General
EFCC Rejects N13.1bn Bid for Forfeited Ikoyi Property
By Aduragbemi Omiyale
The N13.1 billion bid for the 24 units of luxury flats at Banana Island, Ikoyi, Lagos, has been rejected by the Economic and Financial Crimes Commission (EFCC).
In late December, the EFCC commenced the auctioning of some forfeited properties in some cities of the country.
It started in Lagos and others before moving to Abuja.
At the exercise in Abuja yesterday, one of the bidders offered N13.1 billion for the forfeited Ikoyi property, which is to be sold as a single unit, but the anti-money laundering organisation rejected the offer.
In a statement issued on Monday, the commission explained that the bid was thrown away because the bidder failed “to include the stipulated 10 per cent of the bid amount.”
The agency disclosed that other bidders did not make the reserve price, forcing the Secretary to the EFCC, Mr George Ekpungu, to announce that the commission will open fresh bids for the properties in Lot 1, which also includes the Ikoyi property.
“The bids will close by 12 pm on Friday, January 13, 2023, while the bid opening will be done the same day,” the statement said, adding that the auctioning is via “sealed bids.”
It was learned that the bids for items in Lots 2 and 3 were also not successful in Abuja yesterday, forcing invitation for fresh bids until Wednesday, January 11, 2023, and the opening of offers on Thursday, January 12, 2023.
Speaking earlier, while declaring the exercise open, Mr Ekpungu explained that the EFCC adopted the format of competitive bidding to ensure accountability and ensure that the government gets the right value for the assets.
He further disclosed that occupants of the properties for sale have the Right of First Refusal, assuring that the agency will block attempts by former owners of the forfeited properties to repurchase the assets by proxy.
“If you have information about any bid by owners of the assets, please let the commission know, and we will take appropriate action, including possible prosecution,” he declared.
Mr Ekpungu praised the EFCC Chairman, Mr Abdulrasheed Bawa, for taking the bull by the horn in ensuring that those who have stolen the wealth of the country were denied the proceeds of crime and the assets disposed of for the benefit of all Nigerians.
On his part, the Director of Public Affairs of the EFCC, Mr Osita Nwajah, read out the guidelines for the sale, which among others, forbids staff of the commission and persons who have or are being prosecuted in respect of the assets from participating in the process.
He also disclosed that before any bid can be successful, it must be equal to or be above the reserve price, while each bidder was expected to enclose a bank draft for 10 per cent of the bid amount.
According to him, successful bidders have 15 working days from the bid opening to make full payment, as failure to do so will give the second highest bidder to have the asset.
The assets are grouped into nine lots, with Monday’s sale restricted to lots 1, 2 and 3. The sale of properties in the other lots will continue until the final lot is disposed of on Friday, December 13, 2023.
Proceeds from the sale of the assets will be paid into the Confiscated and Forfeited Properties Account at the Central Bank of Nigeria in line with Section 69(a) of the Proceeds of Crime ( Recovery and Management) Act, 2023.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
