General
Emefiele: Court Adjourns Case to August 23 on Yaro’s Absence
By Adedapo Adesanya
The High Court of Federal Capital Territory has adjourned the arraignment of the suspended and embattle Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to Wednesday, August 23, 2023.
The arraignment was stalled due to the absence of the second defendant, Mrs Sa’adatu Yaro. According to her counsel, she took ill this morning which made her presence in court impossible.
While the case in the capital was commencing, a Federal High Court sitting in Lagos on Tuesday, which also fixed today (Thursday) for its ruling on an application by the Federal Government seeking to withdraw the “illegal possession of firearm charge” it filed against Mr Emefiele, dropped the charges.
Recall that Mr Emefiele is facing trial alongside Mrs Yaro and her company, April 1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.
The embattled apex bank chief, who has been in detention since he was suspended from office on June 9, 2023, was accused of conferring corrupt advantages on Mrs Yaro, a director in April 1616 Investment Limited.
The offence is contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000 which states that, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.”
In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs Nkiru Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9 billion.”
Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.
Mr Emefiele was said to have also conferred a corrupt advantage on Mrs Yaro by awarding a contract for the supply of one Toyota Avalon at the cost of N99.9m to her company, April 1616 Investment Ltd., in 2019.
The suspended governor was also accused of awarding a contract for the supply of another Toyota Landcruiser V8 for N77.050m to the third defendant in 2018.
The ex-CBN governor was said to have conspired with Mrs Yaro to confer corrupt advantages on the CBN staffer by awarding her a contract for the supply of two Toyota Hilux Shell specification vehicles at the cost of N44.2m sometime in 2020.
He was further alleged to have awarded another contract to Mrs Yaro and her firm for the purchase of one Toyota Landcruiser VXR valued at N96m in 2020.
Mrs Yaro was similarly accused of fraudulent acquisition of property for getting a contract from the CBN for the supply of 47 Toyota Hilux vehicles at the cost of N1,085,700,000 and thereby committed a punishable offence.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it recorded a 30 per cent reduction in gas imbalance on the country’s Western Network following the conclusion of its first-half 2026 Nigerian Gas Network Reconciliation (NGNR) Workshop.
The workshop brought together gas transporters, suppliers, shippers and off-takers to reconcile gas volumes traded between January and June 2026, while introducing a Network Entry/Exit Point Measurement Infrastructure Audit Template aimed at improving metering accuracy and accountability across the gas transmission network.
In a communiqué issued after the workshop, the authority said participants also reviewed the performance of the Nigerian Gas Transmission Network, assessed progress on major pipeline infrastructure projects, and received updates on the ELPS Gas Shrinkage Factor and Hydraulic Modelling Project.
Discussions focused on addressing metering gaps, improving network visibility through Supervisory Control and Data Acquisition (SCADA) integration, and enhancing system reliability ahead of the commissioning of the Ajaokuta-Kaduna-Kano (AKK) Pipeline System.
The workshop adopted key resolutions, including the execution of outstanding Network Exit Agreements, mandatory submission of measurement audit templates and closer collaboration among industry stakeholders to improve network pressure management.
Speaking at the closing session on behalf of the authority’s chief executive, Mr Rabiu A. Umar, the Director of Transportation Systems and Networks, Mr Joseph G. Musa, said the biannual reconciliation exercise had become critical to promoting equitable gas transactions, transparency, investor confidence and efficient network operations.
Mr Musa noted that since the NGNR process was introduced in 2023, it had significantly improved gas measurement, strengthened regulatory compliance through consequence management, reduced operational imbalances and contributed to a more reliable domestic gas supply.
The workshop concluded with participants adopting the reconciled H1 2026 gas volumes, reaffirming the authority’s commitment to a transparent, efficient and reliable domestic gas market.
By Modupe Gbadeyanka
An investment that supports growing food and agriculture companies across Africa that strengthen agricultural value chains has been made by Swedfund.
The organisation is putting down about $12 million to strengthen climate resilience in African food systems through the Acumen Resilient Agriculture Fund II (ARAF II).
By improving access to markets, finance and essential services, these companies help smallholder farmers become more resilient to climate and economic shocks.
Over 30 million smallholder farmers operate across Sub-Saharan Africa, accounting for 80 per cent of all farms and producing 70 per cent of the region’s food (IFAD). Yet many face limited access to finance, quality inputs, reliable buyers and market information. At the same time, they are among those most exposed to climate change and weather-related shocks, which threaten harvests, incomes and food security.
The investment has an ambition to reach around four million smallholder farmers through ARAF II’s portfolio companies. It also aims to meet the criteria of the 2X Challenge, which promotes investments that support women’s economic empowerment.
ARAF II invests in businesses that address key gaps in agricultural value chains, from improving market access and reducing post-harvest losses to expanding financial and digital services for farmers. By helping these businesses grow, the investment aims to improve productivity, strengthen local value chains and increase the resilience of food systems.
Swedfund invests alongside other development finance institutions and investors to help mobilise long-term capital for businesses that often struggle to access financing despite their potential to strengthen food security, climate resilience and economic development across Africa.
“Climate change is already affecting the livelihoods of millions of smallholder farmers across Africa. Investing in businesses that improve access to markets, finance and agricultural services helps farmers strengthen their resilience, increase productivity and build more stable incomes. That is essential for more resilient food systems,” the Investment Director of Food Systems and Strategic Investments at Swedfund, Ms Helen Hagos, said.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order a probe into the alleged diversion, disappearance and misapplication of more than N6.79 billion in public funds within the Nigeria Police Force (NPF) and the Federal Ministry of Police Affairs.
The grave allegations are documented in the latest Annual Report of the Auditor-General of the Federation published on September 9, 2025.
SERAP said, “Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
In the letter dated August 1, 2026, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
SERAP said: “The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to the group, “The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The letter, read in part: “The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
Some of the others include: N499,875,500.00 for the construction of Police College Phase II, Bashar, Plateau State; N12,931,000.00 for the rehabilitation of Block B, Department of Logistics and Supply (Works) building, Garki; N111,635,864.64 for the construction of 12 one-bedroom transit camp units and rehabilitation of the administration block at the NPF Pre-retirement Skills Acquisition Centre, Kudana, Kaduna State; N4,011,627.89 inserted as taxes to inflate a contract; N1,938,299,452.00 for 14 ongoing projects that were abandoned; N5,050,000.00 in monetary exhibits released without proper authorisation; N112,026,424.00 for outstanding allowances paid to officers to cover 2020 liabilities; and N6,000,000.00 as annual payment to the Inspector General of Police’s Senior Special Assistant on Revenue and Tax Matters.
Others include N10,080,000.00 as cash advances for the provision of office equipment and accessories for the NPF Database Management Centre; N438,066,845.73 for the supply of bulletproof vests, ballistic helmets and procurement of a Styr Punch Vistar troop carrier; N18,000,000.00 for the training of women in cosmetology and provision of empowerment kits in Ondo Central Senatorial District, Ondo State; N258,989,999.75 for the procurement of 10 JAC patrol vehicles for NPF outpost stations in Kano State; N30,853,250.00 as security allowances for personnel attached to the Ministry of Police Affairs; N681,406,593.18 for the settlement of insurance claims through insurance brokers; N1,628,108,434.18 for outstanding insurance policy liabilities for 2020/2021; N57,484,515.30 for the procurement of video cameras, customised umbrellas, gift bags and customised towels for the Nigeria Police Force Public Relations Office; N7,760,409.56 in withholding tax and value added tax that was not deducted from contracts awarded.
