government of Nigeria.”
General
US Suspends Immigrants Visa for Nigerians, 74 Others
By Adedapo Adesanya
Nigeria is among 75 countries the US government will suspend the processing of immigrant visas for its citizens.
According to the US State Department, the citizens of the 75 countries are those whose nationals are deemed likely to require public assistance while living in the United States.
The State Department, led by Secretary Marco Rubio, said it had instructed consular officers to halt immigrant visa applications from the countries affected in accordance with a broader order issued in November that tightened rules around potential immigrants who might become “public charges” in the US.
Business Post gathered that alongside Nigeria are Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia, Brazil, Burma, Cambodia, Cameroon, Cape Verde, Colombia, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, and Dominica.
Others include Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macedonia, Moldova, Mongolia, Montenegro, Morocco, Nepal, Nicaragua, Pakistan, Republic of the Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan, and Yemen.
The suspension, which will begin on January 21, will not apply to applicants seeking non-immigrant visas, or temporary tourist or business visas.
“The Trump administration is bringing an end to the abuse of America’s immigration system by those who would extract wealth from the American people,” the department said in a statement.
“Immigrant visa processing from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”
President Donald Trump’s administration has already severely restricted immigrant and non-immigrant visa processing for citizens of dozens of countries, many of them in Africa.
General
Nigeria Hires $9m American Lobby Firm to Counter Christian Genocide Claims
By Adedapo Adesanya
Nigeria has reportedly engaged the services of a Washington-based lobbying firm, DCI Group, in a $9 million contract aimed at communicating its efforts to protect Christians in Nigeria to the United States government.
According to The Africa Report, the amount appears to be a record for African lobbying in the US capital, citing documents filed with the US Department of Justice by Aster Legal, a Kaduna-based law firm, acting on behalf of National Security Adviser (NSA), Mr Nuhu Ribadu.
The agreement, signed on December 17, 2025, between Mr Oyetunji Olalekan Teslim, Managing Partner of Aster Legal, and Mr Justin Peterson, Managing Member of DCI Group, authorises the US firm to assist the Nigerian government “in communicating its actions to protect Nigerian Christian communities and maintaining US support in countering West African jihadist groups and other destabilizing elements.”
Under the terms of the contract, DCI Group will receive $750,000 monthly, amounting to $9 million over 12 months. The deal runs initially for six months, until June 30, 2026, with an automatic renewal clause for another six-month period.
A clause in the agreement also allowed either party to terminate the deal “for any reason without penalty” by giving 60 days’ advance written notice.
It was reported that on December 12, 2025, Nigeria paid DCI Group 50 per cent or $4.5 million prepayment covering the first six months of the retainership agreement. A second installment is due at the end of the initial contract period.
This comes amid recent threats by US President Donald Trump to invade the country after its redesignation of Nigeria as a “country of particular concern,” citing alleged attacks against Christian communities. However, the Nigerian government has repeatedly denied claims of a Christian genocide, insisting that violence in the country affects all regardless of their affiliations.
Following an engagement late last year, the federal government pledged to “engage with the American government through diplomatic and legal channels” to address the allegations. Since late November, the US has been conducting intelligence-gathering flights over large parts of Nigeria.
On Christmas Day, the US military launched airstrikes against Islamic State (IS) terrorist enclaves in Bauni Forest, Tangaza Local Government Area of Sokoto State, marking a significant escalation in US counterterrorism involvement in Nigeria.
On Tuesday, the US delivered critical military supplies to Nigeria to bolster the country’s operations, the US military’s Africa Command (AFRICOM) said.
General
Nigeria, UAE Seal Trade Pact, to Co-host Investopia
By Adedapo Adesanya
President Bola Tinubu has said Nigeria would co-host Investopia with the United Arab Emirates (UAE) in Lagos in February, an initiative aimed at attracting global investors and accelerating sustainable investment inflows.
President Tinubu made this announcement on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW), where Nigeria also concluded a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.
“We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world, ” President Tinubu said.
He described CEPA as a historic and strategic agreement that will also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for the people of the two countries, stating that Investopia will bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.
Mr Tinubu told the summit that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance as it accelerates energy transition reforms and expands nationwide electricity access.
“The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.
”We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.
”Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets,” he said.
According to President Tinubu, Nigeria has strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.
He explained that these measures are aimed at improving transparency and investor confidence.
Mr Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, noting that it enables decentralised power generation and distribution to underserved communities.
He added that Nigeria’s climate investment drive includes a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.
President Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.
He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.
President Tinubu noted that Nigeria’s ongoing economic reforms are producing tangible results, including a 21 per cent growth in non-oil exports.
”These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.
”We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring,” he said.
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