General
Emefiele Forfeits $1.4m to FG After Court Order
By Adedapo Adesanya
The Federal High Court, sitting in Lagos has ordered the final forfeiture to the federal government of another $1.4 million, linked to embattled former Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele.
Justice Ayokunle Faji gave the order after hearing an application filed and argued by the Economic and Financial Crimes Commission (EFCC) on Tuesday.
This order is coming a few days after another judge of the same court, Justice Chukwujekwu Aneke, ordered the final forfeiture of over N12.18bn in money and properties linked to the same Emefiele.
Recall that a witness earlier this week had said Mr Emefiele awarded contracts to his wife and brother-in-law.
At Tuesday’s proceedings, counsel to the EFCC, Mrs Bilkisu Buhari-Bala, urged Justice Faji to grant the final forfeiture order of the money, domiciled in an account number in Titan Trust Limited, to the Nigerian government.
The EFCC counsel told the court that the application is pursuant to Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act No. 14 2006, and section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria.
Mrs Buhari-Bala also told the court that the application for the final forfeiture of the said sum has been established to be proceeds of unlawful activities.
The applicant was supported by an affidavit deposed to by one David Jayeoba, an Investigating Officer with the EFCC, alongside a written address.
In the affidavit, the deponent stated that his Commission received credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities, warehoused in the Donatone Limited (DL) Titan Trust Bank account, which funds are reasonably suspected to be part of proceeds of unlawful activities.
He said that the commission, whilst investigating the monumental fraud carried out by the erstwhile CBN governor and his cronies, discovered a huge amount of money warehoused and concealed in the account of (DL) domiciled in Titan Trust Bank.
According to him, some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of Emefiele are the natural persons behind DL: Mr Uzeobo Anthony and Mr Adebanjo Olurotimi, who are directors of DL.
The deponent also stated “that part of the said funds, which represent the proceeds of Godwin Emefiele and his cronies’ unlawful activities, are retained in the accounts now sought to be forfeited.
“That Uzeobo Anthony and Adebanjo Olurotimi were procured by Godwin Emefiele to conceal, retain, and disguise funds reasonably suspected to be proceeds of unlawful activities.
“Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source forex.
“That both Uzeobo Anthony and Adebanjo Olurotimi used to collect bribes and gratification on behalf of (GE) to get approval for accessing Forex. And that one of the entities paid a total sum of twenty-six million five hundred and fifty-give thousand million Dollars ($26,552,000.00) into the account of (DL) domiciled in Titan Trust account number 2000000500.
“The said credits came into the account on the 9th of November 2021: $6,450,000; 15th of November 2021: $6,050,000.00; 16th of December 2021: $5,400,000.00; 23rd of December 2021: $652,000, 31th January 2022: $3,000,000.00 and on the 21st September 2022: $5,000,000.00. Find attached and marked EFCC 1 the Titan Trust bank account of Donatus Limited evidencing the inflows.
“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.
“That of the total sum of $26, 555, 000.00 US dollars received by Donatus Limited, the balance standing in the said account as of today is the sum of one million four hundred and twenty-six Thousand one hundred and seventy-five (US $1,426, 175. 14).
“That it is the balance in the account that the applicant (EFCC) seeks to forfeit to the Federal Government of Nigeria which has been traced to be the proceeds of unlawful activities of (GE) and his cronies.
“That investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period. And that the signatories to the account warehousing the sum of ($1,426, 175.14) sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.
“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of Godwin Emefiele and his cronies. And that the applicant secured an interim forfeiture order of the Honourable Court on the 29th day of May 2024 to forfeit the sum of $1, 426, 175.14 warehoused in Titan Trust Bank to the Federal Government of Nigeria in the interim. Attached and marked EFCC 3 is the Honorable Court’s order dated 29th May 2024.
“The Honorable Court ordered that the order be published in a national daily. The said order was carried out and the applicant published the order in the Punch Newspaper on the 6th of June 2024. Attached and marked EFCC 4 is the said order.”
In ordering the final forfeiture of the money after listening to the submission of the EFCC lawyer, the court held that: “having been satisfied with the application and submission of Counsel, I hereby granted the prayer finally forfeiting the said funds in question.”
General
Anambra Moves to Curb Erosion Menace
By Adedapo Adesanya
Anambra State Executive Council (ANSEC), under Governor Charles Soludo, has taken a bold step to address the pressing issue of erosion in the state, while also recovering government lands and awarding strategic projects aimed at boosting the state’s economy and improving the quality of life of its citizens.
The Commissioner for Information, Mr Law Mefor, made this known after the 25th ANSEC meeting held recently at the Lighthouse, Awka.
He revealed that the meeting noted with grave concern the existential threat posed by erosion in Anambra, citing the careless actions of communities and regulatory bodies that have disregarded environmental regulations.
“The council has decided to step up enforcement measures to force individuals to build and manage storm waters from their houses and for communities to follow specific guidelines, such as building erosion barriers and excavating sand only in designated locations,” Mr Mefor stated.
He emphasised that the government will not hesitate to take stern action against individuals and communities that fail to comply with environmental regulations.
To address the issue, the government will enforce strict adherence to environmental regulations, mandate the construction of erosion barriers and proper sand excavation practices, and collaborate with relevant agencies to hold those responsible for the erosion menace.
It is also confident that with the support of the people, it will overcome the challenges posed by erosion and achieve its vision of making Anambra State a destination where economic and business activities thrive.
Furthermore, the council has resolved to form a committee to reclaim government lands in and around Anambra State that have been intruded upon and built upon without permission.
“The government will not stand idly by while its lands are being grabbed and misused. We will take all necessary steps to recover these lands and ensure that they are used for the benefit of the people of Anambra State,” Mr Mefor said.
ANSEC has also awarded several strategic projects aimed at enhancing the state’s infrastructure development.
The projects include the provision of a water supply to the Ekwulobia Flyover Bridge Fountain and the ornamental garden for Double NC Construction & Logistics Ltd; the installation of a 3-way traffic light, including pedestrian lights, at the Ifite-Amenyi intersection within the Awka metropolis to S.N.U. Ventures, and the supply and installation of two 10 kVA inverters with 15 kW lithium batteries at the Anambra State Civil Service Commission Building in Awka to Kennolly Enterprises.
Others include the supply and installation of transformer substations at Nnewi and Umueze-Anam communities for Aries and Gold Ventures Limited, and Aljovic Construction Limited; and the landscaping of the car park for the Trauma Centre at Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku, Awka, for Triseconds Resources Limited.
General
Dangote Refinery Commences Free Delivery of PMS January 2026
By Modupe Gbadeyanka
The free delivery of premium motor spirit (PMS), otherwise known as petrol, across the country by the Dangote Petroleum Refinery will finally begin in January 2026. This was earlier scheduled for August 2025
This move, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN), will bring down the price of the product in Nigeria.
The group has, therefore, urged all its members nationwide to patronise the Lagos-based private oil facility because it offers the best affordable price for all marketers.
Dangote Refinery has agreed to directly supply PMS to registered members of IPMAN, according to a statement signed and issued by the organisation’s president, Mr Abubakar Maigandi Shettima.
At a press conference held in Abuja yesterday on recent happenings in the oil and gas sector, IPMAN also applauded the support of the Chairman of Dangote Petroleum Refinery, Mr Aliko Dangote towards the federal government, which it noted has become evident in the regular reduction of the petroleum pump price.
“The association has the highest percentage of the supply chain of the PMS downstream sector, controlling over 80 per cent of the petrol retail market. We therefore declare that there will be no gap or scarcity in PMS supply to Nigerians.
“We are also excited at the recent agreement by the Dangote Refinery to begin the supply of PMS products directly to registered IPMAN members, and its free delivery to our filling stations anywhere and everywhere in Nigeria which will commence in January 2026.
“This will again, certainly lead to further decrease in the pump price of the products at our filing stations.
“Therefore, I am calling on all IPMAN members nationwide to prioritise patronising the Dangote Refinery in their purchase of PMS products, as they already offer the best affordable prize for all marketers today,” the group stated.
“At IPMAN we have no doubt as to the viability of the oil and gas policies being initiated by the federal government, and we have ceaselessly called and sought for enhanced cooperation across all levels of governance in the oil and gas sector. Hence, our repeated persuasion to always partner the Dangote refinery, to ensure the steady availability of PMS products.
“The focus of the Dangote & IPMAN partnership, has always been geared towards making life better for Nigerians. And of course, this blooming partnership would never have been possible without the pragmatic leadership of President Bola Tinubu, and his sound judgment in readjusting the leadership of the NMDPRA and the NUPRC.
“Our position has always been to deepen domestic refining in order to eradicate imports of petroleum products. Continuous import is NOT an acceptable parallel business model, because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrones poverty, destroys jobs, and scares potential investors away,” Mr Shettima was quoted as saying in the statement.
General
Swedfund Puts Down $20m for Green Business Growth in Africa
By Aduragbemi Omiyale
About $20 million has been put down by Swedfund to support efforts that limit climate change in Africa and help communities adapt to its effects.
The funds would be deployed by the Helios Climate, Energy, Adaptation and Resilience (CLEAR) Fund to back African companies that reduce emissions, strengthen resilience and create green jobs.
Swedfund’s investment is expected to contribute to significant cuts in greenhouse gas emissions and to help businesses and small farmers adapt to a changing climate.
The investment strengthens Swedfund’s work to drive a sustainable and inclusive green transition in Africa.
Africa contributes less than 3 per cent of global carbon emissions but faces some of the most severe climate impacts. At the same time, the continent’s energy demand is expected to triple by 2050.
Swedfund’s investment in Helios CLEAR will help channel capital to businesses that drive low-carbon growth in areas such as renewable energy, sustainable transport, climate-smart farming, efficient use of resources and digital climate solutions.
“By investing in this sector, we can reduce emissions, build resilience and create green jobs, all vital for sustainable growth that benefits more people.
“Africa currently receives only a small share of global climate investment, yet the potential for climate-smart business is enormous.
“Through Helios CLEAR we help build the next generation of African climate-focused businesses,” the Investment Director for Energy and Climate at Swedfund, Ms Gunilla Nilsson, stated.
Helios CLEAR Fund is a Pan African growth equity fund managed by Helios Investment Partners, one of Africa’s leading private equity firms.
The fund targets investments that deliver measurable climate mitigation and adaptation outcomes. The fund is supported by multiple development finance institutions.
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