General
Court to Rule on Continuation of Emefiele’s Case Wednesday
By Adedapo Adesanya
The embattled former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who is standing trial on a 19-count bordering on receiving gratification and corrupt demand, will know whether or not his case will continue on Wednesday, February 26.
A Special Offences Court sitting in Ikeja, Lagos under Justice Rahman Oshodi adjourned for ruling after Mr Emefiele’s counsel, Mr Olalekan Ojo (SAN), asked the judge to recuse himself from the trial, citing bias.
Another Senior Advocate of Nigeria, Mr Kazeem Gbadamosi representing Mr Emefiele’s co-defendant, Mr Henry Omoile, also made a similar request.
Mr Emefiele is being tried by the Economic and Financial Crimes Commission (EFCC) for the charges alongside his co-defendant, Mr Omoile, who is facing a three-count charge bordering on unlawful acceptance of gifts by agents.
At the proceedings on Monday, the EFCC lead counsel, Mr Rotimi Oyedepo (SAN), concluded the evidence-in-chief of a former personal assistant to the CBN governor, Mr Adetola John.
Mr Oyedepo reminded the witness of his earlier testimony in November 2024, where he stated that he received the sum of $400,000 cash from the former director of the ICT Department, Mr John Ayoh, and handed it over to Mr Emefiele in his office.
The witness, Mr Adetola, at the time, had also said that he managed office correspondence and visitors of the former CBN governor in Lagos while one Mr Eric Odoh, the personal assistant to the CBN governor in Abuja did the same in the FCT office of the CBN.
Mr Oyedepo also asked the witness to confirm a WhatsApp message from Mr Odoh which was printed from his phone by the EFCC investigators.
The defence team objected to this line of questioning on the grounds that the document was solely meant for identification and was not an exhibit before the court. They also argued that the witness could not read or speak into the document.
Justice Oshodi overruled the defence team and allowed the witness to read from the document marked for identification.
The judge cited Section 224 of the Evidence Act, which permits leading questions concerning introductory facts or undisputed matters
After this procedure, the lead defence counsel, Mr Ojo, expressed dissatisfaction with the court’s decision. Rather than commence their cross-examination of the witness, through oral applications, they unanimously asked the court to recuse itself on the allegation of bias.
Mr Ojo argued that by the judge’s ruling, the court‘s decision was that the witness had already proven that the $400,000 collected by Mr Adetola was delivered.
He also contended that this premature conclusion made it impossible for the defence to cross-examine the witness fairly.
He, then, requested that Justice Oshodi recuse himself from further hearings.
In his response, the EFCC counsel, Mr Oyedepo opposed their applications, saying it is a form of delay tactics.
Justice Oshodi adjourned till February 26 to rule on the submissions.
Earlier in the proceedings, Emefiele’s counsel had informed the judge of another application seeking permission to allow the former CBN governor to appeal the court’s ruling delivered on January 8, 2025, assuming jurisdiction to hear the case.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
