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DSS Confirms Arrest of Godwin Emefiele

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Godwin Emefiele CBN Governor

By Modupe Gbadeyanka

The Department of State Services (DSS) has confirmed the arrest of the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, after earlier denying it.

The embattled central bank chief was suspended from office on Friday by President Bola Tinubu.

It was reported last night that Mr Emefiele, who hails from Delta State, was apprehended by the secret police in Lagos allegedly on his way out of the country and taken to Abuja for questioning.

Before his arrest yesterday, the DSS had attempted to detain him in January 2023 over allegations of terrorism financing and others, but the military prevented it.

In a terse statement on Saturday, the DSS confirmed that Mr Emefiele, who left his post as the Group Managing Director of Zenith Bank Plc to take up the CBN job, was in its custody.

“The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons.

“The public, particularly the media, is enjoined to apply utmost caution in the reportage and narratives concerning this,” the statement from the spokesman of the agency, Mr Peter Afunanya, said.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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World Banks Debar Three PwC Subsidiaries for 21 Months Over Project Fraud

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PwC Nigeria

By Adedapo Adesanya

Three African subsidiaries of global advisory firm, PricewaterhouseCoopers (PwC), have been debarred by the World Bank Group for 21 months after being found guilty of manipulating procurement processes for a major cross-border electricity project.

In a statement on Wednesday, the Washington-based multilateral lender said PricewaterhouseCoopers Associates Africa Ltd, based in Mauritius, along with its Kenyan and Rwandan affiliates, engaged in “collusive and fraudulent practices” linked to the Eastern Electricity Highway Project, a flagship initiative to transmit hydropower from Ethiopia to Kenya.

The decision sidelines PwC from lucrative World Bank-funded projects on the continent, dealing a blow to one of the region’s most influential audit and advisory firms.

This development could reshape competition for high-value consulting work across emerging markets, potentially disrupting startups and tech firms reliant on World Bank funding, as scrutiny over governance and compliance tightens.

The World Bank, through its private sector arm, International Finance Corporation (IFC), offers grants and low-interest loans to startups across emerging markets.

Earlier this week, the IFC committed $20 million to invest in high-growth startups in Kenya, Nigeria, and South Africa.

“The debarment makes PwC Associates, PwC Kenya, PwC Rwanda, and any affiliates they control ineligible to participate in Bank Group-financed projects and operations,” the World Bank said. “It is part of a settlement agreement under which the three companies admit culpability for sanctionable practices.”

The determination was based on the company’s conduct between 2019 and the award of contracts for consultancy services and asset valuation work for the Ethiopian state power utilities.

According to the World Bank statement, the firm obtained confidential procurement documents to improperly influence the award of a contract for the implementation of International Financial Reporting Standards at the Ethiopian Electric Power Corporation.

They also attempted to steer a separate contract for a fixed asset inventory and revaluation for the power utility towards PwC Associates. During the bidding and execution of that contract, the bank found that the company misrepresented the availability and qualifications of key experts and failed to disclose the full list of subconsultants involved.

According to the World Bank, the debarment is shorter than would otherwise apply because PwC admitted misconduct. The advisory firm also agreed to a series of remedial measures, including internal investigations, disciplinary action against responsible staff, terminating relationships with all subconsultants involved, and additional staff training.

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Nigerians Can Film Police on Duty—Court Declares

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film police on duty

By Aduragbemi Omiyale

A Federal High Court in Warri, Delta State, has affirmed the right of Nigerians to film personnel of the Nigeria Police Force (NPF) on duty.

The judgment was given by Justice H. A. Nganjiwa on Tuesday in a case filed by Mr Maxwell Uwaifo in suit number FHC/WR/CS/87/2025.

The court held that Nigerians have the constitutional right to use any device to record police officers executing their official duties in public.

It was ruled that police officers must wear visible name tags, display their force numbers, and must not harass, intimidate, arrest, or seize devices from citizens documenting their activities.

The court awarded the applicant N5 million in damages for the violation of his fundamental rights and N2 million for the cost of litigation.

Business Post reports that the respondents in the case were the Inspector General of Police (IGP), the NPF, the Police Service Commission (PSC), and the Attorney-General of the Federation (AGF).

The lawyer filed the case in accordance with Sections 34, 35, 36, 37, 38, 39, 40, and 41 of the Constitution of Nigeria and others.

“This judgement has significant implications for policing standards, civil liberties, and public accountability across Nigeria,” Mr Uwaifo said after the judgement.

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Lagos Consumes 30% of Total Power Off-Take in Nigeria—TCN

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TCN EKEDC Total Power Off-Take in Nigeria

By Aduragbemi Omiyale

The General Manager in charge of Transmission for Lagos Region of the Transmission Company of Nigeria (TCN), Mr Adeshina Adeonipekun, has stressed the critical role of Lagos in the national grid.

While receiving the chief executive of Eko Electricity Distribution Company (EKEDC), Ms Wola Joseph Condotti, at his office on Monday, he said the Lagos region accounts for about 30 per cent of total power off-take in Nigeria.

He stated that TCN was implementing strategic expansion and project upgrades aimed at enhancing grid stability and operational efficiency in response to rising demand.

Mr Adeonipekun highlighted recent key milestones achieved in the region, including the commissioning of a 100MVA power transformer at the Ijora 132/33kV Transmission Substation, a 300MVA transformer at the Lekki 330/132kV Transmission Substation, and a 125MVA unit at the Agbara 132/33kV Substation, among others.

According to him, these additions have further increased the region’s installed capacity to 5,470MVA on the 132/33kV network and 4,110MVA on the 330/132kV network.

He further said that there were several ongoing rehabilitations at key substations within the region, including Amuwo GIS, Akoka 132/33kV, and Itire 132/33kV Transmission Substations, all geared towards further improving reliability, reducing system constraints, and enhancing the overall efficiency of power delivery.

In her remarks, Ms Condotti expressed appreciation for TCN’s continued partnership and support, underscoring the importance of sustained collaboration between transmission and distribution companies in building a more stable and efficient electricity transmission and supply network.

Both parties explored ways to strengthen collaboration and ensure a more stable and efficient power supply in Lagos, the nation’s commercial hub.

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