By Adedapo Adesanya

A Federal High Court sitting in Abuja and presided over by Justice Joyce Abdulmalik on Tuesday, May 26, 2026, slated July 6, 2026, for judgment in the final forfeiture of 57 properties linked to former Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.

The case was brought before the court by the Economic and Financial Crimes Commission (EFCC).

At Tuesday’s proceedings, EFCC counsel, Mr Jubrin Okutepa (SAN), informed the court that the matter of the day was for the hearing of final forfeiture of the properties and other pending applications.

Reacting, defence counsel, Mr Adedayo Adedeji (SAN) drew the attention of the court to 16 Motions on Notice seeking to set aside the interim forfeiture order of the properties by the court delivered on January 6, 2026.

The EFCC opposed the motions with counter-affidavits, urging the court to discountenance the request of the defendant. Some of the defendant’s applications sought an extension of time to show cause why properties listed in the schedule should not be forfeited to the government.

Arguing the applications, Mr Adedeji submitted that, “My lord, we filed an application, dated 21st of April 2026, for extension of time and a counter affidavit to oppose to the applicant’s motion for final forfeiture which was deposed to by Abubakar Malami urging the honorable court to refuse and dismiss the order of final forfeiture as they are not proceeds of crimes but an allegation that is relied on suspicion”

In his response, Mr Okutepa said his client also filed a 77-paragraph affidavit deposed to by Mr Adebayo Daniels, an EFCC operative, which was filed on May 5, 2026, attached with eight exhibits and a written address, in addition to a reply on points of law.

“We rely on all these processes in urging my lord to hold that their application has woefully failed to show cause, and we ask your lordship to grant the request as prayed and forfeit the properties to the Federal Government”.

He further prayed the court to discountenance the request of other respondents opposing the forfeiture applications.

Justice Abdulmalik adjourned the matter to July 6, 2026, for judgment.

By Adedapo Adesanya

Nigeria has cancelled $717.7 million in undisbursed World Bank intervention financing designed to revive Nigeria’s struggling electricity sector.

The cancellation followed a formal request by the federal government and a joint decision by both parties to discontinue financing under the Power Sector Recovery Performance-Based Operation due to evolving sector realities and the inability to achieve key reform milestones.

According to documents obtained from the World Bank, the development effectively terminates the remaining portion of a $1.52 billion power sector recovery programme.

The cancelled amount represents the entire undisbursed balance remaining under the programme.

“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7 million equivalent, and no further disbursements will be made under the Program following approval of this restructuring,” the bank stated.

The federal government developed the Power Sector Recovery Programme as a framework to restore the sector’s financial viability and reduce its fiscal burden on public finances.

The programme included plans to progressively eliminate tariff shortfalls, improve operational performance among power sector institutions, and strengthen regulatory oversight and accountability mechanisms.

The loan was approved on June 23, 2020, with financing of about $752.5 million equivalent. The programme was structured to improve electricity supply reliability, strengthen the sector’s financial and fiscal sustainability, and enhance accountability among key institutions in the electricity value chain.

Following initial progress recorded under the programme, the World Bank approved an Additional Financing package of approximately $763.5 million equivalent on June 9, 2023, to consolidate earlier gains and support a new phase of reforms. The financing became effective on June 19, 2024, and extended the project’s closing date to June 30, 2027.

Together, the original financing and the additional facility amounted to about $1.52 billion.

However, while the additional financing struggled to meet critical reform conditions, resulting in limited disbursements and eventual cancellation of the remaining funds, the parent programme achieved substantial results and largely disbursed its resources.

According to the bank, high technical, commercial, and collection losses across the distribution segment, combined with inadequate cost recovery, have created a recurring mismatch between revenues generated by the sector and its actual operating costs.

The World Bank noted that Nigeria’s electricity sector continues to face deep-rooted structural challenges despite years of reforms and significant financial support.

The report stated that the sector still suffers from weak distribution performance, transmission bottlenecks, underutilisation of available generation capacity, and persistent financial imbalances.

“These constraints have created recurrent financing gaps, most notably in the form of tariff shortfalls, which generate liquidity pressures across the value chain and weaken the operational and financial performance of sector institutions,” the report said.

According to the World Bank, implementation of the original operation delivered notable results. The report stated that tariff shortfalls fell by 71 per cent between 2019 and 2022, declining from N581 billion to N166 billion.

During the same period, regulatory cost recovery improved significantly from 56 per cent to 94 per cent, while annual electricity supplied to the distribution grid increased by 13 per cent between 2018 and 2021.

The bank said all standard disbursement-linked indicators and global indicators attached to the original programme were fully achieved. “Implementation of the parent operation was satisfactory, brought substantial results, and fully disbursed the PforR component as all DLRs were achieved,” the report stated.

Encouraged by those gains, the World Bank approved the additional financing package to address remaining structural weaknesses and deepen reforms under the Power Sector Recovery Programme.

The new facility was expected to support the development of a sustainable financing framework for the sector, improve operational performance through implementation of performance improvement plans, and strengthen governance arrangements among electricity institutions.

However, the anticipated reforms failed to materialise within the expected timeframe. The World Bank attributed much of the setback to major macroeconomic developments that dramatically altered the operating environment.

By Adedapo Adesanya

President Bola Tinubu says Nigeria is gradually emerging as a preferred destination for investment, saying the economic reforms introduced by his administration are beginning to yield positive results capable of driving job creation and economic growth.

He stated this in his 2026 Eid-el-Kabir message to Muslims in Nigeria and across the world, contained in a statement issued by the State House on Tuesday.

The President said the country had passed through difficult economic conditions but is now witnessing signs of stability and recovery following reforms implemented by his administration over the last three years.

“As a nation, we are on a journey of reconstruction and renewal. The reforms we have undertaken are challenging but necessary to build a stronger and more prosperous Nigeria for future generations,” Mr Tinubu stated.

“Just as sacrifice brings reward, I am happy that the sacrifices and efforts we have made over the past three years have yielded a more stable economy, making our country a preferred investment destination that will drive job creation and economic growth. The walk through the dark tunnel is over, and the light is here.”

The President described Eid-el-Kabir as a season that symbolises sacrifice, obedience, compassion and faith, urging Nigerians to embrace unity, tolerance and selflessness for national development.

Mr Tinubu also expressed confidence that ongoing reforms would continue to improve security and expand opportunities for citizens across the country.

“I am confident that, by the Grace of God, the reforms we have diligently pursued will continue to yield improved security and greater opportunities for all,” he said.

While acknowledging continued attacks by terrorists and bandits in parts of the country, the President assured affected communities that the Federal Government remained committed to restoring peace and defeating criminal elements.

“I am aware that, despite the best efforts of our security and intelligence agencies—including the recent elimination of a wanted ISIS leader—heartless terrorists and bandits still attack some communities. I assure you: you are neither abandoned nor forgotten. We will ultimately defeat all the forces of evil,” Tinubu stated.

He further urged Muslim faithful to use the Eid celebration to pray for national peace, unity and wisdom for leaders at all levels.

The President also called on Nigerians to extend support to vulnerable citizens and strengthen the spirit of brotherhood, irrespective of ethnic or religious differences.

He reaffirmed his administration’s commitment to investments in security, infrastructure, agriculture and human capital development as part of efforts to build a peaceful and prosperous nation.