General
EFCC Report Indicts Saraki, Ex-Bank MD in N19b Paris Club Scam
By Dipo Olowookere
The Economic and Financial Crimes Commission (EFCC) has submitted a report to President Muhammadu Buhari linking Senate President, Mr Bukola Saraki, and some of his aides to the diversion of about N19 billion from the N522bn Paris Club refund.
The report also fingered Mr Robert Mbonu of Melrose General Services Limited, who is a former Managing Director of Societe Generale Bank of Nigeria, the commercial bank owned by the Saraki family which was later liquidated.
The Federal Government had, in December 2016, approved the sum of N522.74 billion to be paid to the 36 states of the federation as part of the reimbursement of the over-deduction on the Paris Club loan from 1995 to 2002.
The EFCC had sometimes in January discovered that the loan refunds were illegally routed through the account of the Nigeria Governors Forum by the Central Bank of Nigeria.
Upon receiving the funds, the NGF, in an alleged connivance with Mr Saraki, began remitting huge sums to private consultants who then laundered about N19 billion.
According to the report, apart from the NGF, others under investigation include the Relationship Manager to the Senate President in Access Bank, Kathleen Erhimu.
Some others under probe and identified as Mr Saraki’s aides include Obiora Amobi, Gbenga Makanjuola, Kolawole Shittu and Oladapo Idowu.
The report alleges that sometimes in December, Mr Saraki introduced the ex-bank MD, Mbonu, to Erhimu.
Others at the meeting were Mr Saraki’s aforementioned aides.
It added that sequel to the meeting, the sum of N3.5 billion was lodged into Melrose General Services Company account number 0005892453, domiciled in Access Bank from the Nigeria Governors Forum on December 14.
The report stated that two of Saraki’s aides, Obiora Amobi and Gbenga Makanjuola, were introduced to Access Bank as representatives of Melrose General Services Limited by Mbonu to enable them to make cash withdrawals from the account.
It added that Amobi and Makanjuola made cash withdrawals in various tranches of N5m and N10m.
The report reads in part, “Based on the foregoing findings, it is clear that Robert Mbonu, the Managing Director of Melrose General Services Company and his company were used to help divert proceeds of unlawful activities under the guise of payment for contractual obligations with the Nigeria Governors Forum.
“Suffice to apprise that all payments received by Melrose General Services Company from the NGF have hitherto been diverted directly via cash withdrawals and indirectly through transfers by Gbenga Peter Makanjuola, Kolawole Shittu and Oladapo Joseph Idowu, who are principal aides to the Senate President.
“Furthermore, other payments from Melrose General Services Company have also been linked to companies that Dr. Bukola Saraki has interest in and carries out transactions with.
“This includes the sum of $183,000, which was transferred to Bhaska Devji Jewellers, Dubai, a company Dr. Bukola Saraki had repeatedly made payments to.
“Also, the sum of N200 million was transferred to Wasp Networks Limited that subsequently transferred the sum of N170m to Xtract Energy Services Limited, a company that routinely made deposits into Dr. Saraki’s Access Bank US Dollar Domiciliary account.”
The report concludes that a prima facie case of conspiracy to retain the proceeds of unlawful activities and money laundering, contrary to sections 15(3) and 18(9) of the Money Laundering Prohibition Act 2004, could be established against the aforementioned suspects.
“Additionally, investigation into their personal accounts is ongoing,” it adds.
When contacted, the Special Adviser to the Senate President on Media and Publicity, Mr Yusuph Olaniyonu, who spoke on behalf of Mr Saraki, said he would not react except he sighted the report.
“Send the report to me and I will be able to read it and contact the necessary people. If I don’t see the report, I cannot react to it in abstract. Send me the report if you want our reaction,” he said.
Spokesman for the EFCC, Mr Wilson Uwujaren, confirmed that investigations were ongoing into the Paris Club scam.
He, however, said he did not know the specifics of the investigations.
“I can only confirm that there are investigations but I don’t have details,” Mr Uwujaren said.
http://punchng.com/n19bn-paris-club-scam-efcc-report-indicts-saraki-aides-ex-bank-md
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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